The South Eastern Alliance for transformation (SEAT), expresses its appreciation to Government of Liberia for publicly availing the two Independent reports covering the investigations into alleged missing 16bn Liberian Dollars. SEAT believes that the government of Liberia’s decision to invite an independent investigation demonstrates its respect for democratic good governance including transparency and accountability.
SEAT in a statement said it has thoroughly read the two reports and welcome the recommendations from the investigators which on large accounts recommend more risks mitigations and management measures at the Central Bank of Liberia. Concurring with the reports, SEAT pointed out the investigations and findings into the alleged missing 16bn is independent of the direct mop up exercise recommended by the Technical Economic Management Team (TEMT) to stabilize the exchange rate by removing excess Liberian dollars outside the banks.
“SEAT clearly understands the role of the TEMT as policy making body that provided the strategies for the mop-up opposed to directly implementing the mop-up exercise as is been widely viewed and circulated on social media with the evil intent of incriminating, Honorable Samuel D. Tweah, Jr. Minister of Finance and Development Planning. SEAT further research into the TEMT structure finds the followings;
- The TEMT is intergovernmental working group which comprises of members from the Ministries of Finance and Development Planning, Commerce & Industry, Justice, States for Presidential Affairs, and the Liberian Revenue Authority. MFDP chairs the TEMT, but decisions for policy adoption and implementation are reached based on shared understanding and consensus.
- The TEMT dedicated implementation of policies to member’s institutions, leveraging on the existing operational structures of the agencies best suited for implementation. In the case of the direct mop-up, the CBL through its Banking Department was solely charged with implementation, and not members of the TEMT as is been widely and falsely circulated
- Decision for adopting the direct mop –up against the traditional FX Auctioning was reached based on the advice from the CBL’s Banking Department after an elaborate presentation to members of the TEMT. Report from CBL shows that prior to the Mop up exercise, the exchange rate between the $USD and $LD stood at 166 to 1USD, whereas after the monetary invention the LD appreciated to $LD 155 to 1USD, thereby justifying the effectiveness of the direct mop up or repurchasing.
“In view of these findings, SEAT finds it utterly disturbing calls by some Liberians especially social media bloggers for the arrest and incrimination of Hon. Samuel D. Tweah, Jr. Chair of TEMT merely on account of him chairing the TEMT. SEAT is therefore calling on all peace loving Liberians to accept the outcome of the report and stop shifting blames on particular individuals as is been widely done on social media including Facebook. ‘Let it be known that at no point in the report where it is mentioned that Finance and Development Planning Minister, Samuel D. Tweah unilaterally authorized the mopping up of Liberian dollars through the infusion of $USD on the market” Edward Nagbe, the chief of elders of SEAT noted.
SEAT is a pro-democracy and development group that seeks to galvanize development by working with both the government of Liberia and the private sector to ensure development and economic growth take place throughout the country.’