Liberia investigating disappearance of $100m in bank notes

Newly printed money vanished as it was being transported to the central bank, according to officials.

    Liberia investigating disappearance of $100m in bank notes
    President Weah has vowed to crack down on corruption and unveiled in July a series of monetary measures to prop up the local currency [Thierry Gouegnon/Reuters]

    Liberia says it is investigating the disappearance of newly printed bills worth nearly $100m destined for the country's central bank.

    "This government will leave no stone unturned to find those responsible for the act," Information Minister Lenn Eugene Nagbe told AFP news agency on Tuesday.

    "It is confirmed by the investigation that the amount of the total money is 15bn (Liberian dollars, $97m)," he said.

    The investigation was launched on August 8, the justice ministry said, following "information surrounding the arrival of containers and bags of moneys" at the port and the international airport in the capital Monrovia.

    This government will leave no stone unturned to find those responsible for the act

    Lenn Eugene Nagbe, the information minister

    The government said initial findings indicate the cash arrived between November 2017, when Ellen Johnson Sirleaf was still president, and August this year.

    The current government led by President George Weah took over in January.

    Tracing the money

    "The current administration was not informed about the arrival of the containers and bags of moneys into the country," the ministry statement said.

    The containers were taken from the port around the end of March by central bank staff but never arrived at their destination, the country's Frontpage daily reported.

    The ministry said that, apart from tracing the money, investigators are also trying to work out how many Liberian dollars the previous administration had printed overseas and how much was injected into the economy where both US and Liberian dollars are in circulation.

    Former football star Weah has vowed to crack down on corruption and unveiled in July a series of monetary and fiscal measures to prop up the local currency and tackle inflation.

    He announced the central bank was injecting $25m into the economy to mop excessive liquidity of Liberian dollars.

    In March, Weah said he had "inherited a country that is very broke, depleted by political malfeasance".

    SOURCE: News agencies


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