By Socrates Smythe Saywon | Smart News Liberia
MONROVIA – Liberia’s Senate has intensified scrutiny of the country’s public financial management system after opening a legislative probe into a General Auditing Commission (GAC) report that uncovered a US$373.9 million government revenue gap and widespread weaknesses in revenue collection, reconciliation, and oversight.
The Senate’s Joint Public Accounts, Expenditures and Audits Committee (JPAC) on Wednesday, July 15, 2026, held a public hearing to examine the findings of Auditor General P. Garswa Jackson, whose reconciliation audit reviewed government tax revenues collected through transitory accounts at nine commercial banks and the Consolidated Fund between July 1, 2018, and December 31, 2024.
Following the hearing, Gbarpolu County Senator Amara Konneh called for the audit report to be made fully accessible to the public, arguing that Liberians deserve complete transparency over how government revenues were collected, transferred, and accounted for during the six-year period.
“The Auditor General performed a comprehensive and meticulous review of these transitory accounts. Now, it’s up to the Legislature to ensure that these audit reports are made accessible directly to the public, so citizens can clearly see what has taken place,” Konneh said.
Audit Reveals Massive Revenue Discrepancies
The most striking finding is a US$373.9 million reconciliation gap between revenues reported by the Liberia Revenue Authority (LRA) and amounts recorded as received by the National Treasury.
According to the audit:
US$257.5 million collected through government bank accounts never reached the National Treasury and remains unexplained.
US$165.8 million was recorded in the Treasury without any traceable source from government revenue collection accounts.
The Customs Management System and the domestic tax administration system differed by US$63.9 million on the same transactions.
The audit indicates that these discrepancies stem from serious weaknesses in revenue reconciliation and internal controls, prompting renewed calls for stronger oversight and institutional reform.
Serious Weaknesses in Government Revenue Controls
The Auditor General also identified multiple deficiencies that undermine confidence in Liberia’s revenue management system.
Among the findings were duplicate government receipt numbers carrying different payment amounts, US$53.6 million in revenue reversals with no supporting documentation, and unexplained deposits totaling US$301,220 and L$67.3 million into government transitory accounts.
The report further found that none of the nine commercial banks handling government revenue complied with the legal requirement to transfer public funds into the National Treasury within 24 hours. Instead, transfers were delayed by between three and twenty-four days, with no evidence that any bank was sanctioned.
In rural Liberia, auditors found that tax collectors continue to operate largely outside electronic systems, collecting cash, holding it personally, and later depositing bulk amounts without individual transaction records, making effective verification nearly impossible.
Institutions Operating Without a Common Framework
The audit also revealed that the Ministry of Finance and Development Planning, the Liberia Revenue Authority, and the Central Bank of Liberia have operated for six years without an agreed framework for reconciling government revenues.
Additionally, many transaction records lacked basic taxpayer information, including names, tax identification numbers, tax types, and tax periods, significantly weakening accountability and audit trails.
No Conclusion That Money Was Stolen
Although Auditor General Jackson issued an adverse conclusion on the government’s revenue reconciliation processes, the report does not conclude that public funds were stolen or identify any individuals responsible for the discrepancies.
Nevertheless, Senator Konneh acknowledged that the magnitude of the unexplained differences justifies further investigation.
“Our main goal now is to get to the bottom of the discrepancies to ensure complete accountability, determine if former officials or the commercial banks stole money, provide strong oversight to fix the broken system, enhance transparency, and promote responsible public financial management,” he stated.
He added that if the Senate’s review uncovers evidence of widespread irregularities or theft, the Joint Public Accounts Committee will focus on enforcing reforms to strengthen revenue systems while pursuing restitution for any public resources found to have been misused.
Public Pressure for Accountability Grows
The Senate’s examination of the GAC report places one of Liberia’s most consequential public finance audits under legislative scrutiny at a time when citizens are demanding greater transparency and accountability in the management of public resources.
With nearly US$374 million in unexplained revenue discrepancies now before lawmakers, the investigation is expected to test the government’s commitment to fiscal integrity, determine whether any criminal conduct occurred, and identify reforms needed to prevent future revenue leakages.
While the audit stops short of accusing any individual or institution of theft, its findings expose systemic failures that could have enabled significant financial losses, making the Senate’s oversight process a critical test of Liberia’s resolve to strengthen accountability and restore public confidence in state financial management.
