Joint Press Conference by the Ministry of Finance and Development Planning, Liberia Revenue Authority, and Central Bank of Liberia on GAC’s “Compliance Audit Report on the Government of Liberia Revenue Collection and Reconciliation Processes for the Period July 1, 2018 to December 31, 2024.”

Monrovia, May 19, 2026: Nearly a month ago, the Auditor General released the General Auditing Commission’s “Compliance Audit Report on the Government of Liberia Revenue Collection and Reconciliation Processes for the Period July 1, 2018 to December 31, 2024.” This audit marks an important milestone in the Government’s ongoing efforts to strengthen transparency, accountability, and public financial integrity.

Today, we have convened this joint press conference to provide context and background to the audit, highlight its key findings, and outline the concrete actions already taken — and those currently underway — by the Government to address the issues identified and further strengthen our public financial management systems.

In late 2024, the Ministry of Finance and Development Planning, the Liberia Revenue Authority, and the Central Bank of Liberia detected emerging discrepancies between revenue reported in the Tax Administration System (TAS) and deposits reflected in the Government’s Consolidated Revenue Account at the Central Bank. As custodians of public trust, we could not — and would not — ignore these concerns. We took immediate and decisive action.

On January 6, 2025, with the full endorsement of the LRA and the CBL, I formally wrote the Auditor‑General requesting an independent investigation into the variances between TAS‑reported revenue and actual deposits as of December 31, 2024. In that letter, I stressed the need for a full, impartial review to determine the source of the discrepancy and strengthen the integrity of our national revenue chain.

The Auditor‑General informed me that the GAC was already in advanced stages of an audit covering 2018–2023; and that given the sensitivity and potential risks associated with such a review, the GAC had been proceeding meticulously and cautiously. The Auditor‑General welcomed our request to extend the audit period through 2024, recognizing that including the most recent fiscal year was essential for a complete and credible assessment.

Although we initially expected the audit to be completed by mid‑2025, the GAC requested additional time to ensure a thorough and professionally executed review. We respected that request because a credible audit requires diligence, independence, and technical rigor.

The audit report highlights several critical issues that required immediate attention. Among the most significant findings were:

• Discrepancies between revenue recorded in Transitory Bank Accounts (TBA) and the General Revenue Account (GRA)
• Discrepancies between revenue recorded in the Tax Administration System (TAS) and the General Revenue Account (GRA)
• Variances between bills and payments in the Automated System for Customs Data (ASYCUDA) and the Liberia Integrated Tax Administration System (LITAS)
• Discrepancies between revenue receipts recorded in ASYCUDA and those recorded in the Tax Administration System (TAS)
• Unauthorized withdrawals in Transitory Bank Accounts (TBA)
• Irregularities associated with reversal transactions in Transitory Bank Accounts (TBA)
• Irregularities associated with reversal transactions in the General Revenue Account (GRA)
• Untimely remittances of government revenue from Transitory Bank Accounts (TBA) to the General Revenue Account (GRA)

These findings confirm the existence of systemic weaknesses, reconciliation gaps, and operational deficiencies across the revenue collection and settlement chain.

We have reviewed and endorsed the audit’s recommendations. We have briefed His Excellency the President, and he has agreed that the audit report be forwarded to the Ministry of Justice and the Liberia Anti‑Corruption Commission, the institutions of governments that have the requisite expertise to determine whether the findings in the GAC report point to fraud; and if they do so determine, to take appropriate actions to bring anyone found culpable of defrauding the government to justice.

Meanwhile, even before the finalization and release of the Auditor General report, we began taking measures to tighten controls and make our system more roburst and reliable. These actions include:

• The MFDP and the CBL worked with commercial banks to revised banking agreements governing transitory accounts and revenue sweep timelines to strengthen accountability.
• Commercial banks are required to submit daily sweep reports to the Ministry of Finance and Development Planning and the Central Bank of Liberia to improve monitoring and reconciliation of government revenues.
• The LRA deployed the Automated System for Customs Data (ASYCUDA) at major customs and border locations to automate customs processing and reduce manual interventions
• The LRA is expanding the Liberia Integrated Tax Administration System (LITAS) across regional tax offices to strengthen domestic tax administration and improve revenue tracking
• The LRA upgraded ASYCUDA to Version 4.4 to enable direct electronic integration with commercial banks and the Central Bank of Liberia for automated transaction-level validation and reconciliation
• Quarterly reconciliation exercises among key revenue institutions to identify and resolve discrepancies on a regular basis are in place.
• We are taking measures to integrate LITAS, the Standard Integrated Government Tax Administration System (SIGTAS), ASYCUDA, the Integrated Financial Management Information System (IFMIS), transitory accounts, and the General Revenue Account to support real-time, transaction-level reconciliation across government revenue systems

We are also in advanced stages in securing the services of some reputable private sector entities with expertise in revenue systems,  tracking and reconciliation to help us address some of the weaknesses and vulnerabilities in our revenue generation and accounting systems. They will help us develop technology solutions that strengthen reconciliation processes and address systemic gaps. One of such entities  is John S. Morlu LLC, whose Founder and CEO is former Auditor General of Liberia John S. Morlu, II.  We deliberately deferred finalising these engagements until the audit findings were available to inform the design of the solution. With the report now published, those processes will now proceed.

We also recognize the historical significance of completing this exercise and commend the Auditor General and the audit team at the General Auditing Commission for undertaking such a complex audit despite the inherent risks and challenges involved.

Today, we commend the professionalism, diligence, and courage demonstrated by the GAC audit team throughout the process. We reaffirm, on behalf of the LRA, MFDP, and CBL, our unwavering commitment to full cooperation as the reconciliation, reform, and accountability processes continue.