Liberia’s General Auditing Commission (GAC) has disclosed that the country’s total domestic debt has climbed to US$92.1 million and L$259 million, following a comprehensive audit that examined government financial records spanning more than four decades — from January 1, 1980, to December 31, 2024.
The revelation was contained in the GAC’s latest domestic debt audit report, which provides an in-depth look into the nation’s internal financial obligations and the effectiveness of debt management systems within government institutions.
Speaking on State Radio on Monday, Auditor General Garswah Jackson said that about 11 percent of all debt claims reviewed during the audit were qualified and verified based on sufficient documentation provided by the claimants.
According to Jackson, these verified claims represent individuals and businesses that successfully proved their financial cases against the Liberian government with the required paperwork and supporting evidence.
He noted that the findings underscore the importance of accurate documentation and transparency in the country’s debt validation process, stressing that many unqualified claims lacked credible records or legal backing.
The Auditor General therefore called on the Executive through the Ministry of Finance, as well as the Judiciary, to carefully consider the merit of the report and ensure that valid claims are not disregarded in the government’s debt settlement process.
Mr. Jackson also presented several key recommendations aimed at improving debt management, recordkeeping, and overall fiscal accountability within public institutions.
Among his recommendations, he proposed that the statute of limitation for individuals and businesses to file domestic debt claims should be set at a minimum of seven years, giving claimants a fair but structured timeline to present their cases.
He further suggested that all domestic debt claims emerging from government ministries and agencies should be budgeted and validated before approval or payment, emphasizing that such measures will strengthen transparency, ensure financial discipline, and enhance public trust in government accountability.
