Explainer: Did Liberia’s Auditor General Alter a Domestic Debt Audit to “Erase” US$778 Million?

Claim:   “Auditor General P. Garswa Jackson Sr. altered the conclusions of Liberia’s first domestic debt audit report, erasing approximately US$778 million to help the government meet IMF debt-to-GDP benchmarks.”

Source:   Benedict Kolubah, former Assistant Minister for Development Planning, Ministry of Finance

Verdict:   Misleading

Full Text  : On October 21, 2025, former Assistant Minister Benedict Kolubah  alleged  that Auditor General (AG) P. Garswa Jackson Sr. manipulated Liberia’s first domestic debt audit (1980–2021) by “erasing” US$778 million in verified domestic debt. According to him, this was done to present Liberia as compliant with the International Monetary Fund (IMF) Extended Credit Facility (ECF), which encourages countries to keep debt-to-GDP ratios under 35 percent.

Kolubah further claimed the second domestic debt audit (1980–2024) ignored the earlier audit and validated only US$93 million, implying that all previously validated debts were discarded.

He provided IMF and Central Bank of Liberia (CBL) debt ratio reports showing Liberia’s debt-to-GDP ratios at 54.88 percent in 2024 and 50.9 percent in 2025 as evidence that the government needed to reduce debt to meet IMF targets.

The claim was also found here

Verification:  we review the first audit of 1980-2021. The 2021 Compliance Audit Report reviewed 617 claims totaling US$1.15 billion and L$226.6 million. Validated: 206 claims US$775.3 million, and rejected 411 claims of US$373 million.

The AG issued an adverse opinion, citing poor record-keeping, missing documentation, and reconciled balances at the Ministry of Finance & Development Planning (MFDP).

 The Second Audit of (1980–2024)  . The 2024 audit extended the time period and reviewed 784 claims: US$770.9 million + L$5.05 billion, validated 342 claims (US$92.1 million), and rejected 442 claims (US$678.7 million). A lower validation total does not automatically mean earlier findings were “erased.” It indicates revalidation, a normal part of compliance auditing when new information appears.

Expert View: Why the Numbers Differ  

Certified Public Accountant Olandor Boyce (CPA, CFE, CGFM), Managing Partner/CEO of Crowe Liberia, explained:

He added that changes in validated debt figures occur because documentation may change, settlements may occur, and new evidence may emerge.

Thus, revalidation is expected and does not imply manipulation.

Was the First Audit Ignored?  

No, the 2024 report explicitly references the 2021 report, including follow-ups on earlier recommendations. Compliance audits, unlike financial audits, are routinely re-performed to confirm earlier results, update information, and assess whether previous recommendations were implemented.

Revisiting the same period does not constitute waste or a political act. It is a standard auditing procedure.

IMF Debt-to-GDP Ratio Argument  

Kolubah linked the alleged “erasure” to IMF debt-to-GDP benchmarks.

However, IMF and CBL publications do not attribute Liberia’s debt ratios to domestic debt audit adjustments.

There is no evidence the Auditor General altered figures to influence IMF assessments, and IMF debt ratios incorporate external and domestic debt, macroeconomic indicators, and multi-year data, not a single domestic debt audit.

Conclusion  : Available evidence shows: The two domestic debt audits are separate compliance audits, conducted at different times but with the same scope and methodology.