Gov’t ignites Effort to raise Over US$1 Billion in Domestic Revenue …As DG Massaquoi keen On Curtailing Waste & Abuse

The generation of up to US$1.2billion in domestic revenue is possible only if the Government of Liberia (GoL) exerts all efforts through the Bureau of State Enterprises (BSE) in curtailing waste and abuse, says Director General Arthur Siaka Massaquoi.

Mr. Massaquoi points out that the first step towards improving domestic revenue generation is reduced waste and abuse within State Owned Enterprises (SOEs) by ensuring that they remit fair share of the dividends generated into government’s coffers.

The BSE boss was speaking Monday, April 29, 2024 when a team from the World Bank visited the entity to provide briefing on an assessment report of the institution to be released soon.

“There were leakages and waste within SOEs. They [SOEs] were not remitting dividends of what they generated into government’s coffers, rather it was going into individuals’ pockets. Now, this government has the political will and I have been given the authority to review the remuneration of all boards,” said Mr. Massaquoi.

“We should be able to hit the US$1.2b mark as we move to curb leakages and waste in government, especially at the level of SOEs. We want to hold SOEs accountable for the revenue they raised.”

He asserted that in an effort to ensure government achieves its desired goals and objectives, the BSE under his watch will execute its sacred duty of ensuring checks and balance by monitoring the compliance of all SOEs.

To give the BSE more teeth to bite, Mr. Massaquoi disclosed that the entity is drafting an Act that would be presented to the Legislature to repeal the current decree that is being operated on.

“The decree says we must serve on the boards of all SOEs; but that's not the case now. And so we are working on an Act and many other things and the World Bank, the African Development Bank and other development partners are working with us. We hope to meet with the Country Director of the African Development Bank anytime this week.”

Macdonald Nyazuigo, Senior Financial Management Specialist at the World Bank Office in Liberia, in brief remarks, indicated that ongoing discussions between the World Bank and BSE are in the right direction of enabling the entity to promote fiscal discipline.