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Wednesday, July 24, 2024

Koffa’s Transparency: Liberian Speaker Unveils $3.9 Million in Assets

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By Festus Poquie

The Speaker of the House of Representatives Fonati Koffa has become the first sitting head of the Liberian legislature to publicly unveil his personal assets, setting a precedent that could have far-reaching implications for the country’s governance and fight for transparency.

Koffa’s declaration, filed with the Liberia Anti-Corruption Commission in February, reveals a net worth of $3.9 million United States dollars. This impressive figure includes $120,000 in cash on hand, real properties valued at $2.8 million, and securities worth $281,000 held with US-based Wells Fargo. Additionally, the Speaker has a reported $1.4 million kept in US-based banks, along with a gross annual income of $204,600.

The declaration released to the public and shared on social media platform – Facebook, also sheds light on Koffa’s financial dealings, including a $500,000 loan from Grantee Trust Bank and a $2.5 million sale of stock with a US-based company, representing debt owed to him.

This move by the Grand Kru County Representative is particularly significant as it comes in the wake of the Code of Conduct Act, which was legislated a decade ago in 2014. The law requires public officials to declare their assets upon taking office and when exiting, but it did not make it mandatory for them to make these declarations public.

Koffa’s decision to voluntarily share his financial information with the public sets a new standard for transparency and accountability in Liberian politics. It sends a powerful message that public servants should be accountable for their actions and the management of public resources.

As the first sitting head of the legislature to take this bold step, Koffa has opened the door for other government officials including House members to follow suit, potentially igniting a new era of openness and trust in the country’s political system.

The Speaker joins  President Joseph Boakai and Vice President Jeremiah Koung on the list of Liberian government officials that have freely shared with citizens the content of their riches.

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