Claim: Liberia’s Presidential Press Secretary asserted that the exchange rate is lower than what was inherited.
Verdict: Misleading. The Central Bank of Liberia Daily Exchange Rates show that the current exchange rate is higher than in January 2024.
Full Text
On January 22, 2024, President Joseph Boakai became the 26th President of the Republic of Liberia.
Exactly one year into his tenure in office, Liberians are highlighting the one-year achievements of the Boakai-led government.
In her Facebook post, in which she looked back and listed the achievements of the Boakai administration, Presidential Press Secretary Kula Fofana claimed that the “exchange rate is low in comparison to what was inherited.”
The press secretary’s post, which had 341 reactions, 222 comments, and four shares as of this report, attracted mixed comments.
DUBAWA checked the authenticity of Madam Fofana’s exchange rate assertion.
Verification
DUBAWA searched the official website of the Central Bank of Liberia (CBL) to verify the press secretary’s claim.
The CBL’s Daily Exchange Rates show that from the start of January 2024, the month President Boakai was due to take office, the buying exchange rate was L$187 and L$188 to US$1, while the selling rate was L$189 to US$1.
The buying rate stayed at $L188 until January 30, 2024, when it climbed to L$189 to US$1—just a few days after Boakai had taken office.
The selling rate stayed the same until January 16, 2024, when it climbed to $190 to US$1, just a few days before President Boakai could take office.
The selling rate remained at that amount until February 3, 2024, a few days after Boakai took office when it went up by one cent.
Looking at the CBL rates, the buying rate was at L$188 to US$1 when the Boakai government took over, while the selling rate was at L$190 to US$1.
On January 22, 2025, the same date one year ago when President Boakai was sworn in as the President of Liberia, the buying rate was L$194 to US$1, while the selling rate was L$195 to US$1.
Conclusion
Based on the data, it is clear that Presidential Press Secretary Kula Fofana’s assertion that the exchange rate is low compared to what was inherited is misleading.
