The Ministry of Finance and Development Planning (MFDP), through its Department of Economic Management and the Debt Management Unit, has commenced a week-long workshop in Buchanan to develop and validate the Government of Liberia’s Public Debt Procedural Manual.
The workshop brings together key government institutions, including the Ministry of Finance and Development Planning, the General Auditing Commission (GAC), the Central Bank of Liberia, and the Ministry of Justice, to ensure a comprehensive and coordinated approach to strengthening public debt management processes.
The GAC is providing guidance on compliance audits, while the Central Bank of Liberia looks at how debt payments are affected, especially to external creditors and some domestic creditors, while the Ministry of Justice is addressing the legal framework governing public debt and audit processes.
Delivering special remarks, Deputy Minister for Administration, Hon. Bill McGill Jones, emphasized that the initiative is intended to produce a practical and actionable document that will serve as a cornerstone for transparent and accountable debt management across government.
He noted that the development of the manual responds in part to recommendations from the General Auditing Commission, which previously identified gaps in debt management procedures. Deputy Minister Jones stressed that the process reflects the Government of Liberia’s commitment to addressing audit findings and strengthening financial governance systems in line with existing laws and international best practices.
“This is not solely a Ministry of Finance initiative,” he stated. “It is a Government of Liberia process that requires collaboration, shared responsibility, and collective input to ensure fairness, equity, and transparency in the management of public debt.”
The preparation of the Debt Procedural Manual is also a key priority for Liberia’s international partners, including the World Bank, the African Development Bank, and the European Union. It forms part of prior policy actions necessary to support development financing and advance the government’s five-year development agenda.
For his part, Cllr. J. Alben Greaves, Legal Counsel at the Ministry of Justice, underscored the importance of a legally sound and administratively comprehensive framework. He highlighted the need for strict compliance with statutory provisions, including the Constitution, and emphasized the importance of strong arbitration clauses to prevent costly legal disputes.
He further noted that debt management compliance must address issues such as liability, restructuring, and cross-default clauses. Speaking earlier, Director of Debt Management, Mr. Vowu D. Molubah, described the workshop as a critical milestone in strengthening Liberia’s financial governance, internal controls, and accountability systems.
He stated that a clearly documented debt management process is essential for ensuring transparency, consistency, risk mitigation, and compliance with regulatory and institutional standards. Director Molubah reaffirmed the Ministry of Finance and Development Planning’s commitment to implementing a robust and practical Public Debt Procedural Manual that will enhance confidence in Liberia’s financial management systems and support sustainable national development.
