Summary:
- The Presidential Press Secretary claims that the current exchange rate under the Boakai administration is lower than what was inherited from former Pres. Weah’s administration.
- We have reviewed the Central Bank of Liberia -CBL exchange rate, which is the approved exchange before and after the current administration.
- The evidence shows that her statement about the exchange rate is incorrect.
On January 22, Kula V. Fofana, Presidential Press Secretary claimed in a Facebook post that the current exchange rate under President Joseph Boakai’s administration is lower compared to what was inherited from former Pres. George Weah’s administration.
Fofana highlighted this as one of the achievements of the current administration within its first year in office.
The Claim
An extract from Fofana’s post: “The economy is on an upward trajectory; the exchange rate is low in comparison to what was inherited”
Rating Justification
We fact-checked this claim by reviewing exchange rates published by the Central Bank of Liberia (CBL) in January 2024, prior to President Joseph N. Boakai officially assumed office on January 22, 2024.
On Saturday, January 20, 2024, before his inauguration, the buying rate published by the CBL stood at L$188 to US$1, and the selling rate was L$190 to US$1.
However, as of January 22, 2025, the current exchange rate under the current administration is L$194 to US$1, while the selling rate is L$195 to US$1, as published by the CBL.
This indicates a slight depreciation of the Liberian dollar over the past year, with a 3.19% increase in the buying rate and a 2.63% increase in the selling rate.
Conclusion
Based on the review of the exchange rates before and one year after President Boakai’s induction, we conclude that the claim made by Presidential Press Secretary Kula Fofana that the current exchange rate under the Boakai administration is lower than what was inherited is misleading.
Before assuming office as Liberia’s 26th President on January 22, 2024, CBL reported a buying rate of L$188 to US$1 and a selling rate of L$190 to US$1 as of January 20, 2024.
However, as of January 22, 2025, the buying rate has risen to L$194 to US$1 and the selling rate to L$195 to US$1, reflecting a 3.19% increase in the buying rate and a 2.63% increase in the selling rate over the past year.
