On May 26, Benedict Kolubah, former Assistant Minister for Development Planning at the Ministry of Finance and Development Planning, claimed in a Facebook post that the exchange rate has increased under the administration of President Joseph N. Boakai compared to the period the Coalition for Democratic Change (CDC) left office.
Kolubah claimed that “CDC left the average exchange rate at 175 LRD to 1 USD, but it is now 193 LRD to 1 USD in 2025.”
The former official made the statement to suggest that the Liberian dollar performed better under the CDC administration than under the current Unity Party-led government.
The Claim
A portion of Kolubah’s exact post reads: “CDC left the average exchange rate at 175 LRD to 1 USD, but it is now 193 LRD to 1 USD in 2025.”
Rating Justification
To verify the claim, we sought clarification from Kolubah because he was comparing the exchange rate at the time the CDC left office with figures from 2025.
Kolubah told Local Voices Liberia that he obtained the figures from the Ministry of Finance and Development Planning’s 2025 Fiscal Outturn Report and was interpreting a graph published by the ministry.
We reviewed the report and found a graph showing both the Period Average Exchange Rate and the End-Period Exchange Rate for 2023 through 2025.
A period average exchange rate measures the average exchange rate over a specified period, such as a month, quarter, or year. An end-period exchange rate, however, reflects the exchange rate at the end of the reporting period, typically on or near December 31 for annual reports.
Our review found that the 2025 Fiscal Outturn Report lists the 2023 period average exchange rate at L$175.0 to US$1, the same figure cited by Kolubah.
However, the report also shows that the 2023 end-period exchange rate stood at L$188.5 to US$1.
The same figures are reported in the 2024 Annual Report of the Central Bank of Liberia (CBL), which lists the 2023 period average exchange rate at L$174.96 to US$1 and the end-period exchange rate at L$188.50 to US$1.
What Were the Exchange Rates in 2025 Under UP?
We also reviewed the 2025 Fiscal Outturn Report and the 2025 Annual Report of the CBL.
Both reports show that the 2025 period average exchange rate stood at approximately L$193.0 to US$1, while the 2025 end-period exchange rate stood at approximately L$178.5 to US$1.
This means that while the average exchange rate recorded throughout 2025 was around L$193 to US$1, the exchange rate at the end of the year had strengthened to approximately L$178.5 to US$1.
Comparing the CDC and UP Periods
The figures show that the average exchange rate for 2023 under the CDC administration was approximately L$175 to US$1, while the end-period exchange rate for 2023 stood at L$188.5 to US$1.
Likewise, under the Unity Party administration, the average exchange rate for 2025 stood at approximately L$193 to US$1, while the end-period exchange rate for 2025 stood at approximately L$178.5 to US$1.
Conclusion
Based on our review of the Ministry of Finance and Development Planning’s Fiscal Outturn Reports and the Annual Reports of the Central Bank of Liberia, we conclude that Benedict Kolubah’s claims are CORRECT.
Official records show that the 2023 average exchange rate stood at L$175 to US$1 supporting Kolubah’s claim.
Also, the 2025 period average exchange rate under the UP stood at approximately L$193 to US$1.
