In 2021, during the George Weah administration, the Liberian Senate took a decisive stand to protect the country from questionable financial arrangements by ordering the cancellation of the controversial ETON and EBOMAF loan agreements. The Senate’s Judiciary Committee had issued a damning report, concluding that the nearly US$1 billion worth of loan deals were legally flawed, financially dubious, and posed a grave fiscal risk to future generations. The Senate’s action was not just a rejection of two shady agreements; it was a clear defense of Liberia’s economic sovereignty and a warning against mortgaging the nation’s future.
Today, under President Joseph Boakai’s leadership, that hard-won safeguard is being quietly tested. Despite recent letters from ETON Finance PTE Ltd. and EBOMAF S.A., delivered through their legal counsel, Cllr. Johnny Momo, to the Ministry of Justice seeking updates on the status of their agreements, the government has yet to issue a formal response. This prolonged silence is not a neutral act. It creates a dangerous vacuum that invites legal pressure, speculation, and potentially backroom negotiations that could undermine the Senate’s previous decision.
The history of these loan agreements serves as a cautionary tale. In 2018, the Weah government signed a US$536 million loan agreement with ETON, intended to rehabilitate and construct over 500 kilometers of roads across southeastern Liberia. Around the same period, it entered into a US$420 million agreement with EBOMAF, a Burkinabé firm owned by Mahamadou Bonkoungou, to both finance and build additional road networks.
Civil society groups, independent media, and some lawmakers swiftly raised alarms. ETON’s financial structure was opaque, its physical presence questionable, and its capacity to deliver such a large loan unproven. EBOMAF’s dual role as both financier and contractor went against basic procurement principles, raising serious concerns about inflated costs and limited accountability. These were not mere suspicions. They were validated by the Senate’s investigation, which concluded that the agreements violated legal procedures and international standards.
The Senate’s 2021 resolution directing the Ministries of Public Works, Justice, and Finance to cancel the agreements represented a significant institutional defense of the public interest. Any attempt by the Executive under the Boakai administration to quietly revive or renegotiate these deals without legislative oversight would be a legal affront and a betrayal of public trust.
This is why the administration’s silence is so dangerous. Liberia is already struggling with budget shortfalls, limited revenue generation, and a fragile debt situation. Re-engaging with nearly US$1 billion in questionable financing arrangements now would be fiscally reckless. Instead of revisiting discredited deals, the government should be focused on mobilizing domestic revenue, reforming procurement systems, and attracting credible investment through transparent channels.
There is also the matter of Liberia’s reputation. Over the years, the country has worked to rebuild its image as a nation committed to accountability and good governance. Reopening negotiations with companies whose credibility has already been publicly questioned would damage that image and discourage serious investors who value legal clarity and fiscal discipline.
President Boakai’s administration must act swiftly and decisively. The Ministry of Justice should formally respond to ETON and EBOMAF, reaffirming that the agreements remain terminated and will not be revived in their current form. All relevant documents should be made public to dispel speculation and foster transparency.
Liberia avoided a dangerous fiscal trap once when the Senate rejected these agreements. It cannot afford to sleepwalk back into the same mistake. The Legislature has already done its part; now the Executive must do the same. Silence is not governance. It is an opening for exploitation. President Boakai must close that door firmly.
