The order will establish a task force that will have the legal mandate and state funding to investigate and retrieve wrongfully acquired government assets and seek the extradition of suspects involved, the presidency said in a statement.
It did not name any suspects or estimate the losses to the state but cited a need to "curtail this alarming menace that has engulfed our country and address the situation of converting public ... assets to private use by officials placed in positions of trust."
Boakai, who defeated his predecessor George Weah in the November elections, won on the promise to tackle endemic corruption and improve livelihoods in the West African nation, where over half of its 4.5 million people live in poverty.
In February, Boakai commissioned an audit of three government institutions, including the central bank. The investigation is focused on the period between 2018 and 2023. It will report its findings within three months.
In January, anti-corruption watchdog Transparency International, TI noted positive reforms introduced by Weah's administration in 2022-2023 but said impunity for corruption remained high as the measures had yet to be fully realized.
Liberia ranked 145 out of 180 countries on TI's Corruption Perceptions Index in 2023.
A representative of Weah did not immediately respond to a request for comment on Boakai's executive order.