Liberia-President Joseph Nyuma Boakai Wednesday named Mr. Henry F. Saamoi as Acting Executive Governor of the Central Bank of Liberia (CBL), leaving many to wonder as to whether his preferment marks the end of suspended Governor Aloysius Tarlue.
Tarlue, appointed by former President George Manneh Weah following a rigorous vetting process, was sent home suspended by President Boakai based on the outcome of a GAC audit.
Alleged violations of the Bank regulations and other compliance processes became widespread.
Announcing Governor Tarlue’s Tuesday, Information Minister Jerolinmick Piah said it was as the result of serious allegations of non-compliance and gross failure to perform his judiciary responsibilities contained in the report of the GAC.
According to him, the government of Liberia through the office of the President has received the report of the GAC regarding the compliance audit of the CBL for the fiscal years 2018-2023.
Minister Piah noted that the audit discovered very significant non-compliance matters at the CBL.
“The audit revealed among other findings that the CBL under the administration, supervision and management of the current governor was not in compliance with the CBL Act of 1999 as amended and restated in 2020,” he said.
Additionally, the Minister mentioned that the finding discovered that the CBL was also not in compliance with the revenue code of Liberia Act of 2011 as well as the Public Financial management Act of 2009 and its regulations as amended and restated in 2019.
He continued that the CBL according to the GAC audit report, was not in compliance with the Public Procurement and Concession Act of 2005 amended and restated in 2010 and its regulations and the CBL’s own policies.
In addition, Minister Piah said the audit disclosed how the CBL management failed to make available to the GAC its accounting software and the fiscal year 2023 financial statement of the Bank.
“For the purpose of the serious allegations of non-compliance and gross failure to perform its judiciary responsibilities contained in the audit report, the president has hereby suspended from office without pay and with immediate effect, pending the result of an investigation of the audit findings, the Governor of the Central Bank of Liberia” Piah stated.
The Minister said already, the tenure of three members of the board of the CBL has expired and they were replaced since the 21st of July 30, 2024 noting that further determination will be made depending on available information.
Making the appointment, President Boakai called on Mr. Saamoi to continue to demonstrate diligence, commitment, integrity, professionalism, and loyalty in service to the country.
At the same time, President Joseph Nyuma Boakai has reactivated the Economic Management Team to serve as a think-tank on economic matters, proffer solutions that would tackle economic uncertainties, especially immediate policy interventions and improve the implementation of the Public Financial Management (PFM) law in ensuring transparency and accountability for the attainment of the ARREST Agenda for Inclusive Growth.
The Team, according to an Executive Mansion release, is expected to ensure coordination of the Government’s fiscal and monetary policy, the acceleration of economic reforms in building a robust and resilient economy and strengthening existing regulations as well as improve oversight functions of Ministries, Agencies and Commissions.
The team will be chaired by the President with the Minister of Finance and Development Planning, Co-Chair, Executive Governor of the Central Bank of Liberia, and member.
Other members are the Commissioner General of the Liberia Revenue Authority, Minister of Commerce and Industry, Chairman of the National Investment Commission, and the Economic Advisers to the President.
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