President Joseph Nyuma Boakai has suspended Central Bank of Liberia (CBL) Governor J. Aloysius Tarlue without paid, and with immediate effect, following an audit report by the General Auditing Commission (GAC).
Addressing the regular press briefing of the Ministry of Information on Tuesday, July 30, 2024, Minister Jerolinmek M. Piah said President Boakai has received the report from GAC regarding the audit done from January 1, 2018, to December 31, 2023, which details significant financial irregularities and compliance issues at the CBL.
Minister Piah said the CBL Governor will remain suspended pending result from investigation of the audit finding and report.
He said the GAC report revealed that CBL, under former President George M. Weah, was not in compliance with the Act that created the CBL of 1999 that was amended in 2020.
Minister Piah said the report uncovered how CBL management exceeded approved expenditure limits by approximately US$19.31 million from 2018 to 2022, while budget expenditure projections consistently surpassed revenue projections, indicating a pattern of deficit financing.
“The audit revealed that the CBL cashed several institutional checks over the counter, violating standard banking regulations. Examples include, payments of US$8,500 to Vision Pro and US$8,000 to the West Point Youth Association,” he said.
According to him, the GAC report identified unauthorized financing activities, including a US$50.2 million disbursement to the Government of Liberia’s Payroll Account on November 30, 2023, and an additional US$32.85 million on December 23, 2023, transactions which lacked legislative ratification and approval from the CBL Board of Governors.
The government spokesman said the report raised concerns about potential money laundering, noting that the CBL facilitated payments totaling L$1.946 billion and US$178.33 million above approved thresholds to institutions via individual names. He disclosed that there were lack of competitive bidding in procurement and contracts totaling US$11.08 million, lacking appropriate procurement documentation.
The Information Minister said the report concluded that the CBL’s operations were not in compliance with the Liberian Constitution, the Public Procurement and Concessions Act, and other relevant regulations. Meanwhile, Minister Piah has disclosed that three members of the CBL Board tenure has expired and have been replaced since July 21, 2024 by President Boakai.
