Deputy Central Bank Governor, Nyemadi D. Pearson has resigned amid controversy over recent audit report. President Joseph Nyuma Boakai has accepted Pearson’s resignation.
The announcement came through a press release signed by Presidential Press Secretary, Kula Bonah Nyei Fofana which confirmed Pearson’s departure and highlighted her expression of gratitude to President Boakai for the opportunity to serve.
The Liberian leader has lauded Madam Pearson for her service to the nation. Pearson’s resignation comes at a particularly tumultuous time for the Central Bank. The institution is currently embroiled in controversy following a damning audit report released by the General Auditing Commission (GAC).
The audit which has already led to the suspension of the CBL Executive Governor, J. Aloysius Tarlue, uncovered significant financial mismanagement and operational discrepancies within the bank.
The suspension was announced by Information Minister Jerolinmek Piah, who emphasized that this decision underscores the administration’s commitment to transparency and accountability within its institutions.
Pearson’s resignation has not gone unnoticed by anti-corruption advocates, who are raising serious concerns about the timing and implications of her departure. Mr. Anderson D. Miamen, Executive Director of the Center for Transparency and Accountability in Liberia (CENTAL), voiced his skepticism in a Facebook post.
Miamen questioned whether Pearson’s resignation is an attempt to evade accountability for the financial irregularities identified in the GAC’s audit report, or if it is part of a broader effort to pressure key officials to step down, thus creating opportunities for others to take their place.
“Resignation in the middle of a damaging audit report that could be traced to her and other individuals? Has it been established that Madam Pearson is not a party to the discrepancies and gross financial malpractices reportedly carried out at the Central Bank of Liberia? Or is it about pressuring people to resign to create space for others to come in? We are closely following the saga at CBL. Hope the audit, prosecution, and other processes are very impartial, well-intentioned, and meant to achieve true accountability for the excesses reportedly committed and not otherwise,” Miamen stated.
These developments come on the heels of President Boakai’s decision to suspend Executive Governor J. Aloysius Tarlue in direct response to the findings of the GAC audit.
Information Minister Jerolinmek Piah emphasized that the suspension is intended to allow a thorough and unbiased investigation into the issues raised in the audit report. This move reflects the government’s dedication to ensuring that any discrepancies or instances of mismanagement within the Central Bank are addressed with the utmost seriousness and that those responsible are held accountable.
The recent GAC audit report has cast a long shadow over the CBL, with its findings raising serious questions about the management and oversight of one of Liberia’s most critical financial institutions.
The audit report highlighted several areas of concern, including irregularities in the bank’s financial transactions, lapses in internal controls, and possible violations of banking regulations. These revelations have prompted a swift response from the Boakai administration, which has made it clear that ensuring accountability and restoring public trust in the CBL are top priorities.
