Monrovia, Liberia – The Central Bank of Liberia has clarified that Madam Pearson did not serve as Officer in Charge (OIC) in 2019. Nevertheless, the bank recognized the payments and explained that they were a result of the difficulties the bank was facing prior to the intervention of the International Monetary Fund (IMF).
This clarification come days after which a local news paper, Frontpage Africa News Paper published an article alleging that the deputy governor was in charge when some funds disbursement occurred. But in it latest publication, the News paper clarified with the help of the General Auditing Commission (GAC), without following established protocol, the Central Bank of Liberia (CBL) sent US$730,000 to the Ministry of State for Presidential Affairs, the National Security Agency, and the Liberia National Police without authorization.
In accordance with the audit, the National Security Agency received US$150,000 on July 24, 2019, as the “bank’s contribution for the July 26, 2019 celebration to buttress security efforts for international guests, including foreign heads of state.” The Ministry of State received US$300,000 for the same purpose on the same day that US$200,000 went to the Liberia National Police. Furthermore, the Bank gave the National Security Agency US$80,000 on August 13, 2019, for “special security operations.”
These sums were not requested by the receiving entities, according to the GAC’s audit, which raises the possibility of financial malfeasance. The General Auditing Commission emphasized that in order for the Bank’s management to make these payments without using budgetary funds, they must give justifications and accompanying evidence. In order to provide protections against management overriding and abusing the program, the GAC also advised that the Bank’s management include a description of the payments that are permitted under CSR programs in its Corporate Social Responsibility (CSR) policy, along with a threshold for varying amounts.
Nathaniel R. Patray, the executive governor, has to be further investigated in light of the institution’s larger problems. At the request of the former President, Governor Patray resigned in October 2019, which was a significant turning point for the Central Bank of Liberia (CBL).
The public and the financial industry were shocked when President George Weah announced in May 2019 that Nathaniel Patray, the Executive Governor of the Central Bank, was resigning owing to age-related concerns. The public was unaware that the Central Bank of Liberia had disbursed US$730,000 to significant government entities between August 2019 while Governor Patray was in charge.
It further stated that Dr. Musa Dukuly, who took over as Officer in Charge (OIC) until December 2019 following Governor Patray’s resignation, oversaw a time of change and reform within the CBL.
The examination, carried out by risk consulting firm Kroll, verified that no banknotes
vanished A missing L$16 billion scandal shook the bank in 2018. The United States Embassy in Monrovia hired investigators to look into what had happened after receiving a request from the government of Liberia. and that the fresh banknotes, amounting to 15.5 billion Liberian dollars ($96 million), were brought to the vaults of the Central Bank.
The Kroll investigation, which found structural flaws and long-standing deficiencies in Liberia’s fiscal and monetary management procedures, the embassy claimed, raised questions over the veracity of the central bank’s internal records.
