Monrovia, Liberia – President Joseph Nyuma Boakai, Sr. has with immediate effect Suspended Central Bank of Liberia Executive Governor J. Aloysius Tarlue for time indefinite pending investigation.
Speaking at MICAT on Tuesday, July 30, 2024, press briefing in Monrovia, Information Minister Jerolinmek Piah said, there is a damaging audit report by the General Auditing Commission (GAC) linking the Central Bank Executive Governor.
According to Minister Piah, CBL management exceeded approved expenditure limits by approximately US$19.31 million from 2018 to 2022.
He further stated the audit report also found that the budget expenditure projections consistently surpassed revenue projections, indicating a pattern of deficit financing.
The report, which covers the period from January 1, 2018, to December 31, 2023, details significant financial irregularities and compliance issues at the central bank under Governor Tarlue leadership; Minister Piah asserted.
Minister Piah clarified that the audit revealed the CBL cashed several institutional checks over the counter, violating standard banking regulations.
He argued that the report raised concerns about potential money laundering, noting that the CBL facilitated payments totaling LD$1.946 billion and US$178.33 million above approved thresholds to institutions via individual names.
Minister Piah stated, the GAC concluded that the CBL’s operations were not in compliance with the Liberian Constitution, the Public Procurement and Concessions Act, and other relevant regulations.
He emphasized that the GAC identified unauthorized financing activities, including a US$50.2 million disbursement to the Government of Liberia payroll account on November 30, 2023, and an additional US$32.85 million on December 23, 2023.
According to him,these transactions lacked legislative ratification and approval from the CBL Board of Governors.
Nothing, the Procurement Contracts totaling US$11.08 million were awarded without competitive bidding, lacking appropriate procurement documentation.
The CBL boss, has served in his position since 2020, and was previously directed by President Boakai to assist with an ongoing IMF-approved forensic audit at the central bank.
The suspension comes amid heightened scrutiny over the CBL’s financial practices and a push for greater transparency and accountability.
Reported by:Joseph Kerkula
Contact: +231777445089
