Liberia: President Weah to Announce New Central Bank Governor in October

Monrovia — Deputy Presidential Press Secretary Smith Toby has disclosed that President George Weah would in October appoint a new Governor of the Central Bank and restructure the leadership of the Bank.

Mr. Toby's disclosure comes at the expiration of the timeline that Pres. Weah had given to retire Executive Governor Nathaniel Patray for his early retirement.

President Weah in May this year said Patray would be retired in three months period, paving the way for the appointment of a new bank official.

The Liberian leader told the nation that his government was going to open nominations for a vetting committee to appoint the bank's new leadership.

President Weah said the overhaul was necessary to restore confidence in an institution that has been beset by scandals and is hampering efforts to deal with an economic crisis.

The President, in July 2018, ordered a $25-million injection into the economy to mop-up excess Liberian dollars. An investigation by the state auditor found that only $17 million was used for this purpose. Another inquiry, the USAID-backed Kroll report into the alleged disappearance of about $100 million in cash that was printed abroad found that while no money was missing, there were lapses in the accuracy and completeness of the central bank's internal records.

The President said, all of these reports point to a major lapse of controls at the CBL and "calls into question the ability of its present leadership to effectively revamp its internal mechanism to provide greater accountability and professionalism."

In a related development, Mr. Toby further said the president will also announce a new Agriculture Minister, who has the tenacity to promote the government pro-poor agenda through the revamping of the agriculture sector.

See What Everyone is Watching

More From: FrontPageAfrica

Don't Miss

AllAfrica publishes around 700 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.