Monrovia -Liberia: In a significant strive in fighting corruptions in Liberia President Joseph Nyuma Boakai has with immediate effect suspended Central Bank of Liberia (CBL) Governor J. Aloysius Tarlue Jr.
Governor Tarlue’s suspension follows a damning audit report by the released by the General Auditing Commission (GAC).

The report covers the period from January 1, 2018, to December 31, 2023, detailing significant financial irregularities and compliance issues at the central bank under Tarlue’s leadership.
The GAC audit uncovered a range of concerning findings, including:
Excessive Expenditures and Deficit Financing.

According to The GAC’s audit report, the CBL management exceeded approved expenditure limits by approximately $19.31 million from 2018 to 2022. The audit also found that budget expenditure projections consistently surpassed revenue projections, indicating a pattern of deficit financing. Key findings of GAC’s Audit report against Governor Aloysius J. Tarlue.

• Improper Over-the-Counter Transactions…
  The audit revealed that the CBL cashed several institutional checks over the counter, violating standard banking regulations. Examples include payments of $8,500 to Vision Pro and $8,000 to the West Point Youth Association.

*Unauthorized Government Payroll Financing…
The GAC identified unauthorized financing activities, including a $50.2 million disbursement to the Government of Liberia’s payroll account on November 30, 2023, and an additional $32.85 million on December 23, 2023. These transactions lacked legislative ratification and approval from the CBL Board of Governors.

In furtherance, Potential Money Laundering Concerns.
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.

*Lack of Competitive Bidding in Procurement
Contracts totaling US$11.08 million were awarded without competitive bidding, lacking appropriate procurement documentation.

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.
Governor Tarlue, who has served in his position since 2020, 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.

The findings which highlights significant lapses in financial management and oversight at the CBL, calling for immediate corrective actions.

President Boakai’s decisive move to suspend Governor Tarlue underscores the administration’s commitment to addressing these issues and restoring public trust in the central bank.

By: James Yekehson Forkpa Jr.