The Executive Mansion Keeping The CBL Under Close Scrutiny
PHOTO: CBL suspended Governor J. Aloysius Tarlue
By Our Staff Writer
GAC findings: Improper over-the-counter transactions The GAC discovered unauthorized financing activities, such as a US$50.2 million payment to the Government of Liberia’s payroll account on November 30, 2023, followed by an additional US$32.85 million on December 23, 2023. These transactions were executed without legislative ratification and approval from the CBL Board of Governors.
Potential money laundering concerns
Central Bank of Liberia (CBL) Governor J. Aloysius Tarlue, Jr. has been suspended without pay by President Joseph Nyuma Boakai, after the recent release of a critical audit report by the General Auditing Commission (GAC), Information Minister Jerolnmic Piah has disclosed in Monrovia.
The GAC report covered the period from January 1, 2018, to December 31, 2023, highlighting significant financial irregularities and compliance issues at the CBL under Tarlue’s watch.
But the CBL has since been clarifying in the local media that some of its actions were not done in violation of the law and that certain measures to streamline payment were put in place since 2019.
Among other things, some of the key findings in the GAC audit report on the CBL include that:
- The GAC audit uncovered a litany of violations at the CBL, beginning with what the Commission calls “excessive expenditures and deficit financing”.
- The CBL management exceeded approved expenditure limits by around US$19.31 million from 2018 to 2022.
- The GAC audit indicated that budget expenditure projections consistently exceeded revenue projections, suggesting a trend of deficit financing.
- Improper over-the-counter transactions The GAC discovered unauthorized financing activities, such as a US$50.2 million payment to the Government of Liberia’s payroll account on November 30, 2023, followed by an additional US$32.85 million on December 23, 2023. These transactions were executed without legislative ratification and approval from the CBL Board of Governors.
- Potential money laundering concerns
Information Minister Piah told Journalist on Tuesday that CBL Governor Tarlue’s suspension is intended to allow him to address the findings of the GAC audit report.