Liberian President Suspends Central Bank Governor After Audit

(Bloomberg) -- Liberian President Joseph Boakai suspended the West African country’s central bank governor after an audit of the financial regulator revealed irregular loans and contracts.

Jolue Aloysius Tarlue has been placed on leave until the findings of the review are investigated, Information Minister Jerolinmek Piah said Tuesday in a press conference livestreamed on Facebook.

An audit this month revealed that the Central Bank of Liberia lent the government $83 million in November and December last year, without the necessary approvals, and awarded contracts worth $11 million over the review period without competitive bidding.

Forty staff members were hired without any evidence of approvals for their contracts, and taxes and contributions were withheld from some employees without being remitted to the relevant agencies, according to the audit, which covers the period 2018-2023. 

A central bank spokesman declined to comment when contacted by Bloomberg. Calls to Tarlue, who has run the central bank since late 2019, didn’t connect. 

Boakai was sworn in as president on Jan. 22 after defeating former footballer George Weah, who had led the country since 2018. He has pledged to fight corruption and revive an economy rich in gold and iron ore. Upon assuming office, the new leader said the state of finances at the central bank as reported by his predecessor was “far from reality.” 

Tarlue had brought relative stability to the regulator, which faced a series of scandals between 2018-2019, including the disappearance of $100 million in cash that had been printed abroad and was meant to have been deposited into the central bank. 

Tarlue was Liberia’s third central bank governor in two years when appointed in November 2019.

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