By T. Ezekiel Geeplay & Rancy S. Teewia

MONROVIA, July 30 (LINA) – President Joseph N. Boakai has with immediate effect suspended the Governor of the Central Bank of Liberia (CBL), Aloysius Tarlue, in response to findings from a recent General Auditing Commission (GAC) audit report.

Making the disclosure at the Ministry of Information, Cultural Affairs and Tourism (MICAT) regular press briefing on Tuesday, July 30, 2024, in Monrovia, Minister Jerolinmek M. Piah disclosed that the suspension is a direct result of the GAC’s audit report, which requires Governor Tarlue’s temporary removal from office to address the audit’s findings.

“Governor Tarlue has been suspended to answer to the audit report by the GAC,” stated Minister Piah, as he emphasized that the CBL Governor suspension emphasizes the Government of Liberia’s commitment to accountability and transparency within its institutions.

The GAC report, which covers the period from January 1, 2018, to December 31, 2023, details significant financial irregularities and compliance issues at the Central Bank of Liberia under Tarlue's leadership.

The GAC audit uncovered a range of findings, including reports that the CBL management exceeded approved expenditure limits by approximately $19.31 million from 2018 to 2022.

The audit also uncovered that budget expenditure projections consistently surpassed revenue projections, indicating a pattern of deficit financing.

The GAC report stressed that the CBL's operations were not in compliance with the Liberian Constitution, the Public Procurement and Concessions Act, and other relevant regulations.

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

The suspension of Governor Tarlue comes amid heightened scrutiny over the CBL's financial practices and a push for greater transparency and accountability.

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 CBL.

President Boakai's decisive move to suspend Governor Tarlue underscores the administration's commitment to addressing the issues and restoring public trust in the CBL.