Monrovia – When then-President George Weah announced in May 2019 that Nathaniel Patray, the tough-talking Executive Governor of the Central Bank, was stepping down due to age-related issues, it sent shockwaves through the public and the banking sector. Little did the public know that under Governor Patray’s watch, the Central Bank of Liberia disbursed US$730,000 to major government institutions between August 2019. Governor Patray’s resignation in October 2019, following the former President’s request, marked a crucial turning point for the Central Bank of Liberia (CBL),” the bank said. The investigation, conducted by risk consultancy Kroll, confirmed that no banknotes went missing and that the new banknotes totaling 15.5 billion Liberian dollars ($96 million) were delivered to the Central Bank’s vaults. However, the embassy said the Kroll report raised concerns about the accuracy of the central bank’s internal records, identifying systemic weaknesses and longstanding shortcomings in Liberia’s fiscal and monetary management processes.

Source: Front Page Africa May 24, 2024 15:10 UTC