“President Joseph Nyuma Boakai, Sr., has reactivated the Economic Management Team… President Boakai has named Mr. Henry F. Saamoi as Acting Executive Governor of the Central Bank of Liberia (CBL). These transactions lacked legislative ratification, contrary to Article 34 d (iii) of the 1986 Constitution of Liberia and Section 46.2 of the CBL Act of 1999. CBL independenceThe suspension of the CBL Governor based on what many view as a political audit report raises concerns about the independence of the Central Bank of Liberia. The independence of a central bank is crucial for maintaining monetary policy credibility, ensuring financial stability, and promoting investor confidence. It is important to ensure that any investigation or decision regarding the central bank governor is conducted transparently, adhering to legal procedures and maintaining the principles of due process.

Source: Front Page Africa August 01, 2024 21:25 UTC