Senators Divided over New Central Bank of Liberia Governor, Questions His Ability to Lead the Bank Effectively

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The incoming CBL chief worked with a plethora of important banks, and other financial institutions in the United States of America, including J.P. Morgan Chase, BNY Mellon N.A., Deutsche Bank, Merrill Lynch and HSBC Bank N.A.

Monrovia – Lack of qualification and experience could hinder the confirmation of Central Bank Governor-designate Jolue Aloysius Tarlue, as several senators have expressed concerns about the absent of those two ahead of his Senate confirmation.

Several senators who have spoken to this newspaper on the basis of anonymity, have said the Governor-designate does not have the requisite experience and qualification to lead the government’s reserve into resuscitating the country’s drowning economy. However, it is yet to be seen whether these senators, who have spoken with this newspaper, will maintain their strong stance. It will be an unprecedented action taken by senators judging from some of their past confirmation histories.

Few months ago, the Committee on Banking and Currency, which is being chaired by Senator Marshall Dennis, rejected the nomination of some current governors of the CBL but that decision was overturned by the same senators after a reported intervention from the Executive. 

 “Yes many of our colleagues have issues with his experience and qualification but whether they will maintain that stand is what we need to see tomorrow,” one of our senator sources said.

He is expected to face the Senate’s Banking and Currency Committee for confirmation. He will tell senators why he should be trusted to head the Central Bank of Liberia and what are his plans and strategies to resuscitate the country’s drowning economy.

President George Weah in November named Tarlue as the new Executive Governor-designate of the Central Bank of Liberia (CBL), pending confirmation by the Senate.

“Yes many of our colleagues have issues with his experience and qualification but whether they will maintain that stand is what we need to see tomorrow.”

– Source

Mr. Tarlue’s appointment came two-weeks after the resignation of former Governor Nathaniel R. Patray, III, who resigned on October 24, 2019.

The President named Mr. Tarlue on Friday, November 8, 2019 following a “comprehensive” vetting process by a team of experts, which the President had set up.

Mr. Tarlue is expected to lead a team of other governors in restructuring the CBL to tackle Liberia’s challenging economy.

The incoming CBL chief worked with a plethora of important banks, and other financial institutions in the United States of America, including J.P. Morgan Chase, BNY Mellon N.A., Deutsche Bank, Merrill Lynch and HSBC Bank N.A., the Executive Mansion release said.

Mr. Tarlue holds an MPA (specializing in Public Policy) from Kean University, New Jersey (USA), and Bachelor of Arts (BA) in Political Science from the King University in Bristol, Tennessee (USA).

Prior to his preferment by President Weah, Tarlue, Jr. was Chairman, Board of Commissioners of the Liberia Electricity Regulatory Commission (LERC). LERC is responsible to regulate the electricity sector in Liberia by determining the legal and regulatory framework for generation, transmission, distribution, trading, import & export, and sale of electricity within the Republic of Liberia.

It can be recalled be that, former Governor Patray, whose resignation President Weah accepted since October 24, 2019, left the bank amid serious liquidity crisis along with systematic flaws in its banking procedures—a situation his administration was unable to address.

 Given the current state of the CBL, Patray’s successor will have to work tirelessly to resolve the systematic flaws in the institution’s banking procedures, and initiate a strong policy to tackle rising inflation, a heavily devalued local currency against the U.S. dollar this year and a slack in private investment.

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