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Liberian president to overhaul scandal-hit central bank's leadership

Central Bank of Liberia Executive Governor Nathaniel Patray will retire within three months under an overhaul of the regulator's leadership announced by President George Weah in a bid to restore confidence in the scandal-hit institution, Bloomberg News reported, citing state broadcaster Liberia Broadcasting System.

Meanwhile, Weah said Mounir Siaplay resigned as deputy governor for economic policy, effective immediately, according to the May 29 report. Weah said the government will open nominations for a vetting committee that will appoint the central bank's new leadership.

The overhaul comes after the state auditor found that only $17 million out of the $25 million Weah ordered in July 2018 to be injected into the economy was used for that purpose, the news agency noted. Another probe also found that while $100 million of funds that allegedly disappeared did not turn out to be missing, the central bank had shortcomings in the preparation of its internal records.

Weah said the "major lapse of controls" at the central bank "calls into question the ability of its present leadership to effectively revamp its internal mechanism to provide greater accountability and professionalism."