—As CBL Board Inducts Newly Appointed CBL Executive Governors
IPNEWS: Report reaching IPNEWS says the Supreme Court of Liberia has summoned parties to the writ of prohibition filed by suspended Governor J. Aloysius Tarlue. The parties are to appear Tuesday, August 6, 2024 before the presiding Justice in chambers, Justice Kaba at 3:00P.M.
The summons by the Supreme Court follows the filing of a writ of prohibition for wrongful suspension by President Joseph Boakai in keeping with law.
It can be recalled that on July 30, 2024, President Joseph Boakai suspended CBL governor Tarlue, citing a GAC audit report that uncovered significant compliance failures at the CBL during the fiscal years 2018-2023.
However, the suspended CBL governor through his legal counsel filed a petition for a writ of prohibition.
The petitioner argued that the President’s action was illegal and unconstitutional, asserting that the removal of Tarlue as Governor of CBL could only occur through impeachment by the National Legislature.
Tarlue’s legal team emphasized that the Amended and Restated Act Establishing the Central Bank of Liberia (1999) stipulates that the Executive Governor can only be removed under specific conditions, such as gross misconduct or criminal conviction, and solely through legislative impeachment proceedings.
Meanwhile, the newly appointed members of the Board of Governors of the Central Bank of Liberia (CBL) were inducted in the CBL Board Room over the weekend with the pledge to focus on reinforcing financial stability and enhancing monetary policy effectiveness. Those inducted were the Acting Executive Governor of the CBL, Mr. Henry F. Saamoi, Chairman; Messrs. George H. Gooding, member; Joseph F. Robertson, Jr., member; and Cllr. Ebenezer Z. Gibson, member.
The induction marks the official commencement of duties of the Board of Governors as the policy driver of the Bank’s strategic goals, operational frameworks, and regulatory environment. The new Board members expressed their commitment to fostering economic growth and financial inclusion in Liberia.
Acting Executive Governor Henry F. Saamoi brings a wealth of experience to the Central Bank, having served the International Bank (IB) for many years as its Chief Executive Officer. He emphasized his dedication to transparency, innovation, and collaboration in steering the Bank towards achieving its objectives.
Executive Governor Saamoi stated that he was honored to lead CBL at this pivotal time and would “focus on reinforcing financial stability, enhancing monetary policy effectiveness, and ensuring that the banking sector continues to serve the needs of all Liberians.”
“I am committed to high standards of integrity, accountability and transparency as well implementing policies that promote economic development and financial inclusion”, added Governor Saamoi.
Governor Saamoi also spoke of the need for the Board to maintain the integrity of Liberia’s financial system and to ensure a robust regulatory framework that fosters trust and resilience within the banking sector.
“We are dedicated to supporting economic initiatives that enhance the prosperity of all Liberians, particularly through policies that promote access to credit for small and medium enterprises”, the Acting Executive Governor Saamoi added.
