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Wednesday, June 12, 2024

Central Bank of Liberia Defends $730,000 Independence Day Spending

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The Central Bank of Liberia (CBL) has clarified a recent media report regarding financial disbursements made during the July 26, 2019 Independence Day celebrations in the country.

The report, citing an ongoing audit by the General Auditing Commission (GAC), mentioned several disbursements totaling $730,000 to the Liberia National Police, the National Security Agency, and the Ministry of State for Presidential Affairs.

In a statement, the CBL acknowledged these payments but vehemently refuted any allegations of impropriety. The bank explained that the disbursements were made as part of its corporate social responsibility (CSR) efforts, based on the instruction of the then-Executive Governor, Nathaniel R. Patray.

“The intent was to ensure a safe and successful event for all Liberians,” the CBL statement read. The bank recognized the lack of a formal documented policy at the time, but noted that a comprehensive CSR Policy was developed in 2020 to guide such payments.

While the audit referred to the disbursements as “unsolicited,” the CBL asserted that the funds were provided in response to implicit operational needs to support the Independence Day celebrations. The bank stated that it welcomes requests for support under its CSR program and can also independently recognize and address national needs.

The current CBL administration, led by Governor J. Aloysius Tarlue, Jr., reaffirmed its commitment to transparency and accountability. The bank is fully cooperating with the ongoing GAC audit commissioned by President Joseph Boakai and is dedicated to upholding the highest standards of financial management and governance.

“The Bank appreciates the oversight provided by the GAC and will continue to work diligently to address concerns from the ongoing audit,” the statement said..

 

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