Newly Confirmed Governor Pledges to Restore CBL’s Independence

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New Executive Governor of the CBL, J. Aloysius Tarlue, Jr., taking the oath of fidelity and secrecy

The newly appointed Executive Governor of the Central Bank of Liberia, Hon. J. Aloysius Tarlue, Jr., speaking at his induction ceremony held at the CBL Board Room on Friday, expressed gratitude to President Weah for his preferment and assured him and the Liberian People that he will work diligently to ensure that the Central Bank of Liberia will be governed by professionalism, ensuring accountability, transparency, and independence. Moreover, the Executive Governor emphasized he will work to restore confidence by rebranding and repositioning the Central Bank of Liberia, which he believes is a pre-requisite to restoring confidence in Liberia’s banking system.

Executive Governor Tarlue, however, lamented that CBL is always in the news, making headlines, which is not how traditional Central Banks conduct business.  He pledged to change that culture, and this will require that ‘all hands be on deck’.

“I come to CBL with no pre-conceived notions and biases, but with a clear conscience to work with the Management Team to reform and restructure the Bank,” Executive Governor Tarlue said. “I don’t claim to know all but in the same token I will leverage on the institutional knowledge of our staff in my duties and solicit Technical Assistance from our international partners.”

He also praised CBL for having written great policies, however, the next step is to ensure the implementation and enforcement of these policies, which he promised to focus on, working with the ‘great team’ that exists at the CBL.

Executive Governor Tarlue said he was not oblivious of the fact that there were serious economic challenges and other issues of international magnitude beyond Liberia’s control, but that “we must control the fundamental issues that affect us and ensure that the fundamentals are put in place.”

Executive Governor Tarlue also pledged to work cooperatively with the fiscal authorities because fiscal and monetary policymakers need to work together to ensure we have a vibrant and growing economy.  He is the fifth Executive Governor to have been appointed since the Central Bank of Liberia was established 20 years.

8 COMMENTS

  1. The CBL must be independent, yet it has to work in closely with the Banking & Finance Committees in both Houses of the Legislature on a professional, legal, basis to keep currency in circulation around the nation.

  2. Experts in the knowledge of group activities define conformity as, “The act of matching attitudes, beliefs, and behaviors to group norms or politics. Conformity occurs at three distinct layers and they are: compliance, identification, and internationalization.” When a person has sworn to perform the duties of a high office or to become a member of an organization, be it a government, a mafia group, and what have you, the person must conform to the core principles of that group upon acceptance of the oath, and perform his or her duties with the utmost diligence. Such is the case with the newly appointed Governor Tarlue, who has pledged he will restore the CBL’s independence. But can he?

    Governor Tarlue has resumed the position of governor of CBL at a time when it is mired in a slew of unprecedented scandals. Paramount among the scandals has been the missing LD$16 bl and the unaccounted for US$25ml that was intended to revamp the economy but also got missing in the fog. And in the midst of this crisis, Mr. Innis, who was supposed to be a key government witness, was mysteriously murdered, while Mr. Patray, erstwhile governor, was recently given an ambassadorial level assignment to the Middle East.

    Adding to the complexities of the legal wrangling surrounding the financial mess, which Governor Tarlue has inherited, has been a kind of selective justice process wherein some individuals like, Weeks, Sirleaf and Dorbor, have been targeted and indicted for prosecution while others like finance minister Tweah has been left to go scot-free. And as rumors state, Mr. Tweah is untouchable because he is Weah’s kinsman; besides, he is the pillar of his plundering of the national wealth.

    So, here we have a newly confirmed governor trying to work with a president, whose decision making is based on tribal and partisan loyalty and political wrangling. Will he, Governor Tarlue, be able to operate independently outside the realm of how the president and his advisers would prefer him to?

    With the exception Weah has stolen enough and may be has experienced a mea culpa as the result of the serious damage his party and he has inflicted on the nation in just two years, Governor Tarlue does not have much choice but to conform with the status quo.

    In other words, his ability to reverse this course seems nearly impossible.

  3. Correction: Please excuse the typo in the first paragraph: the word is “internalization” not “internationalization.”

  4. Talk is cheap, but let’s give the man some time to see what he can do but from what we know, he’s not qualified to lead the CBL. He will have a steep learning curve, but he could succeed if he hires some top professionals to help him. This guy doesn’t have an economics or finance education so I don’t know how in hell he’ll be able to orchestrate monetary policies.

  5. Liberia, can only be stable economically as we grow ups, our natural domestic plants and products.Note, no economy leadership team, can empower it’s values without, agriculture, mining, exporting, revenues, etc.. don read hasteingly, My comments, know that, anyone else who’s disregarding my ideas, is a mere joker, in Liberia and the World.

  6. Your article would be much more informative and revealing had you attached a verbatim transcript of Mr. Tarlue, Jr’s speech delivered at his induction as the new CBL Executive Governor.

    Given the worsening economic and monetary situation which prevails in Liberia, along with a negative fiscal outlook, a reader of this article, who was not privy to hear the speech in real-time, would need to review and analyze the transcript firsthand to separate the wheat from the chaff relative to Mr. Tarlue’s overall ability to perform and succeed in this position.

    Please upload the document for that purpose. Thanks.

  7. Congratulations Mr. Tarlue for your new position. It is a good thing that you can acknowledge that the bank has great policies and you will ensure the implementation and enforcement of these policies. Also, please ensure that the Central Bank does not function as a commecial bank. Please encourage the commercial banks function as they are suppose to. Encourage the the commercial banks to provide loans for small business opportunities and to also expand their businesses across the country. Plesse do not allow the government to use the Central Bank as its commercial bank. We are watching you with the hope that you can make a difference and don’t be a “Yes Sir” man to the president or the Finance Minister. In order to change our country’s economy, one will have to stand up against corruption and I hope you will be one of those to begin this war against a corruption system. Make Grand Gedeh and Liberia proud.

  8. Tarlue is a great man. If anyone can make the obligatory changes to ensure that the CBL is operating effective and efficiently, then it is Aloysius. He is very sound in Banking and bring expertise in good governance. Let us give him the support and chance needed to rebuild an institution that has been demoralized my corruption and scandals
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