Weah Names New CBL Governor

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J. Aloysius Tarlue, CBL Governor-designate

President George Weah on Friday, November 8, 2019, named Jolue Aloysius Tarlue, as the new Executive Governor-designate of the Central Bank of Liberia (CBL), pending confirmation hearing by the Senate.

Mr. Tarlue’s appointment comes over 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, Jolue Aloysius 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, the 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.

The CBL, formerly the “National Bank of Liberia,” was founded on October 18, 1999 by an Act of the Legislature and began operations in 2000.

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.

Currently, the World Bank Group 2019 outlook report on the Liberian economy revealed that Liberia’s economy is projected to contract by 1.4 percent following the modest growth of 1.2 percent in 2018.

The report also stated that inflation reached 31.3 percent by August 2019, up from 26.1 percent the previous year.

Mr. Patray left following huge public outcry over his administration’s handling of the economy, particularly the US$25 million mop-up exercise, which was intended to stabilize the country’s economy, but did not go as planned.

Patray was appointed to head the CBL on July 4, 2018, a day after the resignation of former governor Milton a. Weeks. Patray is the second CBL governor whose five-year tenure was cut short in the Weah administration.

22 COMMENTS

  1. Another rogue is being released on the block, a failed order is already set in place. Working for US Banks in America as a low-end line duty personnel doesn’t give anyone a qualification to head the country’s clearing house which is rattled in shambles by callous thievery. A master degree in public policy? Give me a break, another hustler like their profligate president is being birthed.

    Don’t you see the guy at Water and Sewer, Duwana Kamara, an inveterate rogue who is banned from working in the United States because of his corrigible enterprising career in financial legerdemaine? But in Weah’s Liberia, the rogues are dignified and hailed, paddling them to go and steal more… What’s a crazy country and a crazy government?

    • Thomas – Liberia is a third world country, so what can you expect? Yeah, he worked at these banks in America but what were his positions? Was he a Sr. VP or some low level Analyst?

  2. An incompetent leader will always appoint incompetent people. This is exactly what this president is doing. He is not fit for this presidency. He is afraid to host press conferences to addressing the nation’s burning issues. He is closing down all media houses or institutions in the country. He has replaced the magistrate who ruled against government for closing down Roots FM. Liberia is heading in the wrong direction through his poor leadership.

  3. No way, Mr. President, you have to understand that people need to have Finance or Economics degrees in order to lead a Nation Central Bank.

    Those with Finance or Economics degrees have the training require to set monetary policies for the smooth operations of the Nation’s economy.

    In the absent of such qualified individuals to lead a nation’s Central Bank operations it becomes difficult for the economy to function properly.

    This individual does not have Finance or Economics degree, how can he then make sound monetary policies to alleviate the hardship our people are going through?

    I strongly disagree with this appointment President Weah.

    The Central Bank needs strong monetary policies skill leader to apply these policies so as to boost the economy..

    In the absent of that Liberia is on a long road.

    Who are those that are advising this President?
    Is he listening to them or what?

    President Samuel K. Doe, advisors were the best in terms of sound monetary policies..

    We were selling our Resources in our Own, own
    currency…

    If you are advisors to President Weah, and reading this article please, please advise him that people working at a bank do not make them policy maker of a bank .

    Secondly, Central bank position requires someone with Finance or Economics degrees because this is his or her training.. And he or she knows how to set monetary policies.

  4. Welcome Mr. Tarlue!

    Your resume seems impressive, but my ears are opened to our development partners’ reactions, especially the American treasury. If they endorse you, it means you are qualified for the job.

    However, Liberia is at the crossroads with a naïve and unchartered leadership. I hope you came to contribute to the upliftment of the Liberian economy. If so, take no compromising orders. Do not just think about your belly and pocket, but the people’s interests.
    Thanks Sir!

  5. Where are the Liberian economists and bankers ? There is a saying that ” don’t put
    a square peg in a round hole. This guy made it clear that he is a public administration expert, and not an economist nor a banker. Where are the likes of .Togba Nah Tipiteh ?

  6. please, people, let us give the gentleman the benefit of the doubt until he can prove himself otherwise. He has not even gotten the job and here we are lambasting him. it is too soon for that. Who Knows, he might perform wonders

    Peace

    • That’s exactly why we’re struggling in this freaking little ass country! Too much know people, instead of them giving this young man the benefit of the doubt and judge him based on his results, they’re here being freaking prejudiced.

  7. Both of the schools mentioned are substandard with 55 to 82% acceptance rate. Complicating it, he has zero knowledge in the function and intricacy of CB or zero knowledge in Economics or Finance. Is this the best Liberia has to offer?

    Liberia has foremost an economic problem. This guy is a stooge to George Weah. He will make things worst. Look at other African countries, they recruit their best for that role and the Minister of Finance, because of the high visibility it brings. A former governor of Nigeria Central Bank had a PhD from MIT and has published widely and I think Sierra Leone also. This makes a country look serious.

    This government is a joke to select a person who has social science degree from a substandard school in Newark,NJ shows Liberia is in trouble.

    Pray for our country. I’m sorry.

    • So he is unqualified because he doesnt have a fiance or economic degree. please look around the world, many central bankers do not have fiance or economic degree. You can question his character his integrity but to assume that because he lacks a degree disqualifies him means we as Liberians don’t fully understand the purpose of education. Very sad to even make that argument

      • Liberia is not in the same situation other countries are in….which makes it acceptable to appoint non- economic and financial experts to the national banks. Can you name one country in West Africa that has a national bank director who is neither an economist or a financial expert?

        • We can’t honestly considered western African countries central banks as the standard. Education is about a man’s ability to think, solve problems, process information and do critical analysis. We have had central bankers with financial experience where did that lead us. We can question his performance at various jobs but using the single focus of that he needs a degree in that field is just plain wrong and short sighted. Theory without experience is nonsense. We down play his role as a compliance officer at different large banks but we had leaders of the whole country with a degree from devry and one that got a certificate from Havard. It is fair to be critical of his prior performance but please leave this talk about economic degrees. Most people that are advocating for economics degree hasn’t work with a single economist worth his salt or even know how they work. There are other issues with his resume but Liberians are been too simplistic in discussing his capacity.

  8. I do understand the patriotic concerns that are being expressed by the commenters on this circuit. But I think Mr. Joe Moses is worth listening to Irrespective of how frustrated everyone feels about J. Tarlue’s appointment.

    Moses wisely states: “give this gentleman the benefit of the doubt”. I think that’s a fair request.

    Now look ladies and gentlemen, I don’t know Tarlue. I’ve never met the guy and I have no reason to look for him. None whatsoever. Obviously, Tarlue is not an economists by the stretch of the imagination. Maybe, he will try his utmost best to do something. He may turn out to be a buffoon. Maybe not. Who knows? However, let’s calm down for a few minutes, not years, I hope.

    I don’t want to be misunderstood, my fellow compatriots. We’ve got an avalanche of problems in Liberia. I hope and pray that things will get better.

    Hang in there. Not a sermon, but an olive branch dipped in peace and love for mother Liberia.

  9. That the same thing Ellen did by appointing her son ,a here loan officer at Wachovia, to head the National oil company. We all know what happened.

  10. Then I will have problem with the vetting committee that was constituted to do the selection and submit three names to the president. If he is not qualify as mention by many, then he shouldn’t have been among the three names submited to the president in the first place. So for me, I will hold the vetting committee responsible if this guy don’t delivery to the expectation of the Liberian people. I will leave it as it is because I strongly believe that the committee comprises of some of the sound brains of this land. Mr. Governor, I wish you the best and that you must work hard to lift Liberia up.

    • Dear All,

      As much as I will never endorse this administration, I would like to hold your peace until the newly appointed guy can be accepted by our partner and guarantor (American Treasury) of the Liberian dollar for foreign exchange.

      Note that we have Macroeconomics and Microeconomics. If you have forgotten, revisit your Grade 10 Economics notebook.

      Peace

  11. I wonder everyday when will Whea get it right just for once. CBL gov. without any back ground in accounting, finance and economics, Liberia is doom,God save our poor people .
    H.Mazzini

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