Liberia’s central bank chief quits as controversy trails his handling of monetary policy

Liberian central bank chief, Nathaniel Patray, has resigned, the president’s office said Friday, after a year of controversy over his handling of the country’s monetary policy.

Liberian President, George Weah, “has accepted the resignation of Central Bank of Liberia (CBL) Governor, Nathaniel R. Patray,” a statement on the president’s internet site said.

Patray “resigned on October 24, 2019 with immediate effect,” it added.

AFP reports that in late 2018, an internal audit sharply criticised the government and monetary authorities for injecting $25 million into the economy to mop up excess Liberian dollars and bring inflation under control.

Irregularities related to the operation subsequently came come to light.

Weah, who took office in January 2018, ordered an investigation and pledged to restructure the central bank so it could support weak economic activity in one of the world’s poorest countries.

The president, who had already said he would replace Patray as central bank chief, wished him well Friday and added that he assured him “that he can be called upon to serve his country in other capacities when the need arises.”

Musa Dukuly, former head economist of the West African Monetary Agency, has been appointed to run the CBL until a new governor is named.

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