Patray Finally Out as Central Bank Executive Governor

MONROVIA, Montserrado – The Central Bank of Liberia’s executive governor, Nathaniel Patray, is finally out of the position, nearly five months after President George Weah originally announced his retirement.

In a pre-recorded special address delivered in May where he focused on the current state of the economy and a report from the General Auditing Commission on the botched US$25 million mop-up exercises, Weah said Patray was scheduled for an age-related mandatory retirement in three months.

The president said lapses identified by the GAC report and previous investigations into the printing of new banknotes and the US$25 million mop-up fund points to “a major lack of systems and controls” at the Central Bank. He called into question the ability of its present leadership to effectively revamp its internal mechanisms to provide greater accountability and professionalism in order to restore confidence and credibility.

According to a release from the Central Bank, Patray informed staff during a general staff meeting on Friday that he was leaving the post in keeping with an arrangement with the president and a resolution approved by the Bank’s Board of Governors.

The outgoing executive governor served the bank for nearly 15 months. He thanked the president, banking staff, and other stakeholders for their cooperation and the opportunity to serve.

“He urged the staff to cooperate and show commitment to whoever would be named as his successor,” the release disclosed.

It also revealed that the deputy governor for economic policy, Musa Dukuly, was named to temporarily steer the affairs of the Central Bank until a new executive governor can be appointed and confirmed.

According to the Executive Mansion, President Weah accepted Patray’s resignation. The Executive Mansion also revealed that the president thanked Patray for his services and wished him well. He also assured the former governor of the possibility of being called to serve in other capacities when the need arises.

Featured photo by Zeze Ballah

Gbatemah Senah

Senah is a graduate of the University of Liberia and a recipient of the Jonathan P. Hicks Scholarship for Mass Communications. Between 2017 and 2019, he won six excellent reporting awards from the Press Union of Liberia. They include a three-time Land Rights Reporter of the Year, one time Women's Rights Reporter of the Year, Legislative Reporter of the Year, and Human Rights Reporter of the Year.

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