MONROVIA – In a significant turn of events within Liberia’s financial sector, Madam Nyemadi D. Pearson, the Deputy Governor for Operations at the Central Bank of Liberia (CBL), has resigned from her position. President Joseph Boakai accepted her resignation on Monday, August 12, 2024. The announcement came through a press release signed by Presidential Press Secretary Madam Kula Bonah Nyei Fofana, which confirmed Pearson’s departure and highlighted her expression of gratitude to President Boakai for the opportunity to serve.
While President Boakai thanked Pearson for her service to the nation, her resignation comes at a particularly tumultuous time for the Central Bank. The institution is currently embroiled in controversy following a damning audit conducted by the General Auditing Commission (GAC). This audit, which has already led to the suspension of the Central Bank’s Executive Governor, J. Aloysius Tarlue, uncovered significant financial mismanagement and operational discrepancies within the CBL. The suspension was announced by Information Minister Jerolinmek Piah, who emphasized that this decision underscores the administration’s commitment to transparency and accountability within its institutions.
Pearson’s resignation has not gone unnoticed by anti-corruption advocates, who are raising serious concerns about the timing and implications of her departure. Mr. Anderson D. Miamen, the Executive Director of the Center for Transparency and Accountability in Liberia (CENTAL), voiced his skepticism in a Facebook post. Miamen questioned whether Pearson’s resignation is an attempt to evade accountability for the financial irregularities identified in the GAC’s audit report, or if it is part of a broader effort to pressure key officials to step down, thus creating opportunities for others to take their place.
“Resignation in the middle of a damaging audit report that could be traced to her and other individuals? Has it been established that Madam Pearson is not a party to the discrepancies and gross financial malpractices reportedly carried out at the Central Bank of Liberia? Or is it about pressuring people to resign to create space for others to come in? We are closely following the saga at CBL. Hope the audit, prosecution, and other processes are very impartial, well-intentioned, and meant to achieve true accountability for the excesses reportedly committed and not otherwise,” Miamen stated, reflecting widespread public concerns.
Further intensifying the controversy are allegations that Pearson has engaged in efforts to manipulate public perception in the wake of the audit findings. Reports have surfaced suggesting that Pearson has paid several prominent talk show hosts and journalists in the country to publicly praise her, allegedly as a strategy to divert attention from her potential involvement in the financial discrepancies highlighted by the GAC audit. According to these reports, a well-known journalist is at the center of these efforts, having recently held a meeting with talk show hosts where he allegedly distributed cash to them as an incentive to shape public opinion favorably toward Pearson. Additionally, it is alleged that several newspapers have also been contacted and compensated to present a positive narrative.
These developments come on the heels of President Boakai’s decision to suspend Executive Governor J. Aloysius Tarlue in direct response to the findings of the GAC audit. Information Minister Jerolinmek Piah emphasized that the suspension is intended to allow for a thorough and unbiased investigation into the issues raised in the audit report. This move reflects the government’s dedication to ensuring that any discrepancies or instances of mismanagement within the Central Bank are addressed with the utmost seriousness and that those responsible are held accountable.
The GAC audit has cast a long shadow over the CBL, with its findings raising serious questions about the management and oversight of one of Liberia’s most critical financial institutions. The audit report highlighted several areas of concern, including irregularities in the bank’s financial transactions, lapses in internal controls, and possible violations of banking regulations. These revelations have prompted a swift response from the Boakai administration, which has made it clear that ensuring accountability and restoring public trust in the CBL are top priorities.
In the midst of these developments, President Boakai has moved quickly to fill the leadership vacuum created by Pearson’s resignation. He has appointed Mr. James B. Wilfred as Acting Deputy Governor for Operations at the Central Bank of Liberia. Wilfred, who brings a wealth of experience to the role, is expected to play a crucial part in stabilizing the institution during this challenging period. As the CBL undergoes this transition, the government and the public alike are looking to Wilfred and other key officials to restore confidence in the bank’s operations and to ensure that the issues raised in the GAC audit are fully addressed.
As the situation continues to unfold, all eyes are on the Central Bank of Liberia. The public, anti-corruption advocates, and international observers are closely watching to ensure that the processes of accountability and justice are not undermined by strategic resignations, alleged media manipulation, or other forms of interference. The coming weeks will be critical in determining whether the CBL can navigate this crisis and emerge with its credibility intact.
