Henry Saamoi Outlines Reform Plans Amid Central Bank Shake-up
Monrovia, Liberia – The mystery surrounding the financial settlement of suspended Central Bank of Liberia (CBL) Governor J. Aloysius Tarlue has deepened, with his successor confirming that the government has fully addressed the issue—but without revealing the amount involved.
During his confirmation hearing before the Senate Committee on Finance and Banking on January 29, 2025, Central Bank Governor-Designate Henry F. Saamoi confirmed that President Joseph N. Boakai facilitated the settlement of Tarlue’s unexpired tenure, ultimately leading to his withdrawal of legal action against the government.
“The government of Liberia or the bank settled or paid out former Governor J. Aloysius Tarlue who was suspended by the President for his unexpired term,” Saamoi stated. “This process allows me to officially take over the bank to end the tenure of Aloysius Tarlue if confirmed by the Senate.”
While the exact payout remains undisclosed, the resolution of the matter clears the way for Saamoi to assume full leadership at the CBL, bringing an end to a contentious period in Liberia’s monetary governance.
A New Era for the Central Bank?
Beyond addressing Tarlue’s settlement, Saamoi used the hearing to outline his vision for strengthening the country’s monetary policy and governance. He expressed gratitude to President Boakai for entrusting him with the role and emphasized his readiness to lead the institution during a crucial time.
“We believe, we are confident that we are prepared to lead the CBL team of professional technocrats to manage and achieve the CBL’s objectives of price stability, financial sector stability, and support to the government’s economic agenda for inclusive growth,” he asserted.
Key challenges facing the CBL include:
• Limited reserves
• Compliance and governance weaknesses (highlighted in the GAC Compliance Audit Report)
• Technological inefficiencies leading to operational risks
To address these, Saamoi announced plans for a major restructuring at the bank. New committees will be established to enhance operational effectiveness, including the Monetary Policy, Compliance & Risk Management, Financial Stability, and Procurement Committees.
A Digital Future for Liberia’s Economy?
As part of the government’s broader ARREST Agenda, Saamoi disclosed that the CBL is developing a Strategic Plan (2025-2029) aimed at:
• Enhancing operational efficiency
• Promoting macroeconomic stability
• Expanding digital financial services
• Boosting financial inclusion
• Strengthening regional integration
A key component of this vision is Liberia’s transition toward a cashless economy, aligning with global trends in financial modernization.
“Our medium-term goal is to transition the Liberian economy into a cashless economy,” Saamoi emphasized.
Unanswered Questions Linger
While the Senate deliberates on Saamoi’s confirmation, public interest remains high regarding Tarlue’s settlement and the future direction of the CBL. With financial transparency and economic stability at stake, the handling of this transition could shape Liberia’s monetary policy for years to come.
As the nation watches, one question remains unanswered: How much was really inside Tarlue’s envelope?
