Central Bank gets new governor

President George Manneh Weah has appointed a new Central Bank Executive Governor hours after Mr. Milton Weeks resigned the post on Tuesday for undisclosed reason.


President Weah on Wednesday, 4 July appointed Mr. Nathaniel R. Patray as Executive Governor of the Central Bank of Liberia (CBL) to succeed Mr. Weeks following the Senate confirmation.

Mr. Weeks served a little over two years and two months in the tenured position that runs for five years before resigning Tuesday amidst high economic pressure on the Weah administration that faces rising prices and uncontrollable foreign exchange rate.

His brief stay at the CBL saw a rapid depreciation of the Liberian Dollar against the United States Dollar leading to skyrocketing prices exacerbated by serious shortage of foreign exchange, particularly US Dollars.

But his trouble perhaps came to limelight after former President Sirleaf disclosed on the BBC that she left about US$150 million in the national reserve, and vehemently disputed claims by her successor, current President Weah that he inherited a broke economy.

There are also reliable hints that a key issue that may have compelled Mr. Weeks to resign so early is alleged refusal to use the nation’s reserves as collateral for two separate financing loan agreements the Weah administration signed with two foreign private firms, totaling nearly US$1 Billion for roads construction across the country.

In other appointments, President Weah has named Mr. Edward Sharpe as Deputy Director for Planning Research & Analysis at the National Security Agency (NSA), Emmanuel Jackson, Assistant Director for Planning Research & Analysis, and Mr. Todd Garlo, Assistant Director for Administration. The Executive Mansion says these appointments and nominations are subject to confirmation by the Liberian Senate where applicable.

 

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