Liberia's President George Weah has accepted the resignation of Central Bank Governor Nathaniel Patray despite ongoing investigations over his alleged role in misallocation of state funds, including $25m (£19m) meant to ease inflation.

Mr Weah had previously announced his plan to replace Mr Patray, a decision criticised by many who wanted the central bank governor to remain in office until the investigations are concluded.

Mr Patray has denied any wrongdoing.

A statement from the president said Mr Patray handed in his resignation letter on 24 October.

President Weah "profoundly" thanked him for his services to the government and people of Liberia, according to the statement on his website.

Mr Patray’s resignation has got many people questioning the government’s will to get to the bottom of the allegations made against him.

Critics say that by accepting the resignation as investigations continue, President Weah had shot himself in the foot and undermined efforts to fight corruption.

The former Central Bank Governor Nathaniel Patray