By Bill W. Cooper
Three senior officials at the Central Bank of Liberia (CBL) are earning over US$56,000 monthly in salaries and benefits.
The three officials are the CBL Acting Executive Governor,Deputy Governor for Economic Policy, and Deputy Governor for Operations.
The disclosure comes at a time when the country is faced with economic difficulties characterized by soaring inflation, a depreciating currency, and an alarming unemployment rate that has left many Liberians finding it difficult to make ends meet.
The country’s economy has been further strained by the global COVID-19 pandemic, and ongoing disturbances of the Mpox disease which disrupted trade and exacerbated existing vulnerabilities.
The situation has led to the increase in the unemployment rate in the country, especially the youthful population, with many young people left without job prospects, and families are struggling to provide basic necessities.
During his confirmation hearing Thursday, January 29, 2025, the CBL governor-designate, Henry F. Saamoi made the disclosure about the monthly salaries and benefits they are being paid by by government.
When quizzed by Senator Abraham Dillon to called the exact amount, Acting Governor Saamoi said his gross salary is US$10,000, with a cash allowance of US$7,800 gross, and housing allowance at US$5,000 gross, monthly.
He clarified that he has not taking a dame from the Bank since his appointment by President Joseph Boakai as Acting Governor of the CBL even though said funds are his entitlement.
When asked as why he hasn’t been taking pay, Mr. Saamoi added, “It is because I am still acting, but once I am confirmed and commissioned as the Bank Governor, I will take what I am entitled to because I have already worked for it.”
The Acting Deputy Governor for Operations, James B. Wilfred, at the confirmation hearing also disclosed that as Deputy Governor, he is earning a gross salary of US$9,000, housing allowance of US$3,and cash allowance of US$2,000, monthly.
He added that said funds are also being paid to the Deputy Governor for Economic Policy, noting that said funds are intended for their upkeep inline with the Act establishing the Bank.
Meanwhile,the revelation of exorbitant salaries for these top officials at the CBL has since sparked outrage among the populace and raised questions about the priorities of the government that came on the mantra of “Rescuing the people of Liberia.”
Critics are arguing that such high salaries for public officials are unacceptable, especially in a country where many Liberians are living below the poverty line.