By Bill W. Cooper
The Central Bank of Liberia (CBL) has sharply reacted to media reports linking its newly appointed Deputy Governor for Operations, James B. Wilfred, to defaulting on his loan obligations with the Bank.
Recently, President Joseph Boakai’s appointment of Wilfred as Acting Deputy Governor for Operations at the CBL seems to put a dent on his quest for accountability and transparency in government.
There are already mixed reactions regarding his handling of the corruption fight and to appoint Mr. Wilfred in place of Nyemadi Pearson who resigned her position Deputy Governor recently is even more troubling.
Wilfred is on records for owing the CBL over US$90,000 in loan balances, and despite the findings of a recent audit report by the General Auditing Commission (GAC), he was appointed by the President on August 12, 2024 to that top position.
The GAC audit report, which was released this year, highlighted several irregularities and financial mismanagement at the CBL which leading to the suspension of its Executive governor, Aloysius J. Tarlue and resignation of Madam Pearson as well.
Among the findings was the revelation that Wilfred, Senior Director for Operations, Research, Policy and Planning Department of the bank, had failed to repay a substantial loan amounting to over US$90,933.24.
And despite this glaring issue, President Boakai appointed Wilfred to a senior position within the bank, raising questions about his commitment to holding officials accountable for their actions.
Critics pointed to the potential conflict of interest and lack of transparency in the decision-making process with Wilfred serving as the bank’s Deputy Governor for Operations.
They also argued that appointing someone with outstanding debts to a key position within the CBL sends the wrong message about the government’s commitment to upholding financial integrity and accountability.
But in response to the criticism and allegations, the CBL Management informs the public that the Bank is fully aware of Wilfred, whose loan repayment to the CBL has not been current due to his secondment with WAMI, and notes that he has adequate provident fund, severance benefits and property collateral in possession of the CBL.
According to the CBL, records show that after netting off Wilfred`s US$90,000 loan obligation to the CBL against his provident fund and severance benefits, CBL instead owes Wilfred.
The Bank further reaffirmed that other seconded and former staff reflected as defaulters in the GAC Report have provident funds and severance payments held by the Bank, which are adequate for recovery of the loans.
In the resolution of these issues, the new CBL Management has, therefore, commissioned a review to determine the loan status of former employees, on net, with the aim of informing the CBL Management’s decision about strategy to recover the loans.
Meanwhile, the Bank also emphasized that loans paid out to seconded staff are fully collateralized by provident fund, severance and collateral, which are sufficient for the security of the facility.
The CBL Management at the same time assures the public that the Bank is committed to prudent financial practices with the aim of protecting the interests of all stakeholders in the country.
