The Central Bank of Liberia (CBL) has announced that two hundred and nine (209) of its contractors and consultants whose definite employment contracts are set to end.
This comes following the near successful completion of the Currency Reform project mandated by the 54th National Legislature in a Joint Resolution of May 2021.
“This comprehensive engagement is to ensure an amicable end-of-contract separation that guarantees the full respect of their contractual rights, consistent with the labor practices law of Liberia as well as providing support and guidance.”, says CBL release.
According to the release issued on Tuesday, August 27, 2027, the currency reform exercise, which was initiated in 2021, ended with the project goals achieved and its objectives relatively met.
“Hence, the contracts with the staff, as per the definite term employment agreements, end on their stipulated dates.”
This, the Bank notes, is In line with the labor law of Liberia and in acknowledgment and appreciation of the dedicated contributions of the staff.
The Central Bank of Liberia, says it is committed to the payment of the unexpired contractual period of those whose contracts have been terminated ahead of the contract agreement.
According to CBL, it will also provide a token to all the contractors and hold an appreciation ceremony to certificate staff for their invaluable contributions during their contractual period at the Bank.
During a meeting with the end-of-contract separated contractors and consultants, Tuesday, August 27, 2024, the release quoted its Acting Executive Governor, Henry F. Saamoi: “we value your services, and have prepared a package and an honoring ceremony for you, but that the situation was brought on us by the circumstances.”
While announcing a scholarship for those of the contractors who are high school graduates to back to school, Mr. Saamoi said “ It is a difficult task, but whenever faced with difficult decision, consider the country first.”
“While the Currency Reform has come to an end, the CBL Management also expressed commitment to exploring future opportunities for the end-of-contract at the CBL.
“The Central Bank of Liberia (CBL) is inviting all contractors and consultants to participate in a competitive recruitment process.”
The bank aims to utilize the skills and expertise of the participants. T
CBL has promised transparency in the recruitment exercise and is committed to treating all contractors and consultants fairly.
According to the Bank, it will treat its staff with respect and dignity and will uphold its valuesThe Central Bank is committed to upholding integrity and fairness throughout the process.
It aims to streamline its workforce, optimize resources, and maintain operational integrity through a transparent and objective separation process.
This process is expected to ensure the future financial viability and operational effectiveness of the bank.
The bank has highlighted that its current operational costs have been unsustainable in recent years, particularly considering the limited income sources and the significant impact of high operational costs.
