The Central Bank of Liberia (CBL) is facing significant political pressure from the ruling Unity Party (UP) to bypass standard employment procedures and incorporate party members into key positions.
Document obtained by Verity News indicates that this interference could severely undermine the bank’s independence, a critical issue that previously drew substantial criticism against the past government.
The Central Bank of Liberia holds a pivotal role in the nation’s financial stability. Its mandate includes issuing legal tender, regulating the money supply, providing credit to financial institutions, acting as the government’s fiscal agent, and administering financial laws. These responsibilities necessitate a high degree of operational independence, free from political influence, to ensure economic stability and public trust.
Despite no public announcements of vacancies, Verity News has uncovered a document from the office of Unity Party Chairman, Rev. Dr. Luther Tarpeh, addressed to CBL Governor J. Aloysius Tarlue.
The document lists several individuals recommended for major positions within the bank, raising serious concerns about the integrity of the appointment process.
The positions in question include Deputy Director-General, Director of Human Resources Management, Assistant Director, and other significant roles within the CBL.
The document details Emmanuel P. Colduo-recommended for Deputy Director-General, Support Service Department (GSSD), Shirley Barclay Shoujaa- recommended for Director, Human Resource Management Department (HRMD), Wynston Jallah – recommended for a senior position.
Others include Serina K. Kopah, Mercy C. Neawon, Vivian W. Keculah, Rose M. Horace, Caroline Synadee, Ma-Weyetta K. Flomo, Dekontee A. Hills who were recommended by UP Chairman to Various senior positions at the CBL.
The pressure exerted by the Unity Party to place its members in high-ranking positions within the CBL represents a blatant disregard for the bank’s autonomy. Such interference not only contravenes the principles of functional independence but also threatens to erode public confidence in the CBL’s ability to manage Liberia’s monetary policy impartially.
This incident echoes the criticisms faced by the previous government for similar encroachments on the CBL’s independence. The central bank’s ability to operate free from political influence is crucial for maintaining economic stability and trust in financial institutions. The perceived manipulation of CBL appointments by the Unity Party could lead to a loss of credibility and potential instability in Liberia’s financial system.
Given the gravity of these revelations, there is an urgent need for transparency and accountability. Stakeholders, including international financial institutions and the public, must demand an investigation into these allegations. The CBL must reaffirm its commitment to merit-based appointments and resist any undue political pressures that compromise its integrity.
The Central Bank of Liberia’s independence is a cornerstone of the nation’s financial health. The recent attempts by the Unity Party to influence CBL appointments pose a significant threat to this independence.
It is imperative for the CBL to uphold its mandate and for the government to respect the bank’s autonomy. Only through steadfast adherence to these principles can Liberia ensure the stability and credibility of its financial system.
As the situation unfolds, Verity News will continue to monitor and report on developments, holding those in power accountable and advocating for the protection of Liberia’s financial institutions from political interference.
