The Central Bank of Liberia (CBL) has clarified media reports based on the finding of the General Auditing Commission’s (GAC) audit of the bank that CBL former and seconded staff, including Mr. James Wilfred, seconded with WAMI in Accra, Ghana, and recently appointed Acting Deputy Governor for Operations, defaulted on their loan obligations with the Bank.
According to a CBL release dated August 13, 2024, the Bank is fully aware of Mr. 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 the possession of the CBL.
The release revealed that the CBL records show that after netting off Mr. Wilfred`s US$90,000 loan obligation against his provident fund and severance benefits, CBL instead owes Mr. Wilfred.
The Bank further clarified 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 said 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 assures the public that the Bank is committed to prudent financial practices with the aim of protecting the interests of all stakeholders.
