Liberia: CBL's New Board Members Pledge to Restore Bank's Credibility

Three nominees who were recently confirmed by the Liberian Senate as members of the Central Bank of Liberia (CBL) Board of Governors took the Oath of Fidelity and Secrecy on Wednesday, July 17, in the CBL Board Room and pledged to work to restore the Bank's independence and credibility. The three recently confirmed members of CBL Board of Governors were Messrs. Richard A. Dorley, Timothy Thomas and James B. Dennis. They expressed their gratitude to President George M. Weah for their preferment.

Mr. Richard A. Dorley, who once served on the CBL Board, promised to help address the challenges facing CBL, promising a new approach to problem-solving. He said he needed cooperation from the CBL staff to address existing issues swiftly and effectively.

Mr. Timothy E. Thomas said he would draw on his on his 42 years of work experience to contribute to tackling the challenges facing the national economy. He expressed the need for someone to think 'outside the box' without any pre-conceived notions and with an open mind.

Mr. James B. Dennis, who is also no stranger to CBL, said he was returning to CBL to work to restore the credibility and independence of the institution, as well as restoring the confidence that had somewhat been eroded by negative publicity. He promised to draw on his many years of experience at CBL.

CBL Board Member Sheba Brown, in welcoming the new members to the CBL Board of Governors, said, although CBL's image had been maligned and the economy facing stress, she sees better days ahead. The imperative of the new members of the Board of Governors, she said, is to restore CBL's moral and institutional integrity, as well as address the issue of the Government of Liberia's indebtedness to CBL. She also mentioned the need to amend the CBL Act of 1999, which she said was stifling CBL progress.

CBL Executive Governor and Chairman of the Board of Governors, Nathaniel R. Patray, III, praised the new CBL Board members, saying that they would be assets to the Bank. He promised to provide them all the necessary briefing documentation to facilitate their work.

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