‘Dishonesty in Banking Sector Won’t Be Tolerated’

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The Executive Governor of the Central Bank of Liberia (CBL), Mr. Milton A. Weeks, has expressed concern over acts of dishonesty in the banking sector, according to a press release issued by Mr. Cyrus Wleh Badio, CBL’s head of communications.

Governor Weeks observed that honesty at banks in the country has begun to be questioned and this must not be taken for granted. He noted that there are too many instances of malpractices, which are undermining the banking system, and warned that such acts will not be tolerated.

Speaking Friday, December 9, at an awards dinner organized by the Central Bank of Liberia Staff Association (CEBSA), the Governor noted that there are too many instances of fraud, corruption, and criminal activities within the banking system. He warned that the bank will not hesitate to reprimand anyone caught in acts of dishonesty.

Governor Weeks acknowledged that the country is experiencing economic difficulties, but expressed hope that 2017 will be a watershed year for the banking sector, provided all stakeholders work together, adding, “If we join hands collaboratively and cooperatively, I honestly believe that we can make this thing work.”

The CBL Executive Governor renewed his commitment to the reform measures being implemented and urged personnel of the banking sector to support the process, which he said will be guided by transparency, fairness and honesty. “With your support, I pray that you will join us in this effort to completely change this situation of ours,” the Governor added.

In remarks, the President of the Liberia Bankers Association, Mr. John Davies, welcomed the collaboration between the Central Bank of Liberia and commercial banks in the country. He said commercial banks will continue to work with the CBL to promote the banking sector. Mr. Davies, who is also President of the Liberia Bank for Development and Investment (LBDI), called for more regular interactions among personnel of the banking sector to help enhance the smooth working relations among personnel of the sector.

The President of the Central Bank of Liberia Staff Association (CEBSA), Mr. Matthias D. Cooper, lauded Governor Weeks for the cordial working relationship existing between the Workers Association and his office. Mr. Cooper assured Governor Weeks of the association’s cooperation to help achieve the reform agenda of the CBL.

At Friday’s program, trophies and awards were presented to banks that participated in the Governor’s cup, which attracted the football, basketball and kickball teams of banks operating in the country.

Guaranty Trust Bank was awarded the football trophy while the Central Bank of Liberia was awarded the kickball trophy and Afriland First Bank of Liberia awarded the kickball trophy. The three banks emerged champions of the respective sports categories at the end of the 2016 Governor’s Cup tournament which was held at the Blue Field (Barrack Young Controllers football field) in Monrovia.

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