The outgoing Executive Governor of the Central Bank of Liberia (CBL), Dr. J. Mills Jones, has outlined several of his achievements over his10 year tenure at the bank.
Among his accomplishments, “The CBL” he said, “now operates out of a modern headquarters and we have done all these things with our own resources, and not a dime of Government’s revenue deposited with CBL was used.”
From a net reserve of US$5 million in 2006 when Dr. Jones took over the bank, the country’s reserve has been multiplied to U$550 million to date.
“I came to the CBL with the strong belief that one must use the privilege of public service to make a positive difference in the lives of the people. For me, being Executive Governor of the CBL was not just a job, but a mission of transformation. And we say today that the bank is a transformed institution.”
When he took over CBL in 2006 there were only three functioning departments, namely Research, Banking and Finance as one department and Supervision and Regulations as the others, Dr. Jones recalled.
There was one staff doing internal audit, a few in the area of Information Technology, and one Legal Counsel, but now the bank has three internal lawyers and two firms serving as retainers.
CBL now boasts six departments. Finance has been separated from Banking and there now exist a Microfinance Unit, a Treasury Operations Unit and a Risk Assessment Unit.
The CBL boss listed these accomplishments at an appreciation program held in his honor by members of CBL’s Board of Governors.
Governor Jones, who is known as “Poverty Doctor” to business women in the country, pointed out the central role that Information Technology, staffed with specialists trained at home and abroad, is playing in the progress and transformation of the institution.
There is also a Payments System Unit, engaged in the ongoing multi-million dollar modernization of the bank’s payments system. A switching system has been paid for to connect the Automatic Teller Machines of various banks.
The Supervision Department has been expanded with most of the staff having undergone professional banking supervision training, Dr. Jones indicated.
According to him, there are six CBL staff from the Department now in India finalizing training for a multi-million dollar system called vRegCoss, which will enable bank supervisors to electronically monitor and supervise the bank’s operations.
The Finance Department has been upgraded as well and its staff undergoes regular training in International Reporting Financial Standard, to which, “we transitioned in two years when many thought it could not be done,” said Governor Jones.
Governor Jones admonished that as a nation, “we are not going to beg ourselves to prosperity. Only by believing in ourselves and using our resources wisely will we be able to take the destiny of our country into our own hands.”
On behalf of the CBL Board of Governors, Mr. David Farhart thanked Dr. Jones for the service rendered to his country as well as for transforming the sector.
Mr. Farhart said working with Dr. Jones was not a mistake President Sirleaf made.