Central Bank of Liberia Executive Governor-designate, Milton A. Weeks, has recommended the need for further amendments to the Bank’s Act.
Mr. Weeks recalled that the March 2014 amendments to the Act only addressed few issues, ignoring a number of recommendations from the CBL and its development partners, some of which he believes are very relevant.
Mr. Weeks was speaking in the Chambers of the Liberian Senate yesterday when he along with CBL Board Members-designate Madam Elsie Dossen Badio and Kollie Tamba, appeared for confirmation hearings.
He told the Senate Committee on Banking and Currency about his opinion that the CBL Act needs to be further strengthened in the areas of integrity, institutional autonomy and governance structure. “I pledge to work with the Honorable Legislature in addressing these shortfalls in the revised Act.”
Weeks, an outgoing member of the CBL, warned of a continued difficult times ahead given the global economic crisis, adding that, “there are still difficult times in our nation’s immediate future.”
He urged the lawmakers to rest assured of his commitment to the continued development of the private sector with particular emphasis on the micro, small and medium enterprises, promising to do so within the framework of the existing laws and regulations applicable to the CBL and the government in general. “We will also achieve this by maintaining our very good relations with the banking sector as a whole,” he told them.
If confirmed, Weeks will succeed former Executive Governor Dr. J. Mills Jones whose term expired early this year.