‘L$4 billion Insufficient’ to Address Mutilated LRD Notes

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Nyemade Pearson (left), before her confirmation hearing

— CBL Deputy Governor-Designate tells Senators

Central Bank of Liberia (CBL) Deputy Governor-Designate for Operations says the Bank is ensuring that the newly printed L$ 4 billion is in circulation on the market. Appearing Tuesday for confirmation proceedings before the Senate Banking and Currency Committee, Madam Nyemadi D. Pearson however told Senators that the amount printed is not sufficient for the market.

According to her, there is L$ 21 billion in circulation with huge sum of mutilated notes on the market. This, she said, makes the L$4 billion grossly insufficient to address the issue of mutilated banknotes on the market.

She further indicated that the CBL is doing everything possible to ensure that the mutilated banknotes that come to the Bank does not go back in circulation. According to her, going back will undermine the efforts of the Bank to get the mutilated notes off the market.

Madam Pearson further called for the printing of additional notes in five, ten and fifty LRD notes to replace the existing mutilated ones.

“Senators, the amount printed is small, so you will not feel the impact of the new money” she noted.

The nominee pointed out that if confirmed she will work to implement effective operational policies to sustain the already gains by the bank.

Madam Pearson promised that she will also work with the current team at the Bank to ensure that the CBL continues to run credible budgets, follow all requisite and statutory policies to procure currency and institute efficient banking operations.

Madam Pearson has at the same time pledged to Support the management team of the CBL to sustain the relatively stable macroeconomics climax.

Touching on achievements as Acting Governor for Operations, the nominee revealed that the current Team at the bank ensured the outsourcing of the internal audit function of the CBL to lend credibility to the internal control processes of the bank, a prior action, she said was demanded by the IMF.

Additionally, Pearson said the CBL supported government’s efforts in negotiating an IMF-support program to Liberia.

The Deputy Bank Governor-designate also told the Committee that, as Acting Deputy Governor, she closely worked with her Colleagues to ensure that the CBL complies with all commitment under the IMF program, including monetary policy that will promote macroeconomics stability, Governance of the bank and internal controls, as well as strengthening the Country’s international reserves position amongst others.

Madam Pearson holds an MBA in Management with an emphasis on marketing from Strayer University, Rockville, Maryland, USA in 2011.

She also holds BA in Management from the United Methodist University in 2006 and other certificates to include, but not limited to: Certificate in Leadership Decision Marketing Optimizing Organizational Performance, Harvard University, MA-USA. The nominee has a Diploma in Procurement from the Liberia Institute of Public Administration.

She obtained a Certificate in Corporate Planning and Management-Effective Techniques and Coaching and Goal Setting for High-Performance Smart Concept Technology, Houston, Texas, 2014; Certificate, Banking, and Finance, Logan University 2006.Certificate, Customer Service, Ecobank Ghana LTD, 2007 and a Certificate, Computer Applications, Global Computer Institute, Teshie Nunga, Ghana, 2002.

Prior to her appointment as Deputy central bank Governor or Operation, served as: Managing Director- Liberia Petroleum Refinery Company February 2018 to June 2019. Special Assistant- President, Republic of Liberia 2019.Deputy Director-General Support Services Department, Central Bank of Liberia, 2016 to 2017.

She served as Acting Chief of Office-Interim President/ CEO National Oil Company of Liberia, 2015. Training and Development Manager/ Scholarship National Oil Company of Liberia 2012 to 2015. Counselor Staff Assistant, Embassy of the Republic of Liberia, USA 2010 to 2012.

She previously served as Banking Supervisor/ Ecobank, Liberia, 2006 to 2010; Officer Manager at the Ministry of Commerce and Industry, 2003 to 2006.

The committee is expected to forward its findings and recommendations to the Plenary of the Senate for action in the coming days.

 

1 COMMENT

  1. Wow ! Certificate as equivalent to certificate in continuous education courses . Can’t get your actual high school diploma, then get your GED as an equivalent. Can’t get a business degree in banking, get your certificate . Any lower standard backed by the politics of who knows you, You Got The Job. Certificate education, one that is lower than an in depth education even as an Associate Degrees to boast of for a job as Deputy Governor of the nation’s Central Bank. The certificate is supported by what educational for a bank in needs of qualified candidates ? Any three hours course will do. But that’s how the new Liberia is coming to, moving forward in what they called human capacity building. But mutilated banknotes became the first official challenge to that country’s banking sector under the past regime, and now the present regime. A very poor performance that led to the over printing of the local currency, followed by the question of who actually authorized the printing ? Something that led to the indictment of nearly all the officials of the nation’s Central Bank. Mutilated banknotes and its replacement has been a major challenge to the Central Bank, and how to actually solved that problem. Which led to yet the over printing of the local currency in the alleged amount of 16 billion dollars that was stolen/ missing under the present regime. And there was this 25 million US dollars that was to solve the problems of mutilated banknotes. That too was actually stolen. And the sad story of mutilated banknotes is still being spoken of in a confirmation hearing of yet another candidate as Deputy Governor lacking in in depth education with only a common certificate to help lead the nation’s Central Bank as its Deputy Governor. And here’s the same old question from the past ? How much mutilated banknotes in the banking system and around the country that the printing of 4 billion dollars in local currency cannot covered ? The soon to be Deputy Governor has perhaps no clue about the actual amount needed to replace the mutilated banknotes, just as what was done in the past that led to another over printing. But according to the soon to be Governor, it is 21 billion and a huge amount of mutilated banknotes out there. So how much apart from the newly printed banknotes of 4 billion are in the system ? She did not say. But 4 billion new notes are not sufficient. Why is it hard to find qualified candidates for the nation’s Central Bank ? People with in depth educational knowledge, experience and skills. But any certificate holder based on connections will do as Deputy Governor. Oh Well, that’s called human capacity building in Liberia. Ha ha ha ha ha ha ha ha ha. What A Country And Its Capacity Building ? What A Country ? Having the same old problem of mutilated banknotes for almost six years and counting ?

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