CBL Board of Governors Nominees ‘Lack Economic Competences’

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CBL Headquarters in Monrovia

-As Senate Banking & Currency Committee recommends all three rejected

The Senate Committee on Banking & Currency has unanimously recommended the rejection of three nominees on the Board of Governors of the Central Bank of Liberia, for their lack of economic knowledge to effectively and commensurably resuscitate the country’s ailing economy.

“As a result of our findings, honorable Senate Pro Tempore and fellow colleagues of the Liberian Senate, it is our pleasing duty and obligation to recommend to the full plenary of the Liberian Senate to unanimously reject the confirmation of all the three nominees to the Central Bank of Liberia Board of Governors, namely; honorable Timothy Eric Thomas, A. Richard Dolley, and James B. Dennis,” the Banking Committee headed by Grand Gedeh County Senator A. Marshall Dennis recommended.

The result of the committee report came less than 24 hours after it conducted confirmation hearing for the three nominees, and is now considered as one of the fastest (5G) confirmation results in the 54th Senate.

The report further informed Senate plenary that none of the nominees was convincing during the confirmation proceedings in terms of proactiveness and robustness to take head-on the crippling and menacing threat the economic status of the country poses to its citizens in this contemporary dispensation, the committee asserted.

“Furthermore, it was gathered that two of the three nominees to the board of governors, honorable A. Richard Dolley, and honorable James B. Dennis have served on the management team of the Central Bank of Liberia in as far as the level of deputy governors,” the A. Marshall Dennis-chaired committee noted.

Also, the committee asserted that judging from the Kroll Associates and Presidential Investigative Team reports that point to long-term lack of proper internal control system at the CBL, it can safely say “the two nominees have no means of knowledge in developing policies to mitigate the long-term problem of internal control at the Central Bank of Liberia; and that Honorable Timothy Thomas testimony proves that he has no idea of our current economic problems facing our economy.

“As a result of our findings, honorable Senate Pro Tempore and fellow colleagues of the Liberian Senate, it is our pleasing duty and obligation to recommend to the full plenary of the Liberian Senate to unanimously reject the confirmation of all the three nominees to the Central Bank of Liberia Board of Governors, namely; honorable Timothy Eric Thomas, A. Richard Dolley, and James B. Dennis.”

Concluding, the committee report noted: “Accordingly, they all lack the needed experiences, institutional knowledge, expertise and up to date economic management competences to effectively and commensurably resuscitate our ailing economy.”

It can be recalled that this is the first time especially during the 54th Legislature that a Senate Committee is outrightly recommending the rejection of a nominee through confirmation hearing report.

Meanwhile, a motion calling for the full implementation of the Banking &Currency report during the Senate’s executive session, was approved through a yes vote.

2 COMMENTS

  1. Political Jokers who only tried to make fools out of these professionals, what is Marshall Dennis qualification?

  2. …And how could Richard Dorley, of all persons, “lack the economic knowledge to effectively and commensurably resuscitate the country’s ailing economy?” There has to be other reasons in the realm of vendetta by someone(s) to assert such impingement of Mr. Dorley’s qualification to do this job. This man has not only taught economics at the university of Liberia since the early 80’s from the introductory level (201) to the 400 levels, he worked his way through the ranks of this very National Bank from financial analyst to senior analyst, to department manager, on to becoming one of the three vice-governors of the bank. Moreover he has represented Liberia at so many World Bank meetings and conferences in Washington DC, also making many many presentations on behalf of the National Bank at so many banking conferences both local and international, how could such a person with such wealth of knowledge on monetary policies, teaching micro/macro economics at the university level not be qualified to monitor or oversee the affairs of this very bank that he has worked with since 1981? There has to be some invisible sinister hands teleguiding these senators to object Mr. Dorley’s nomination to this post. And this is one of the few times UL students who know professor Dorley better, as well as his former coworkers at the National Bank ought to come out in defense of this man’s integrity and qualification for this job. Not to imply here in any shape or form that Mr. Dorley is entitled to this job, nope, but simply because the reason given for denying him this privilege is just too flimsy, unfounded and suspect. There are just few Liberians qualified for this very job equal to, or as well as professor A. Richard Dorley, Jr. A reconsideration of this man’s appointment will therefore be in order, that is, if the objective of “resuscitating the country’s ailing economy” is the task at hand.

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