‘CBL Loans Focus on Poverty Reduction’

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Central Bank of Liberia (CBL) Executive Governor, Dr. Joseph Mills Jones, has assured the Union of Liberian Associations in the Americas (ULAA) that CBL and its board of governors remain committed to sustaining economic growth in the country despite the negative propaganda against the Bank.

 Speaking at a program marking the inauguration of officers of the ULAA leadership in the US recently, Dr. Jones emphasized that the CBL loan initiative does not only focus on micro economic stability, but is also waging war on poverty in the country.

He said the initiative should be the collective responsibility of all Liberians and not the CBL alone. The CBL boss clarified that claims in some quarters in Liberia and the US that the Bank was misusing the country’s money are misleading and called on Liberians in the Diaspora not to give credence to such assertions.

Governor Jones explained that the CBL has, over the years, cooperated with central government in smoothening it’s spending to keep certain national development programs on track by providing short term borrowing facility to the government.

He, however, challenged Liberians in the Diaspora to foster economic growth and development back home.

The CBL boss is under fire by some politicians on Capitol who have accused him of politicizing the CBL; an allegation the Governor has vehemently denied terming it “empty talk.”

Jones has challenged his accusers to adduce evidence that he is using CBL money to run a political campaign, but his accusers are yet to come forward.

They recently enacted a legislation amending the CBL Act to ban him, his deputies and the board of governors from contesting any political seat for three consecutive years after the expiration of their respective tenures.

Several society groups including the business community who benefits from CBL loan schemes have challenged the bill in court terming it as exclusion and a blatant violation of the Liberian constitution.

The actual whereabouts of the bill is still not clear amidst conflicting reports that it is on President Ellen Johnson Sirleaf’s desk, while others are suggesting the President has already signed it into law. Dr. Jones’ second tenure as Governor of the CBL will end in 2016.

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