Kroll to Assist CBL Procure ‘Limited, Additional’ LRD

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Central Bank of Liberia

Under technical support program through USAID

The Embassy of the United States of America, in coordination with the Government of Liberia and international partners, announces a technical assistance program to be provided through the U.S. Agency for International Development (USAID) to the Central Bank of Liberia (CBL). The aim of the technical assistance program is to assist the CBL to more effectively perform its core functions of managing the Liberian currency and creating the necessary monetary stability for broad-based, inclusive economic growth.

Given Liberia’s current liquidity situation, in which Liberians are having difficulties acquiring sufficient Liberian dollars (LD) and with many of the LD banknotes in circulation mutilated, the Central Bank of Liberia has determined that at least a limited amount of additional LD banknotes is needed to support the Liberian banking system and its customers — ordinary Liberians who need to pay for school, healthcare, and other essentials. Based on the Liberian Legislature’s consent to the CBL’s request for currency printing, USAID will hire Kroll Associates, author of the February 2019 Kroll analytic report on Liberia’s previous procedurally flawed procurement of new banknotes, to assist the CBL in procuring an initial, limited run of additional currency to provide the Liberian people easier access to Liberian dollars within six months through a credible, transparent, and traceable process. This technical assistance includes assisting the CBL undertaking an open and competitive procurement process for currency printing, tracking the shipment of the currency from the printer to the CBL’s vaults, and properly placing the additional currency into the banking system and broader economy. The technical assistance will support efforts on the part of the CBL to communicate to the Liberian people its role and proper function in supporting a stable economy and banking system that is accountable and transparent to Liberian citizens, and attractive to investment and development.

It is important to note that USAID support would be limited to technical assistance provided by Kroll Associates. The Government of Liberia will pay all costs associated with the printing and transport of the additional banknotes. Regular consultation with representatives of the International Monetary Fund (IMF) in Liberia will also help to ensure that Liberia remains in compliance with IMF program requirements and guidance. As Liberia, like other African countries, move toward greater use of mobile money, the need for periodic printing of new banknotes should lessen, but establishing best practices for effective and transparent policies will serve the Central Bank of Liberia and the Liberian economy well over the long term. A principle aim of the engagement of Kroll, recognized for its expertise in helping clients improve operations, manage compliance and mitigate risks, would be to enhance the Central Bank’s future institutional capability and internal controls relating to currency printing and management.

Mr. J. Aloysius Tarlue, the newly confirmed Governor of the CBL, said “we want to give the Liberian people an efficient Central Bank whose operations and policies can support a growing economy that creates jobs and economic opportunities for every Liberian.” The Governor then thanked the Government and people of the United States for their assistance which, he said, “is critical to inspiring public confidence in the Central Bank and its operations.”

USAID Liberia Mission Director, Sara Walter, noted “The Liberian people deserve a strong Central Bank. The United States is pleased to help the Central Bank strengthen its capacity to manage the country’s money supply in a way that helps families across Liberia better meet their basic needs, and fuels inclusive economic growth.”

11 COMMENTS

  1. The involvement of USAID in managing and stabilizing the Liberian currency is welcome news. I am very appreciative of USAID’s proposed technical assistance in this matter, although I have a feeling that some conservative Liberians will condemn such a move. I also think it will be a good idea for the Weah government to become submissive and seek a closer relationship with the US government. Lastly, I think it will be in Weah’s best interest to restructure his government. Entering the third year of his presidency, now is the time for a sizable number of Liberians to be assured that Weah means business, otherwise, his supporters will begin to have second thoughts.

    • “Second thoughts?” Long past that stage. Try disgruntled or disenchanted next time. Secondly, USAID’s reluctant emersion into this mess is all about cost-benefit in the final analysis. What will it cost USAID to intervene now to avert another possible wreckage, versus waiting and be bogged down with an even more onerous task of scooping the resulting wreckage from a foolhardy grandstand? USAID and its mother country are even noted for supporting murderous anti-people regimes in history by these same calculations. But in the final analysis, the people have always determined their own destinies in those chess games. So USAID’s nod in this case should not be seen as a panacea, per se, but rather that they too, may be tired of running like the rest of us.

  2. With KROLL, this news is better than that of FPA on this money matter. For example, how can FPA tell us that: Lawmakers Receive US$5K Each for Signing Printing of L$4 Billion Resolution.

    BUT THEN in details say Unimpeachable sources have told FrontPageAfrica that each lawmaker, who signed the resolution for the printing of new banknotes, is set to receive US$5,000 as lobby fees.

    ARE SET TO RECEIVE AND THEN YOU COME TO TELL US IN THE HEADLINE THEY HAVE RECEIVED?

    Kenneth Best, you need to tutor your nephew on professional journalism.

  3. With KROLL, this news is better than that of FPA on this money matter. For example, how can FPA tell us that: Lawmakers Receive US$5K Each for Signing Printing of L$4 Billion Resolution.

    BUT THEN in details say Unimpeachable sources have told FrontPageAfrica that each lawmaker, who signed the resolution for the printing of new banknotes, is set to receive US$5,000 as lobby fees.

    ARE SET TO RECEIVE AND THEN YOU COME TO TELL US IN THE HEADLINE THEY HAVE RECEIVED?

    Kenneth Best, you need to tutor your nephew on professional journalism.

    • Mister, you ought to concern yourself with the principle and rationale for “lobbying” representatives for doing their very jobs, than the semantics about whether the bribes are simply earmarked, or already paid out. Where is your moral compass in that regard, given the good governance advocate you purport to be? Government ought not to be “lobbying” its own “employees” for any darn thing. Lobbying should be reserved for foreign interests, not scheming Ali babas!

  4. Why “KROLL or USAID”?

    I thought you people could run the country? After Kroll or USAID, what next? Kroll and USAID has been around for a long time but nothing is moving forward?
    Liberia is not set up.
    Liberia needs to be architected by people with the needed Know-Hows . It was never done since 1822. The conditions we see now will continue to repeat as we continue to have functionally illiterate people being empowered.
    In the history of Liberia, William R. Tolbert (Summa Cum Lauda -> highest honor) was the only person who made a difference in Liberia. We need minimum educational requirements for our public offices.
    William VS Tubman (8th grade grad, Ritualistic killings, over 100+ persons, children in Maryland). Do you see the difference?

    Only the best of our educated Liberian with the needed Know-Hows, Skillsets can move the country forward. I hope KROLL, USAID knows that as well; that is why we go to school.

  5. Do in the interest of Liberians, the nation only and not Americans or adding attached another citizenship. Remember also that 4 billion Liberian monies should not mean divided by current Liberian vs American rates to serve only those involved in the carrying, commercial circulation to vaults. Forget it, the local market itself will suffice if technically projected. The CBL should not be caught, neither should the special drawing rights of each servicing partner KROLL or USAID or nations that tend to help in good conscience, not for piece, need to help our Liberian economy improvement process, be involved in exchanging currencies anywhere in Africa or the rest of the world. The mission should be to help the Liberian businesses and workers improve themselves. The Liberian Government operates on accruals. Government does not need cash to operate itself. It responsibly prints and circulates the cash in consonance with its three branches under ifs constitutional mandate given by the Liberian people. (The Liberian simple majority). The Liberian worker, based on his or her own Liberian currency paid wages and salaries in Liberian cash spends on the appropriate consumption taste improves the Liberian standard of living to normalize and/or update the remedy to the present economic situation or even digs up over the period of years the misused muted Liberian currencies, the billions accused, misused or lost. This can neither be done with protest on street corners or political overturns nor gimmicks.. It can be done by paying Liberian workers in Liberian currency only, on time, rate for work done, thus giving them the options to spend their own monies the way they feel best and improve Liberians standards of living. The 57% silent majority will be also monitoring the activities of those aiding and printing the 4 billion Liberian currencies as we watch trouble makers protesting in peace. Say these to the Liberian people for yourself, the Liberian way. Do not call my name or answer my box. I am going to silence alone.

  6. Liberians need to made up their minds to move forward,change the ways we live,eat,treat people and education first ..see around us,guinea,ghana and Ivory coast they living with rules and regulations..

  7. Want some Liberian food, spend Liberian money. Use your own country money, the way you affiliate and stop dependence on Liberians for political guidance if you still preach imperialism. Colonialism in some nations have destroyed independence of self governance for long. No matter how educated you may seem to be, war has no rationale. The least educated could be the best fighter. The reason laws are made by the people to eradicate the lust and keep the peace. Even there are still some in the United States who have adopted forced diets, less we talk about ex colonial nations in Africa. It will take some time for education yet Liberia is still the light of freedom in Africa. God does not like concupiscence.
    Best for rest. DO NOT REPLY ME. Reward the Liberian people as we.

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