Patray Returns to CBL

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Gov. Weeks welcomes new CBL Executive Governor-designate, Nathaniel Patray, as Deputy Governor Sirleaf looks on

Replaces Weeks

Barely 24 hours following accepting the resignation of Milton A. Weeks as Executive Governor of the Central Bank of Liberia, President George Manneh Weah has appointed Nathaniel R. Patray to the post, pending confirmation by the Senate.

Patray’s appointment was announced today among a list of other appointments designated for the National Security Agency (NSA).

Patray had been a long serving employee of the bank where he is reported to have spent over thirty(30) plus years serving in various capacities including a stint as Deputy Governor. According to sources, during the civil war when most top officials of government had fled he country, Patray opted to remain in Monrovia which was by then controlled by three armed groups, namely the Armed forces of Liberia (AFL), the Charles Taylor led National Patriotic Front of Liberia (NPFL) and the Prince Johnson led Independent National Patriotic Front of Liberia(INPFL).

When the INPFL overran Mamba Point in 1990, a manhunt was launched for all government officials including security officers. Sources say that Patray, who was at the time displaced and seeking refuge at the then Ducor Intercontinental Hotel, was rounded up at gunpoint by INPFL fighters and taken to Prince Johnson at his Caldwell base.

Further, according to sources, Patray was placed at gun point and taken to the bank offices on Broad Street and upon arrival there he was demanded at gun point to reveal the combinations to the bank’s vault from where a huge sum of money including US dollars and JJ Roberts banknotes were seized and taken to the Caldwell base of then rebel leader Prince Johnson.

Sources further say that upon the cessation of hostilities in Monrovia and the installation of the Sawyer led Interim Government of National Unity (IGNU), economic activities resumed in earnest but before long, Sawyer announced the change in currency from the JJ Roberts banknote to the Liberty banknote a development which, according to sources left Prince Johnson stuck with an inordinate amount of JJ Roberts banknotes tradeable at the time only in areas under the control of the NPFL.

The move is said to have infuriated Prince Johnson to the extent where he banned theuse of the Liberity banknote in Caldwell, the site of his base and of which he was firmly in control. It is not known whether the change in banknote was informed by Patray’s possible disclosure to Sawyer of events that transpired as was suspected.

However, sources maintained that such disclosure could have come from many sources  including former fighters who had deserted the ranks of Johnson’s fighting forces. In any case, Patray returned to service at the bank and continued to serve until the coming to power of President Ellen Johnson Sirleaf following the elections of 2005.

He was separated from the bank and had remained in private life since until his recall to serve as Executive Governor, one step up from the post of Deputy governor in which he once served. Patray is a graduate of the College of West Africa and the University of Liberia where he once taught courses in banking. He is also said to have earned graduate degrees from Universities in the United States of America.

His nomination is currently pending before the Liberian Senate for confirmation. Meanwhile it is being speculated that his nomination may not be supported by Senator Prince Johnson for reasons related to events of the civil war.

Authors

6 COMMENTS

  1. Prince Johnson will have no issues with this appointment as he is now a man of peace who represents his people and their interest to see liberia improve economically. What is paramount is for Mr.Patry to use his banking knowledge and experience to design economic strategies from the central bank where Liberians can begin to reap benefits. We hope that this appointment will yield solid results for liberia. Honesty and patriotism on the part of every liberia are very essential in the wake of good intentions. So let the rebuilding process begin with contribution of every libeirans with the right economic guidelines put into place by Tweh and Patry.

    • prince johnson is no man of peace but a butcher and a killer. Some Liberians like to repent for others and quick to talk nonsense. prince Johnson hand is stained with blood and Satan awaits him when he dies.

  2. The CBL is the epitome of government waste, incompetence, and abuse. If you look at their audited financial statements (Cash Flow and Income Statements, and the adjustments to them), you will see how the CBL was drowning in red ink! Every year, since 2010, the CBL posted losses amounting to approximately US$80 million. No, that’s not a typo error. That’s a fact.

    But you’ll also see that while losing money every year, CBL’s administrative expenses kept increasing by the millions and millions of dollars! From US$9 million (2010) to US$34 million (2015)!

    Do you know anyone who stays in business losing millions every year? Of course there are few exceptions, but if the CBL were a private enterprise, it’d have been out of business a long time ago! Let’s hope Patray won’t be like his predecessors.

  3. Why would the president bring back someone that has retired and work for about 30 yea for the bank? This man is only bringing people back like Mr. Emmanuel Shaw, and this man to get more of what they did get during their tenured, and to complete what they did not steal from the Liberian Government. Has Liberia run of off young bankers?

    • I agree, Ernest, Nathaniel Patray brings nothing new or reassuring to the CBL or the Liberian banking industry just as before. This man has taught nothing but ancient economic theories like Samuelson’s and that group, to the extent his governorship will be nothing but making up for what he and cabal did not loot during his first stint at the CBL. Such economic guru, yet not even a monograph or pamphlet he ever produced for struggling Liberian students in economics? The hurried manner in which the man was appointed, with no vetting amongst other candidates for such an important post, proves my speculation.

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