‘We’re Not Here to Dismiss Anybody’

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Cllr. Barclay administers the oath of office to Governor Patray.

CBL Executive Governor Patray tells staff; promises to fulfill President Weah’s mandate

The Executive Governor of the Central Bank of Liberia (CBL), Nathaniel R. Patray, told hundreds of Bank’s staffs that he did not take over the entity to dismiss people from their positions, but to rather work hard to implement President George Weah’s mandate.

Governor Patray made the remark yesterday shortly after he was officially inducted into office by the bank’s in-house lawyer, Cllr. Esther Barclay.

He spoke of his administration’s preparedness to sidestep some of the usual protocols so as to satisfy the mandate of the President. He noted that President Weah’s mandate was crucial to the upliftment of the country’s struggling economy.

“One thing I want you to bear in mind is that this is a new dispensation; a new board, and the Bank’s new administration. The old order is no more, and I hope that every senior officer will take note of this. The old order is no more. I want to erase your fear because I did not come here to dismiss people from their position; no employee will be dismissed, except you don’t want to work with this new management, then you can just send in your resignation, which we will gladly accept, and move on. But, nobody will be dismissed,” Governor Patray repeatedly assured the workforce.

However, he informed members of the staff that his administration will shortly conduct an institutional reform process geared towards achieving operational efficiency and effectiveness.

Governor Patray assured staffs of circumventing CBL’s existing policies in order to execute the President’s mandate and “not to say we will trash it away, but we will still work within the scope of our authority knowing that the President’s mandate remains very important.”

He added that the reform process will focus on the structural improvements for greater impact at the CBL.

The Governor stated further that the Bank will strengthen internal control systems with the aim to strengthen perceived weaknesses in the administration and financial management to ensure compliance with best international standards.

It may be recalled that President Weah recently mandated the country’s economic management team to institute policies aimed at stabilizing the country’s broken economy.

He said the CBL’s internal control system will be strengthened in order see weaknesses in patients and financial management, ensuring compliance with international standards; improvement will be made in a number of years including but not limited to the accounting system, human resources, and independent external audit.

The CBL Governor said, “We will operate through a chain of command; nobody, no employees of this bank will come to my office with bank matters except they go through their bosses; if you have problems with what you doing at the bank, see your boss and then your boss will see me and we will discuss, and if it is something that will go to the board, I will take it to the board, but I will not entertain staffs coming to my office.

“If you have personal problems that you want to discuss with the Governor, I will entertain that, but if it is a problem relating to the job you will see your boss.”

He added that working together as one family, they should not be afraid because nobody in the institution, whether their boss or not, will dismiss them without input from him as Governor of the CBL.

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10 COMMENTS

  1. Another disappointment in the realm of expectation, assurances and hope for a better future for our country, and especially the poor people who supposed to be the passion of this administration. The governor of the Central Bank is assuming official duty as the guy who personifies what the future will mean for the financial sector of the economy of the country, yet, he says nothing about things like interest rate, exchange rate or anything that would boost confidence in the banking industry and business people in general? That’s what happens when you believe someone who has taught the same Paul Samuelson economic theories for decades is so bright. Nathaniel Patray will not fire anybody now and simply because he does not know any better and therefore relies on those very people to make him look good. If this guy was so good then long long time ago, from JJ Robert time he would have been elevated the same nominal position he held for nearly 40 years. The proof will be in the pudding as we shall see.

  2. Hilary. You’ve observed important points and I hope folks will look at these points objectively. I had noted in previous comments my own concerns, amongst them, the CBL Director’s suggested intrusion into functions that are for other departments of the government. He even suggested the economic sectors the government should be investing in. As great the theory made sound, that’s not the role of the Central Bank. I had admonished the CBL to focus on managing the interest rate, money supply in an independent expert role and let the government through its various other agencies with the Legislature handle the fiscal policies through government expenditure, tax policies (including tariffs), and trade relations. That function of the CBL (similar to the FED in the U.S) is independent of the administration political platform (e.g., pro-poor). The CBL is not structured to implement a President’s mandate, but is responsible for stabilizing the economy through monetary policies that are independently assessed, developed and executed. The new Director has already allegedly indicated, from this story his appointment is to carry out the President’s mandate, a surrender of the agency’s Independence. My comment is not a suggestion that the CBL should discard its independent decision based on economic analysis of empirical data if it leads to policies that concords with, and supplements the government’s own policy making. In fact that could be great. But there are times the CBL may need to implement policies that policy makers in the government do not agree with. Will the CBL waver and change its carefully derived expert strategies for the sake of being in compliance with political leaning policies? There are times the CBL may need to collaborate with other agencies, but its role in such effort is to bring into the discussion the monetary policies that would supplement and/or complement other policies intended to bring relief from an economic challenge. We saw that in the U.S during the 2008 financial crises, which resulted in the government’s fiscal policies of government expenditure in massive bailouts, and the FED (similar to the CBL) managing of interest rate to literally between 0% to 1%. I hope my comment serves as food for thought for readers and University students of economics, finance and law and practicing economist, and business owners to think through.

    • Mine was obviously just a casual observation Larry, as you noticed. But yours, indeed, is a real food for thought! It smacks of a musing from one who knows what they’re talking about, unlike these fly-by-night so-called bankers wasting our time, or is it progression?

  3. In the August 3rd edition of “The Daily Observer”, the new Governor of the Central Bank of Liberia, Nathaniel Patray, deliberated on some of his banking and economic policies which sounded as though he is the new Minister of Finance & Development Planning.

    If this is the case, Governor Patray needs to ask President Weah to transfer him (Patray) to the Ministry of Finance & Development Planning as Minister, and send Minister Tweah to become the new Governor for the Central Bank of Liberia.

    Some of the key functions of the Central Bank should be:

    To stabilize Liberia’s weak financial system.

    To avoid the escalating effect the high exchange rate, Liberia Dollar vs U.S. Dollar, has on the Liberia weak market.

    Fixing the high interest rate and stabilizing the domestic financial market to avoid potential inflation or deflation.

    Fixing the free-for-all escalating black market exchange rate.

    Abolish unregulated underground foreign exchanges taking place on the streets of Monrovia and black-market foreign exchanges around Liberia.

    This might not fall within the purview of the Central Bank, but lawmakers, the Board of Governors of the Central Bank of Liberia ,and the Finance Minister should come up strict regulations to crack down on money laundering, evasion of taxes, and illegal transfer of foreign currency ( mostly, the U.S. Dollar) out of the country.

    Closing all these loop-holes coupled with implementing austerity measures could help reduce the economic stress currently weighing the country down.

  4. It’s unusual for commenters to speak with one voice when a specific topic is under discussion. It has happened here. And frankly, I chuckled at how Governor Patrsy met his condemnation from the commenters. Gov. Patray veered off the Central Bank lane without turn signals and straight into the Ministry of Finance, or let’s say in Tweah’s coveted territory. Let’s give him a warning ticket this time. Further intrusion in another man’s territory will land Patray into straight retirement.

    • Nice try, “F. Haney,” were it not for the fact that People’s lives depend on every word and action of the likes of Patray, Tweah, Weah and the other rascals at the capitol. In other words Liberians don’t have that luxury of a time. They need “Change for hope!”

  5. What’s your problem, Hilary? My last name is misspelled by you and there you have in quotes. You must have been thinking all this time that something was really wrong with the spelling of my name, weren’t you?
    I wondered whether you were bored from a hard day’s work when you decided to assign a different spelling to my name.

    Okay. What’s about Snider or Snidor?
    I am not a Patray advocate or his protege. Never will be. Patray went a little too far and I acknowledged it.

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