Following the resignation of former Central Bank of Liberia (CBL) Executive Governor, Milton A. Weeks, President George Weah on July 4, nominated a long-time financial expert, Nathaniel R. Patray as the new Governor.
Patray comes to the CBL with over 27 years post graduate experience in economics, banking, and finance relevant to developing countries.
Patray, 68, completed his secondary education at the College of West Africa (CWA) on Ashumn Street in 1970, and later enrolled at the Wayne County Community College, Detroit, Michigan, USA, where he obtained an Associate Degree (AA) in Business Administration.
A year later, he earned a Bachelor of Business Administration (BBA) Degree in Industrial Management from Detroit Institute of Technology, (now Lawrence Institute of Technology), USA; and holds a Master Degree in Economics from the University of Detroit, Michigan, in 1977.
He underwent training at several financial institutions including the International Monetary Fund (IMF), USA, International Bank for Reconstruction and Redevelopment (World Bank), Federal Reserve Bank, USA, African Development Bank (AfDB), Ivory Coast and the African Center for Monetary Studies (ACMS), Senegal.
While at the National Bank of Liberia now CBL, Mr. Patray served in various capacities including Economist, Manager for Research Department, Deputy Governor, and Senior Executive Officer for Research, Policy, and Planning.
At the CBL, Patray served as Senior Executive Officer for Administration, working directly with the Executive Governor and Deputy Governor in administering the work of the various departments by assisting them in formulating administrative, monetary and financial policies in the context of the macro-economy and appropriate implementation to ensure exchange rate stability and, by extension, price stability in order to bring about economic growth and development in the country.
In 1998 to 1999, the new Governor-designate also served as chairman of the CBL committee on the exchange of the “Liberty” Banknotes to the different denominations of banknotes being used in the 15 counties.
Mr. Patray in 1995 also served chairman, Workshop on the “Rural Financing under Structural Adjustment Program” held under the auspices of the African Rural and Agriculture Credit Association (AFRACA), in collaboration with the National Bank of Liberia and the Central Bank of Gambia in Banjul.
The new CBL Executive Governor served as chairman AIESEC, Liberia, a global theme symposium “Where is Corporate Liberia?” A question for Liberia’s economic recovery in 1992.
Also in 1989, Patray was appointed as the first vice-president on the technical committee for the establishment of a Monetary Union within the Mano River Union between Liberia, Guinea, and Sierra Leone.
Governor-designate Patray served as coordinator of the West African Clearing House Annual meeting in Liberia in 1986; he also served as editor of SportsNews, local and foreign sports news outlet published by the Monrovia/Pistons Sports Association, Inc.
He retired from the CBL in 2005, and after his retirement, he was later hired by the CBL as a consultant to provide technical input and to help prepare its first Operational Manual in collaboration with an IMF Advisor, Executive Directors, and Managers of the Bank.
Mr. Patray taught Economics at the University of Liberia (UL) from 1978 to 1986. While at the UL, he joined the Don Bosco Polytechnic (now Stella Maris Polytechnic) as Part-time Instructor with the Arthur Barclay Business College, teaching Economic Principles (ECON:201 and 202) and have served for more than 20 years. For the past four semesters, he has been teaching Intermediate Microeconomics (304).
He also joined the faculty of the Cuttington University Graduate School and Professional Studies (CUGS) in 2012 as Part-time Lecturer with the School of Business and Public Administration. Currently, he is serving as Full-time Lecturer teaching Investments (FINC: 660-01), Macroeconomic Theory one (ECON: 612-1), and Money and Banking (FINC: 662-01).
On September 19, 2015, Mr. Patray received a Certificate of Appreciation from Dr. Henrique F. Tokpa, former president of Cuttington University, in recognition of valuable contribution to the University over the years.
Mr. Patray authored several publications including, the Role of Government in Monetary Management (The Case of Liberia), presented in Lomé, Togo and published by the African Center for Monetary Studies, “Monetary Management in Africa”; The Growth of Private and Official Debt (The Case of Liberia) presented in Tunis, Tunisia and published by the African Center for Monetary Studies, “External Debt Problems of African Countries in the 1980”; Liberia’s Balance of Payment 1970-1980; Policy Measures Adopted by the National Bank of Liberia during 1994 and through the 1st and 2nd Quarters of 1995, published in the National Bank of Liberia Review/Volume 3, No. 5 and 6; and Inflationary pressures in Liberia: Do you Understand Why? Published in the National Bank of Liberia Topical Paper/Volume 2, No.1, 1991.