Published: August 14, 2024
Monrovia – The Central Bank of Liberia (CBL) has issued a statement clarifying recent media reports concerning an audit by the General Auditing Commission (GAC), which suggested that former and seconded CBL staff, including Mr. James Wilfred, defaulted on loan obligations to the Bank. Mr. Wilfred, who was seconded to the West African Monetary Institute (WAMI) in Accra, Ghana, was recently appointed by President Joseph Nyuma Boakai as Acting Deputy Governor for Operations at the CBL.
According to the CBL Management, the Bank is fully aware of Mr. Wilfred’s loan situation, acknowledging that his loan repayment has not been current due to his secondment with WAMI. However, the Bank emphasized that Mr. Wilfred has sufficient provident fund, severance benefits, and property collateral held by the CBL, which are more than adequate to cover his loan obligations.
CBL stated that its records indicate that after offsetting Mr. Wilfred’s outstanding loan of $90,000 (Ninety thousand United States dollars) against his provident fund and severance benefits, the Bank actually owes Mr. Wilfred a balance. This counters the GAC report’s implication of default.
Furthermore, the Bank addressed concerns regarding other former and seconded staff members who were identified as defaulters in the GAC report. The CBL reaffirmed that these individuals also have provident funds and severance payments held by the Bank, which are adequate to recover the loans in question.
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