The recent decision by President Joseph Boakai to appoint Mr. James B. Wilfred as Acting Deputy Governor for Operations at the Central Bank of Liberia (CBL) leaves many wondering who is advising the President or if he is merely using the so-called fight against corruption as a pretext to create space for his cronies in government. This appointment is not just questionable—it’s an insult to the very idea of good governance and accountability, especially at a time when the CBL is entangled in an alleged financial and ethical crisis.
Mr. Wilfred’s appointment follows a damning compliance audit by the General Auditing Commission (GAC) that laid bare severe lapses in the CBL’s internal controls, particularly in the administration of staff loans. The audit, which led to the suspension of Governor J. Aloysius Tarlue, uncovered that Mr. Wilfred is one of the bank’s staff who defaulted on loans, specifically failing to repay a significant amount of USD 90,933.24. This financial irresponsibility not only makes him unsuitable for a senior role in the nation’s central bank but also highlights a serious lapse in judgment by the President.
The timing of Mr. Wilfred’s appointment couldn’t be worse. The CBL is already in disarray, struggling to deal with the fallout from the GAC’s audit report, which revealed several irregularities in the management of staff loans. The findings indicated that there was no evidence of the bank’s management applying separated staff’s provident funds or severance pay towards their outstanding loan balances, as required by policy. Moreover, there were no repayment schedules or legal actions initiated against defaulters, exposing a worrying lack of diligence and accountability within the CBL.
Against this backdrop, the President’s decision to accept the resignation of the former Deputy Governor for Operations, Ms. Nyemadi D. Pearson, without addressing these underlying issues, is equally problematic. Ms. Pearson’s resignation, which followed shortly after the audit report’s release, seems more a matter of political expediency than a step toward genuine reform. Her departure under such circumstances suggests a quid pro quo arrangement rather than a firm stance on accountability.
The resignation of a senior official like Ms. Pearson should have sparked a thorough investigation into her role in the mismanagement exposed by the GAC. Instead, her exit was quietly accepted, raising suspicions that the administration may be more interested in sweeping these issues under the rug than in addressing them transparently. This is particularly concerning given the critical need for strong leadership at the CBL during such a turbulent time.
The decision to replace Ms. Pearson with Mr. Wilfred, a known defaulter, sends a clear and disturbing message: the administration is willing to overlook serious financial misconduct if it serves their immediate interests. This is a direct affront to the principles of good governance and anti-corruption that President Boakai has publicly championed. How can the President credibly claim to fight corruption and promote transparency when he appoints someone with such a questionable financial history to a key position in the central bank?
This issue goes beyond Mr. Wilfred’s personal financial irresponsibility; it touches on the broader systemic problems within the CBL that the GAC audit has exposed. The audit report revealed that the bank’s staff non-performing loan portfolio for separated and seconded staff amounted to nearly USD 713,000, a figure that could significantly impact the bank’s financial stability. The lack of internal controls, such as the absence of regular meetings by the Loan Review and Evaluation Committee and the failure to initiate legal actions against defaulters, reflects a serious governance crisis at the CBL.
The President must understand that by appointing Mr. Wilfred, he is not just filling a vacant position; he is endorsing a culture of impunity that could have long-term consequences for Liberia’s financial system. This appointment undermines the credibility of the CBL and erodes public trust in the administration’s commitment to clean governance. If the President is serious about reforming the CBL and restoring its integrity, he must immediately rescind Mr. Wilfred’s appointment and seek a more qualified and ethically sound candidate for the role.
Furthermore, the President must take decisive action to address the systemic issues highlighted by the GAC audit. This includes ensuring that all defaulted loans are promptly recovered, legal proceedings are initiated against defaulters, and internal controls are strengthened to prevent such lapses in the future. Only through such concrete actions can the administration demonstrate its commitment to transparency and accountability.
The appointment of Mr. James B. Wilfred as Acting Deputy Governor for Operations at the CBL is a grave misstep that threatens to derail the President’s stated goals of transparency and anti-corruption. The decision not only reflects poorly on Mr. Wilfred’s character but also raises serious doubts about the administration’s commitment to addressing the deep-seated issues within the CBL. If President Boakai truly wishes to restore confidence in Liberia’s financial institutions, he must rescind this appointment and take immediate steps to ensure that the CBL is led by individuals of the highest integrity. Anything less would be a betrayal of the public trust and a continuation of business as usual in a system that desperately needs reform.
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