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CBL Announces End-of-Contract Separation for Contractors Following Completion of Currency Reform Project

by The Liberian Investigator
August 28, 2024
in News
Reading Time: 2 mins read
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CBL Dismisses US$10 Million Scam Allegation by Portuguese National, Cites Fraud Concerns

MONROVIA – The Central Bank of Liberia (CBL) has announced the end-of-contract separation of 209 contractors and consultants who were engaged for the successful completion of the Currency Reform project, mandated by the 54th National Legislature in a Joint Resolution in May 2021. The CBL is currently in ongoing engagements with the affected personnel to ensure an amicable separation that fully respects their contractual rights, in accordance with Liberia’s labor laws.

The Currency Reform project, which began in 2021, has largely achieved its goals, leading to the conclusion of the employment contracts for these workers, as stipulated in their definite term agreements. In recognition of their dedicated contributions, the CBL management is committed to compensating those whose contracts have ended ahead of schedule. Additionally, the Bank plans to provide a token of appreciation and host a ceremony to honor and certificate the contractors for their invaluable service during their tenure.

During a meeting held on Tuesday, August 27, 2024, with the outgoing contractors and consultants, Acting Executive Governor Henry F. Saamoi acknowledged the challenges faced by the Bank, stating, “We value your services, and have prepared a package and an honoring ceremony for you, but the situation was brought on us by the circumstances.” He also announced a scholarship program for high school graduate contractors wishing to further their education, emphasizing the importance of putting the country first in difficult times.

Despite the conclusion of the Currency Reform project, the CBL management expressed its commitment to exploring future opportunities for the separated contractors and consultants. The Bank will offer them the chance to participate in competitive recruitment exercises, where their skills and expertise might be utilized in future CBL projects.

The CBL has emphasized its dedication to ensuring transparency and fairness throughout this separation process, maintaining its values of integrity as it navigates these challenging times. The Bank aims to treat all contract staff with respect and dignity during this transition period.

By implementing a transparent and objective separation process, the CBL seeks to streamline its workforce, optimize resources, and maintain operational integrity. This approach is seen as crucial for securing the future financial viability and operational effectiveness of the Bank, especially given the unsustainable operational costs it has faced in recent years amid limited income sources.

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