Liberia: New Central Bank Governor To Institute Reforms to Achieve Efficiency and Effectiveness

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Monrovia – The new Executive Governor of the Central Bank of Liberia (CBL), Mr. Nathaniel R. Patray, has vowed to bring some level of sanctity to the Bank, coming with reforms that would improve the efficiency and effectiveness of the Bank.


Report by Bettie K. Johnson-Mbayo, [email protected]


“The administration of the Bank, meaning the new administration will soon commence an institutional reform process, targeted at achieving operational efficiency and effectiveness at this Bank. The reform will focus on structural improvements, for greater impact. And when I say commence an institutional reform, that will not only be done by the Board,” he said.

Patray spoke Monday when he officially took over as Executive Governor of the CBL after his nomination was confirmed by the Senate last Friday.

Governor Patray said the CBL Internal Control will be strengthened to help identify weaknesses in the administration and financial management and that the same time ensure compliance with international standards.

“Improvements will be made in a number of areas, including, but not limited to accounting systems, human resources and independent external audit,” he said.

According to him, his administration would operate through a chain of command, stating, “Nobody, no employee of this bank will come to my office with bank matter except they go through their boss.”

“You got problem with what you’re doing at the Bank, see your boss. The boss will see me, and we will discuss. If there is something that will go to the Board, I will take it to the Board, but I will not entertain staff coming to my office.

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

Patray looks forward to ending a culture of laissez-faire at the Bank and inculcating a professional attitude towards work.

“We don’t want people doing their own thing in this Bank. This is why I said, this is a new dispensation; a new order. And to even strengthen this order, the President has put together a Technical and Economic Management Team,” Patray said.

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.

Governor Patray boosted that he is no stranger to the Bank.  “I worked 25 years plus at the Bank.  I was able to help the Governor in transforming the National Bank to Central Bank, so I am no stranger to the Bank.”

He appreciated the President George Manneh Weah for appointing him as Executive Governor.

“You may not know that I got three appointments. The first appointment to the Bank was Acting Governor of the Board of Governors, just like my other colleagues that are on the Board, they were also appointed Acting Governor of the Board of Governors. But the reason why that appointment came was that the Board was in disarray. We had no Board, but a two-man Board: Mrs. Sheba Brown and Governor Weeks. When Governor Weeks resigned, it became worse; but we had a quorum, and we worked with that quorum which included Governor Dorley, Governor Badio and myself,” he said.

According to him, together with his team, the Board was restructured to a degree, but it’s still subject to restructuring.

“We did a lot of work together, as far as getting to understand the Bank.  Like I said, it is not new, but the dynamics of the Bank have changed. And 25 years in the Bank is somehow different from what the Bank is today. It has changed because condition and environment within our country has changed. And we have to adopt to the new structure.”

Governor Patray assured employees of the CBL that he had no interest in dismissing any employee for political reason; rather he would be bent on implanting President George Weah’s mandate.

“One thing I want for you to bear in mind is that this is a new dispensation.  This is a new Board; a new administration of the Bank. The old order is no more. And I hope that every senior officer in the Bank will take note of that. The old order is no more,” he warned.

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