Response to a statement issued by the Movement For Economic Empowerment (MOVEE) on Monday, August 15, 2016
Two weeks ago, I appeared on the Truth Breakfast Show (TBS) 96.1 FM to discuss the state of Liberian economy in general and the operations of the Central Bank of Liberia (CBL), in the light of the pending introduction of the new currency notes and the declining value of the Liberian dollar.
In the interview, I stated that poor policy coordination and disjointed economic management was one of the major factors contributing to the economic decline. I also stated that the Central Bank’s loan scheme which provided loans to borrowers outside the established framework was in violation of the 1999 Central Bank Act (Section 5 © and Section 41 (1) (e).
In July 2012, I told a Senate hearings on the CBL loan scheme that the Central Bank does did not have the infrastructure of a commercial bank to examine such loans. The loan scheme was nothing short of a romantic financing.
I stated that because of the bad qualities of these loans, it would be difficult for the borrowers to repay the bank, a concern that President Ellen Johnson Sir leaf highlighted during her annual message to the legislature on January 26, 2016. In essence, I did not say anything new here.
President Sirleaf is not the first to raise concerns about the CBL loan scheme (L$640 Million). In September 2015, the managing director of the International Monetary Fund (IMF), Christine Lagarde, during a visit to Liberia said the loan scheme and foreign exchange operations of the Central Bank will have negative consequences. The IMF reiterated these concerns in subsequent visits.
In 2015, the African Development Bank (ADB) also raised the issue in its Africa Economic Outlook. The ADB said the loan scheme was inappropriate and bore adverse consequences for the economy in general and the banking system in particular.
The ADB called the Central Bank a “reputational risk’’ because the loans which were given under the guise poverty alleviation and the foreign exchange operations that were done under the guise of stabilizing the exchange rate.
On Monday, August 15, 2016, the Movement for Economic Empowerment (MOVEE) responded to my comments in a 13-page statement that was published in several newspapers and radio stations.
Instead of sticking to the issues, MOVEE tried to discredit my professional expertise and intergrity. The personal attacks against me are baseless, irresponsible, childish and grossly unprofessional. Why would Dr. Mills Jones stoop so low as to attack me personally instead of addressing the issues? I simply provided my expert knowledge of the economy as I saw it. I made no personal attack on Dr. Jones.
Though the statement was signed and read by MOVEE’s chair, but as a lawyer, I hold Dr. Jones responsible under the doctrine of respondent superior for the careless and unfounded attack on my professional integrity. But I won’t stoop to that level. My grandmother taught me to be humble and courteous to people, even if I disagree with them or they insult me.
The MOVEE statement questioned my credibility in society, my academic rank at the University of Liberia and essentially called me a liar. Dr. Jones and his surrogates failed to provide any evidence to support their claims. I refuse to give credence to such baseless claims because they have no bearing on the issues that I discussed on the state of the Liberian economy. I do not need to defend my service to this country and abroad because my accomplishments are well-documented.
I find it hypocritical that Dr. Jones would now criticize the government that gave him the opportunity to serve as governor of the Central Bank, a position he would not have held if it wasn’t for the President.
MOVEE also claimed that I defamed Dr. Jones because of politics, envy and hatred. That is so far from the truth. MOVEE is no threat me nor to the Congress for Democratic Change (CDC), the party to which I belong.
As far as I am concerned, MOVEE is a kitchen filled with a lot of food in the midst of abject poverty. People will therefore go there to eat whether or not they know or like the cook/provider. As the late President Sekou Toure of Guinea said “A hungry child does not care to know where its bread comes from.’’
At an appropriate time, the voters will make it plain/decide.
I do not harbor hatred or grudge against anyone. Only an insecure, ignorant, arrogant and intolerant person will interpret my statements on the state of the nation’s economy to be hatred and jealousy.
MOVEE in its statement suggested that I was envious of Dr. Jones because I’ve always seen myself as the “honorable governor’’ of the Central Bank, a position that continues to slip from my reach. I’m not one to brag about my credentials, but let me set the record straight.
Several years ago, when the government of Liberia advertised the position for Executive Governor of the Central Bank of Liberia, I applied and I believe Dr. Jones also did. A five-member panel headed by former planning and economic affairs Minister Amelia Ward, representatives of the IMF, the World Bank, United States Treasury and the Economic Community of West African States (ECOWAS), was constituted to vet the applicants.
After several months of intense interviews, the panel submitted a list of four names ranked in order of priority based on overall performance. I came first and Dr. Jones and others were below me. The President decided to appoint Dr. Jones.
Before Dr. Jones was appointed to the post, President Sirleaf called me for a meeting. She thanked me for my performance, but told me that she preferred Dr. Jones, and will reach out to me for another position. I thanked the President for her courtesy, and promised my availability whenever my services were needed.
How can I be envious of Dr. Jones when I know his preference was purely political and not based on competence? As far as I was concerned, I had been validated by the world’s leading financial authorities /institutions that carry the seal of approval on these matters.
Rather than attacking me personally, Dr. Jones should address himself to the messy economic situation in which our country finds itself. I do not deal with pettiness. I’m prepared to debate Dr. Jones on these and financial related issues anytime and anyplace.
Professor Wilson K. Tarpeh, Contributing Writer,
[email protected]