The Editor,
The Central Bank of Liberia press release in relation to the New Dawn’s recently published story of three of the bank’s officials receiving $300,000 each as car loans leave much to be desired.
To be honest, I am of the opinion that the CBL is not been forthcoming with the Liberian people.
The press release was devoid of any real substance and seems to be a clear attempt to obscure and literally throw dust into the air and hope that the issue goes away.
Central Bank of Liberia has in place a car loan scheme/policy
In its rebuttal, the CBL acknowledged that it has a “car loan scheme/policy” for its senior staff to purchase their OWN cars with repayment over a maximum five-year period”.
But there were no specifics in terms of the loan amount offered, the prerequisites for qualification and the penalties for default.
This begs the question if this is a LOAN or a systemic scheme to aid and abet misapplication of public funds – basically a fraudulent operation at the bank in plain view.
Who qualifies?
On the surface, it seems simply being a “senior staff” at the Central Bank of Liberia is the sole qualification one needs to access this loan. I am perplexed as to why didn’t the bank mention the amount in its rebuttal?
Is the bank afraid of the public backlash?
It boggles the mind that the bank would not consider “creditworthiness – the ability to repay” in the time specified – of the lenders.
It is common knowledge that in Liberia, there are no established credit rating authorities and most banks offer loans to the public based on the availability of collateral from the lender – therefore it is safe to conclude that the LOAN in question is no petty cash!
Is there really a policy?
Why didn’t the bank release its full loan policy to the public for scrutiny?
For us to know the penalties for default? What is the status of this loan fund – is it solvent or in the red? How many officials of the CBL access this loan facility? How many have defaulted and what penalties were imposed?
CBL challenges?
The CBL release stated: “The Central Bank of Liberia challenges the New Dawn Newspaper to produce evidence to support its wild and fictitious claim”.
This sound like the anticipated euphemism for secrecy owing to a fear of the public’s rebuke once the loan amount and conditions for acquisition are revealed.
We challenge CBL Executive Governor Milton A. Weeks to make a full public disclosure of this loan scheme to the public.
This apparent sordid episode has the potential to cast doubts and aspersions on the very integrity of the CBL as an institution.
Benjamin Kofa Fyneah,
[email protected]