REJECTED! Senate Terms Nominees Of CBL Board Of Governors As “Incompetent”
The Liberian Senate Thursday, July 4, 2019 voted unanimously to reject three (3) nominees for the Board of Governors of the Central Bank of Liberia.
Those rejected are Hon A. Richard Dolley, Hon. Timothy E. Thomas and James B. Dennis Sr.
The Senate decision was followed by a comprehensive report from its Committee on Banking and Currency, highlighting the ineptness of the three (3) nominees.
According to the committee’s report, the Central Bank of Liberia currently needs individuals with vast experience and knowledge to formulate strategies in order to resuscitate the country’s struggling economy.
The report mentioned that those nominated had no knowledge of economic issues and lacks the core competence to function in positions nominated for, at such their explanations before the committee was not convincing and proactive.
“None of them is convincing in terms of pro-activeness and robustness to aid the economic status of the country which it poses to citizens in this contemporary dispensation,” the report added.
Furthermore, it was gathered that two (2) of the three (3)nominees to the board of governors, Hon. A. Richard Dolley and Hon. James B. Dennis has served on the management team of the CBL as far as the level of deputy governors.
The committee indicated that judging from Kroll and the Presidential Investigative Team reports which point to long-term lack of proper internal control system at the CBL, the two nominees have no means or knowledge in developing policies to mitigate the long-standing problem of internal control.
For Hon. Timothy E. Thomas, the report stated that his testimony proves that he has no idea the current economic problems facing the economy.
“As a result of our findings Hon. President Pro Tempore and fellow Colleagues of the Liberian Senate, it is our pleasant duty and obligation to recommend to the full plenary of the Liberian Senate to unanimously reject the confirmation of all three (3) nominees to the Central Bank of Liberia Board of Governors namely A. Richard Dolley, Timothy E. Thomas and James B. Dennis, accordingly they all lack the needed experiences institutional knowledge, expertise and up to date economic management competencies to effectively and commensurately resuscitate our ailing economy,” the report noted.
Grand Bassa County Senator Jonathan Kaipay made a motion for plenary to receive and act upon recommendations from the committee in executive which was accepted by a unanimous yea voted during open session.
“Let me thank the committee for such a comprehensive report on the confirmation of those nominees from the CBL Board of Governors, I move and if I can be seconded that the report just read be received and recommendations acted upon in executive.”
Commenting further, Senate Committee Chair on Banking and Currency Senator Marshall A. Dennis indicated that the committee report represented the actual information provided by nominees of the CBL Board of Governors which cannot be overturned by members of the Senate.
“We need people with the technical know-how and monetary minds who will advise on economic policy issues in order to turn the wheels of our struggling economy and most of the nominees also had age deficiencies for which the 21st century demands minds to deal with contemporary issues,” Sen Dennis stated.
It is the first time under the Weah-led administration for the Liberian Senate to reject nominees from the Executive, something which political pundits believe the Senate must do more in order to uncover more incompetence entry into government.
They are also of the strongest conviction that the current posture of the Liberian Senate on critical scrutiny of public officials will enable the smooth operation of government and aid in the rapid development of the country.