Central Bank of Liberia (CBL) Announces Organizational Changes

MONROVIA – December 8, 2016: The Central Bank of Liberia (CBL) has announced a number of organizational changes affecting some departments and personnel at the CBL.  Under the new organizational structure announced by CBL’s Executive Governor, Mr. Milton A. Weeks, the Department of Administration has been divided into two separate departments.  They are the Human Resources Management Department (HRMD) and the General Support Services Department (GSS). Mr. Elijah Chilar, who now serves as Deputy Director of Administration will head the newly created GSS. He will be assisted by the existing team of Assistant Directors – Mrs. Mariea E. Grigsby for GSS; Mrs. Maakai Amblard for Maintenance and Conference Preparation; and Ms. Nyemadi Pearson for Procurement. The General Support Services (GSS) Department will be responsible for Maintenance, Procurement and all General Services at the CBL. Appointments for the Human Resources Management Department will be made later.


Governor Weeks has also announced the setting up of an Enterprise Risk Management Department and a Financial Markets Department that would spearhead the development of the country’s financial markets, particularly Money Markets and Capital Markets. The current head of the Treasury Operations Unit, Mr. Armaso Bawn, will head the new department. The Deputy Head of the Treasury Unit, Mrs. Djuteh Clarke Wilfred, will serve as the new head of Treasury Operations (TROPS), which will now focus on operational aspects of the Treasury function under the Deputy Governor for Operations. CBL’s Chief Risk Officer, Mr. Christian Allison, has been elevated to level of Director and will now head the newly established Enterprise Risk Management Department.


Other organizational changes announced by Governor Weeks include the incorporation of the Payments Systems Unit into the Banking Department, and the dismantling of the Microfinance & Financial Inclusion Unit (MFIU). The Regulation & Supervision Department (RSD) will absorb the regulation and supervision function while the operational aspects of the MFIU will move to Operations Division, and policy issues handled out of the Financial Sector Development Unit; a new Unit in the Office of the Executive Governor, to be headed by Mr. James Wilfred, who currently serves as Head of the Payment Systems Unit.  With the incorporation of the Payment Systems Unit into the Banking Department, the Governor named Mr. Richard Walker as Director of Banking & Payment Systems, while Mrs. Miatta Oberly-Kuteh assumes the role of Deputy Director for Banking and Payment Systems, with direct oversight responsibility for Payment Systems. Mrs. Princess Duncan Mason, who is currently Assistant Director in the Finance Department has been transferred to the Banking & Payment Systems Department.


Governor Weeks has also announced the establishment of a new section within the Research, Policy & Planning Department (RPPD) that will deal with Macroeconomic Forecasting. He said appointments for the section will be announced later.


Meanwhile, Mr. Micheal Ogun, who now serves as the Deputy Director for Regulation & Supervision, will now move to the Executive Governor’s office as Senior Advisor, Multilateral Relations. Mr. Jay Brown, currently Assistant Director in RSD has been promoted to post of Deputy Director, replacing Mr. Ogun, while Mrs. Barue Mills Morris becomes Assistant Director, replacing Mr. Brown, and Mrs. Eruca Reeves promoted to the post of Director for Digital Financial Services and Consumer Protection.  Mrs. Euphemia G. Swen Monmia, currently Assistant Director, Collateral Registry has been transferred to the new Financial Markets Department, while Ms. Ocelia Scott becomes responsible for both the Collateral Registry and the Credit Reference System.


The changes, which have been approved by the Board of Governors of the Central Bank of Liberia, take effect as of January 2, 2017. They are part of a three-year (2017 – 2019) strategic plan being implemented by the Central Bank of Liberia.


Meanwhile, Governor Weeks has announced the retirement of three personnel of the CBL.  They are the Director of Administration, Mrs. D. Sheba Brown; the Senior Advisor on Multilateral Relations, Mr. Richard Dorley; and the Acting Head of the Microfinance and Financial Inclusion Unit. Governor Weeks, on behalf of the Board of Governors, thanked the three CBL officials for their dedicated and selfless services rendered the CBL over the years. He described the departing CBL personnel as strong stalwarts of the bank whose services and expertise would be missed.


For further inquiries contact:

Cyrus W. Badio

Head of Communications

Central Bank of Liberia