(Monrovia: August 27, 2024)-The Central Bank of Liberia (CBL) herewith informs the public and all stakeholders about the ongoing engagement with two hundred and nine (209) of its contractors and consultants, whose definite employment contracts are set to end following the near successful completion of the Currency Reform project mandated by the 54th National Legislature in a Joint Resolution of May 2021. This comprehensive engagement is to ensure an amicable end-of-contract separation that guarantees the full respect of their contractual rights, consistent with the labor practices law of Liberia as well as providing support and guidance.
The currency reform exercise, which was initiated in 2021, has largely ended with the project goals achieved and its objectives relatively met. Hence, the contracts with the staff, as per the definite term employment agreements, end on their stipulated dates.
In line with the labor law of Liberia and acknowledgment and appreciation for the dedicated contributions of the staff, the CBL Management is committed to the payment of the unexpired contractual period of those whose contracts have terminated ahead of the contract agreement. The CBL management will also provide a token to all the contractors and hold an appreciation ceremony to certificate staff for their invaluable contributions during their contractual period at the Bank.
During a meeting with the end-of-contract separated contractors and consultants, Tuesday, August 27, 2024, Acting Executive Governor, Henry F. Saamoi said, “we value your services, and have prepared a package and an honoring ceremony for you, but that the situation was brought on us by the circumstances.”
While announcing a scholarship for those of the contractors who are high school graduates to back to school, Mr. Saamoi said “it`s a difficult task, but whenever faced with difficult decision, consider the country first.”
While the Currency Reform has come to an end, the CBL Management remains committed to exploring future opportunities for the end-of-contract separated contractors and consultants, to participate in a competitive recruitment exercise at the Bank where their skills and expertise may be applied.
CBL said it remains dedicated to ensuring transparency in this exercise to treat all contract staff with respect and dignity during these periods. The bank said it will continue to uphold its values of integrity and fairness as it navigates this process.
The release said by implementing this transparent and objective separation process, the CBL streamlines its workforce, optimizes resources, and maintains the integrity of its operations, and the success of this process secures the future financial viability and operational effectiveness of the Bank.
The current operational cost of the CBL has been unsustainable over recent years, especially given the limited income sources of the Bank and the impact of its huge operational cost.
