Former Senate leader and Liberia’s ambassador to the European Union Dr. Isaac W. Nyenabo is in pole position to be named as Executive Governor of the Central Bank of Liberia (CBL), the New Democrat understands.
The Central Bank job was made vacant after the Executive Mansion announced Tuesday that President George Weah has accepted the resignation of Governor Milton Weeks. There has been no public explanation from the departing governor why he quit just two years into his five-year office term.
CBL governors are statutorily required to maintain price stability and to ensure a sound banking and financial system, with key objectives such as maintaining the value of the domestic currency and external reserves and pursuing appropriate interest and exchange rate policies.
CBL insiders told this paper that President Weah asked Weeks to resign over the poor state of the country’s currency. He assumed the role in May 2016, when the economy was already in crisis.
Although Weeks said in his last report, real GDP growth for Liberia in 2018 is projected to move up to 3.2 percent, or 0.7 percentage point above the 2.5 percent growth recorded in 2017, the domestic economy is plagued with surging inflation and declining currency. Inflation at the end March, 2018 stood at 17.6%.
According to the CBL the exchange rate between the Liberian-dollar and the US dollar on average depreciated by 4.8 percent to L$128.34 per US$1.00 at end-March, 2018, from L$122.52 per US$1.00 at end of December, 2017. On a year-on-year basis, the average exchange rate depreciated by 24.4 percent, from L$103.15 per US$1.00 recorded at end of March 2017.
Weeks’ potential successor is Liberia’s current Ambassador Extraordinary & Plenipotentiary to the Kingdom of Belgium with concurrent accreditation over the Kingdom of Netherlands, Grand Duchy of Luxemburg and the European Union. He has served the role since February, 2015.
Born August 6. 1964, earned Doctor of Management in Organizational Leadership, University of Phoenix and Master of Public Administration (MPA) in Public Sector Management from Cuttington University, Master of Business Administration, or MBA, in Finance from the same university. Other credentials include: Master of Arts, in International Relations and Diplomacy, from the Ibrahim Bandamasi Babangida (IBB) School of International Relations, University of Liberia and Bachelor of Business Administration in Management and Economics from the Cuttington University College. He was elected Senate President Pro-Tempore and served from January 2006 –March 2009. He later served as Chairman of the Senate Committee on Banking and Currency.
Dr. Nyenabo also served as Comptroller and Accountant General between 2005 and 2006 and Vice President, Agricultural Cooperative Development Bank (ACDB), 1997.