—- Installs New Leadership of Newspaper Publishers Association (PAL)
IPNEWS: The Executive Governor, of the Central Bank of Liberia (CBL), J. Aloysius Tarlue,Jr., has underscored many gains at the Central Bank of Liberia since he took over amidst the controversial ‘missing 16 billion’.
Speaking at the installation of newly elected officers of the Publishers’ Association of Liberia (PAL), Hon. J. Aloysius Tarlue, Jr, stated that the current team of managers at the CBL has been working around the clock to restore the lost public confidence in the Bank surrounding negative media reports which have greatly affected the image of the Central Bank both locally and internationally.
Governor Tarlue, recounted dreadful events of the alleged missing 16 billion, the mishandling of the US$25.0 million mop-up exercise, the unprecedented level of the inflation rate, and acute and persistent liquidity, as major issues which undermined public confidence in the banking system, causing a virtual cycle of the liquidity crisis.
Tarlue stated that an unsustainable budget due to high over-employment and a non-transparent procurement process were additional unfavorable situations that undermine the macroeconomic gains of Liberia leading to the accession of the country to the IMF Extended Credit Facility (ECF) program in late 2019.
“In order to put the Bank on a positive trajectory, His Excellency, President George Manneh Weah, Sr. appointed a new Management team, which included me, and restructured the Board of Governors. Following this, the Bank under the guidance of the Board of Governors, embarked a concerted reform of the Bank focused on correcting all existing weaknesses at the Bank, including internal controls, procurement, currency management operations, regulatory and supervisory processes, etc.”
“We have developed a new strategic plan (2021-2023) anchored on rebranding the image of the Bank and the mandate of the Bank as enshrined in Section 5 of the Amended and Restated Act of the CBL (2020), which is one of the milestone achievements.” CBL Governor Tarlue told the gathering.
Governor. J. Aloysius Tarlue, Jr., further said that as part of the ongoing reforms at the Central Bank of Liberia, the CBL has made significant progress in turning the Bank’s bad image around and rebuilding public trust in the Bank and the banking system in general.
CBL Governor J. Aloysius Tarlue, Jr., stated that under the ECF program, the Central Bank of Liberia now has greater Board Oversight where all key decisions and policies have been made by the Board of Governors unlike, in the past.
Other reforms carried out at the CBL include reform of the internal controls processes and system to adapt to prudent financial management policy which has put the Bank on a strong financial footing thus enabling the CBL to carry out its monetary policy more effectively unlike in the past.
He further named significant improvement in reducing the inflation rate from as high as 30 percent by end of 2019 to as low as 6.9 percent average inflation rate. This represents one of the lowest inflation rates in the West African sub-region, largely on account of our effective monetary policy stance coupled with prudent fiscal management by the Government. In addition to this, we have achieved broad stability of the exchange rate of the Liberian dollar for a long period compared to the prior administration when the exchange rate was very much volatile and uncertain.
“In addition to the many reforms we made at the CBL since our takeover, we have ensured that the banking system and financial system, in general, remain strong, viable, and inclusive. In this regard, we have strengthened our regulatory and supervisory oversight through enhanced supervisory strategy and more robust monitoring of the financial system. A key milestone in this effort is the drafting of a new Banking Act which is currently at the National Legislature, reflecting a significant amendment to the New Financial Institutions Act of 1999. The New Act seeks to strengthen the resolution regime and supervisory roles of the CBL. “
“We are currently implementing a currency reform on a scale never experienced by the Bank before. For the first time in over 20 years, we are printing and minting a new family of banknotes and coins to the tune of L$48.734 billion with the re-introduction of new coins after almost 30 years and the introduction of L$1,000 banknote for the first time. It is worth noting that the CBL is carrying out such a transparent currency procurement process with the involvement of our external partners (IMF and USAID through Kroll). The procurement process of the new currency was acclaimed by the US Embassy, noting that other agencies of government could emulate it. “
“Notwithstanding the effort to ensure that we have adequate banknotes and coins to serve the needs of the economy in the medium-term, we are also promoting digitization of the financial services and transactions as part of our National Financial Inclusion Strategy. We continue to see increases in mobile money transactions and other electronic payments. “
“We are making strides in modernizing our national payments infrastructure. On this note, we have secured up to US$7.0 million to finance the upgrading of our National Electronic Payments Switch (NEPS). This will significantly help in promoting interoperability among the different players in the payments system space, promote regional trade through the Pan-African Payment System infrastructure, and promote effective and transparent public financial management through improved revenue collection and payments for expenditures. There are a lot of other reforms taking place at the Bank, which time cannot permit us to mention here.”
Furthermore, the CBL Governor Tarlue said the achievements at the Central Bank of Liberia, were key contributing factors to Liberia’s performance under the ECF program and the Millennium Challenge Corporation, which have brought significant financial resources to the country through external budget support to the Government, together with the promotion of macroeconomic stability, economic growth and sustainable economic development.
Touching on the recent debate over non-performing loans by borrowers at various commercial Banks, Governor Tarlue stated that the non-compliant posture of some delinquent borrowers to settle their obligations to the commercial banks was grossly undermining the fiscal overturn of the country.
Tarlue stated that the non-compliant posture will not make commercial Banks reluctant or become selective in granting loans to the private sector which is not good for the economic growth of Liberia.
He said the CBL is seriously concerned about this situation leading to the issuant of a press statement urging individuals and businesses once again in this category to engage their commercial banks to work out modalities to either restructure or commence payment on their outstanding obligations.
“The CBL has given up to the end of the first quarter of 2023 to all non-compliant delinquent borrowers to improve their delinquent or risk several supervisory sanctions, including restriction to access banking services until they can settle on their obligations. You cannot benefit from a system, while at the same time undermining the same.” The Executive Governor, of the Central Bank of Liberia (CBL), J. Aloysius Tarlue, Jr. stated.
On the installation of the newly elected officials of the Publishers Association of Liberia (PAL), the Executive Governor, of the Central Bank of Liberia (CBL), J. Aloysius Tarlue, Jr., encouraged the media, especially Publishers to promote the democratic system, but also free market system.
Governor Tarlue said that Liberia could not have achieved the level of public credibility and trust in the financial system without the media, given the critical role it plays in the rebranding process, —-stressing one first step taken by the CBL to strengthening the capacity of the Communication Section which has led to the building of a new partnership with the media community.
He said as part of the partnership with the local media, the CBL has established a formal media engagement program with the Liberia Broadcasting System (LBS) through our famous ‘Money Matters’ program and continues to patronize several newspapers in the country, including holding of the regular engagements with media executives on major and important developments about the CBL.
“Let me publicly state that these engagements have been remarkable and rewarding. We must commend you for this. The media has played an important role in the currency reform project, not only in educating the population on the new currency but also for managing public expectations. You continue to play a key role in disseminating our monetary policy decisions, which marked a significant transformation in our monetary policy formulation, transparency, and accountability to the public, the business community, policymakers, and our external partners. “ The Executive Governor, of the Central Bank of Liberia (CBL), J. Aloysius Tarlue, Jr., said.
Governor Tarlue furthermore stated that access to information is an essential element of democracy and a free market economy, which Liberia ascribes to, however, accurate, fair, and balanced reporting are important elements of media ethics that must be maintained.
“Let me encourage you Mr. newly installed president and your team, to ensure the best professional character of PAL members. This is important because it helps to provide full information to the public in not only understanding issues but making the right judgment about those issues, which directly or indirectly affect their lives.”
“I must say that many of you have exhibited and upheld these ethical standards. We, most often, see sensational publications from some papers which are sometimes not substantiated before publication. This is not peculiar to Liberia. The CBL itself is a victim of these sensational publications. As a professional institution, we have always managed our reactions to these publications, bearing in mind that we have nothing to hide. However, we believe that fact-checking should be the first ‘rule of engagement’ because this is good for the integrity and credibility of the media community itself.”
“As we discussed about media ethics, the role of social media raises a specific challenge due to technological advancement. Compared to traditional media, social media has a larger reach, is easily accessible, enables mass participation in public discussions and provides instant information. Notwithstanding its positive impact, social media has most often been misused, thus causing negative impact on society. While it may be difficult if not impossible to stop this technological advancement, the need for some ethical standards to govern these activities is important. “ The Executive Governor, of the Central Bank of Liberia (CBL), J. Aloysius Tarlue,Jr. concludes
For his part, the President of the Publishers Association of Liberia, Othello Garblah, called for support to the Liberian newspaper pujblishers.
Garblah stated that since the incumbency of President George Manneh Weah, the Liberian media is somehow lagging behind in its transformation programs after nearly two decades of peace apparently due to donor misguided projects that were intended to empower the media to become viable to meet present-day realities and challenges, as was done in other African countries; such as Rwanda, Uganda, Botswana, Ghana, South Africa among others following their respective struggle for democratic governance.
He perhaps, due to lack of strategic program to support the traditional media economically, there is massive a declined in ethical and professional journalism in Liberia, including the huge exodus of professional journalists to greener pasture to banks, NGOs, public sector or state-operatives media outlets due to lack of improved economic benefits.
“Most media owners said people are abandoning the independent media (Print) because of the harsh economic environment to address pressing issues like staff incentives, huge over-head expenditure including news gathering-investigative, electricity, newsprints, as well as other media related supplies, not precluding office rent.”
“More than that, the country’s economic environment is getting worst on a weekly basis, and the survival of any newspaper rest on its economic viability emanating from adverts or commercial contracts but instead even the few adverts published, payments are hard to come by. Ironically, since the outbreak of the COVID-19 PANDEMIC, several businesses collapsed, and adverts disappeared coupled with Donor fatigue.
While Liberia’s new dispensation of democracy has led to the upsurge of more than 30 newspapers, unfortunately, the print media in Liberia is yet to benefit directly from the much-publicized international goodwill economically.”
Surprisingly, the PRINT MEDIA, a nucleus of the traditional media is the victim of local implementing partners’ conspiracy theory to keep the media in poverty, despite millions of donors’ funding sent to Liberia for media development and assistance projects.
However, in the face of COVID-19 Pandemic, media economic sustainability for ethical journalism is still unattended to, and as other important sectors like governance, rule of law, and energy are under resuscitation by the international community, the Liberian print media continue to languish in poverty and misery. Media EXPERTS have also opined at various media-related gatherings that for the traditional media mainly the PRINT to uphold its ethical standards and help fight abuse and waste, it would largely require media development partners to economically support the media through grants, investigative projects, and other sustainable programs that would propel the capacity of this sector as the country prepares for very crucial Presidential and Legislative elections, come 2023. These media experts believe that instead of donors spending millions on workshops; it is about time that international donors refocus their attention on media economic empowerment projects.
“But it is a known fact the government and Liberian press are on a collision course emanating and developing from a confidence crisis. This apparent misunderstanding between the two is negatively affecting the media’s economic survival. The media is of the view that the government sidelined the sector and politicized adverts due to its apparent critical posture following the 2017 elections, such as the payments of media debts coupled with COVID-19, the media remain the victim of the bad economy and global pandemic, as several media houses are shutting down and qualified journalists trooping to state-operative institutions, and the once vibrant professional sector is lying in poverty, while international donor community waste it resources on unscrupulous implementing partners.”
“The second situation at problem hand had to do with the lack of due payments by members. Knowing Liberians for not paying dues, PAL is no exception as members have failed to pay their respective dues despite demands for benefits thereto. PAL over the last few years has been able to work with some donor partners including Internews, and PUL to come up with some self-regulatory framework documents for practitioners and atandalone draft legislation on the protection of personal data privacy. We, thru our back-channel negotiation, were instrumental in securing funds for some of our colleagues to seek medical attention outside the country. We were also able to rally a small purse for one of our ailing colleagues who came down with a stroke to help secure medication and recently made a small contribution to another colleague to seek medical attention. This is part of our social responsibilities to members of our organization” Othello Garblah stated
Plans for the next three years
The President of the Publishers’ Association stated that over the next three years of our leadership, his leadership intends to focus our attention on ways and means of improving our revenue generation scheme to help improve our financial viability as we head towards the 2023 general and presidential elections.
He named the rebranding process of the PAL over the next three years to the construction of an integrated PAL website that will have links to all PAL member websites, monetizing our websites, construction of newsstands to expand circulation in major county capitals where receipt of hardcopies of newspapers has been challenging amid poor internet connectivity.
He said the construction of the newsstands when actualized will not only increase the revenue generation of PAL members but also provide jobs for individuals posted in these newsstands that will earn commissions based on daily sales.
