Another Five Years of Prudent Macroeconomic Management

By Doe S.K. Davies

When Dr. J. Mills Jones was nominated by President Ellen Johnson Sirleaf in April 2006 as Executive Governor of the Central Bank of Liberia, many Liberians did not expect that he was up to the task. But within five years of his tenure at the bank, Dr. Jones has proven his critics wrong as he has exemplified himself as a macroeconomic guru to reckon with. He has promulgated monetary regulations and policies aimed at sustained economic growth and development to the admiration of all and sundry.

Hence, it was no surprise when on Tuesday, February 8, 2011; the Liberian Senate overwhelmingly endorsed his nomination to a second five-year term as Executive Governor of the Central Bank of Liberia (CBL).

The Senate’s approval of Dr. Jones’ nomination followed a hectic confirmation hearing by that august body’s Committee on Banking and Currency, chaired by Grand Gedeh Senior Senator Isaac Nyanebo and co-chaired by Senator Joseph Nagbe of Sinoe County.

Senator Nagbe told this writer via mobile interview that the Liberian Senate had renewed its confidence in Dr. Jones and confirmed him owing to his proven capability and efficacy in handling the affairs of the Central Bank of Liberia.

On January 24, 2011, President Ellen Johnson Sirleaf during her ‘State of the Nation’ address to the National Legislature heaped praises on the CBL authority for exceeding all of the HIPC targets for sound reserve management and its instrumentality in the nation’s economic growth under the erudite leadership of Dr. J. Mills Jones as Executive Governor.

Subsequently, on January 27, 2011, the Liberian Chief Executive appointed Dr. Jones to succeed himself for a second five year term as Executive Governor of the CBL.

Dr. Jones’ preferment by the Liberian Leader and his subsequent endorsement by the Liberian Senate for a second five year term is a result of the enormous achievements of the bank since he took up the broken pieces of the nation’s monetary regulatory arm of the Liberian Government some five years ago.

Heaping Praises

Monday evening, January 24, 2011, President Ellen Johnson Sirleaf publicly recognized the brilliant performance of the Central Bank of Liberia (CBL) in exceeding all of the HIPC targets for sound reserve management and its instrumentality in the nation’s economic growth under the erudite leadership of Dr. J. Mills Jones as executive Governor.

President Sirleaf told a jammed packed capitol building audience who had gathered to listen to her 5th State of the Nation address to the National Legislature that “in 2006, the reserves of the Central Bank were a mere US$5 million but today they stand at US$293 million. Emphasizing: Let me repeat this again: five years ago, the Central Bank had US$5 million in reserve, and today, it has US$293 million. Thank you, Mr. Governor, to you and your staff,”

Heaping praises on the significant achievement of the CBL, President Sirleaf indicated: “But one huge step stands above all others: our freedom from debt. In 1989, our external debt stood at US$1.3 billion; 1999, ten years later, it had doubled to US$2.6 billion, almost five times our entire national income, on account of interests and penalties and commercial debt arising from questionable transactions. By 2009, we were faced with a staggering US$4.9 billion debt. This was more than seven times our national income and almost 20 times what we received as aid from the international community.

“Today, we are virtually debt free,” President Sirleaf boasted and indicated that this success was achieved in a world record period of three years. “We have won back our reputation, we have regained our financial independence and we will use that new freedom to speed up development. With this burden of debt lifted, we can spend the money saved on improving the lives of our citizens,” the Liberian leader added.