The Central Bank of Liberia (CBL) has announced the termination of contracts for 209 contractors and consultants following the successful completion of its currency reform project. The decision, announced in an August 27 press release, aligns with the bank’s commitment to financial sustainability and operational efficiency.
- Currency Reform Completion: The CBL’s currency reform project, initiated in 2021, has reached its conclusion.
- Contract Terminations: The bank is terminating contracts for 209 staff members whose definite employment agreements have expired.
- Financial Sustainability: The CBL cites the need to streamline its workforce and reduce operational costs as the primary reasons for the terminations.
- Separation Package: The bank is offering a separation package to affected staff, including a token of appreciation and scholarship opportunities.
- Future Opportunities: The CBL has expressed interest in exploring future opportunities for the terminated staff and is inviting them to participate in a competitive recruitment process.
Quotes:
- Henry F. Saamoi, Acting Executive Governor: “While the Currency Reform has come to an end, the CBL Management also expressed commitment to exploring future opportunities for the end-of-contract at the CBL.”
- CBL Press Release: “The Central Bank of Liberia is committed to treating its staff with respect and dignity and will uphold its values.”
The CBL’s decision to terminate contracts is a strategic move aimed at ensuring the bank’s long-term financial stability and operational efficiency. While the terminations may have a short-term impact on the affected staff, the CBL has expressed its commitment to providing support and exploring future opportunities.