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Cbl Strategic Objectives CENTRAL BANK OF LIBERIA STRATEGIC PLAN • 2017-2019 THIS PAGE IS BLANK ON PURPOSE CONTENTS CONTENTS ....................................................................................................................................................... i FOREWORD ................................................................................................................................................... iii ACKNOWLEDGEMENTS ........................................................................................................................... v ABBREVIATIONS ......................................................................................................................................... vi EXECUTIVE SUMMARY........................................................................................................................... viii SECTION 1: INTRODUCTION .................................................................................................................. 1 SECTION 2: OVERVIEW OF THE CBL ................................................................................................ 16 SECTION 3: CBL SITUATIONAL ANALYSIS...................................................................................... 26 SECTION 4: CBL STRATEGIC OBJECTIVES ...................................................................................... 38 SECTION 5: IMPLEMENTATION OUTLINE ..................................................................................... 46 SECTION 6: PERFORMANCE MANAGEMENT, MONITORING & EVALUATION ............ 51 ANNEX: CBL STRATEGIC PLAN IMPLEMENTATION MATRIX (2017-2019) ........................ 53 FIGURES Figure 1: General and Core Inflations (October, 2015 - October, 2016) .................................................. 2 Figure 2- Liberian-US Dollar End of Period and Period Average Exchange Rates (2014 –Oct, 2016) .............................................................................................................................................................................. 3 Figure 3- Sub-Regional Currencies Appreciation/Depreciation Rates Vis-à-vis the US Dollar (Oct 2015-Oct 2016) ................................................................................................................................................... 3 Figure 4: Liberia’s Trade Performance January-September 2015 & January-September 2016 (In Millions, US$) ..................................................................................................................................................... 5 Figure 5: Organizational Structure of the Central Bank of Liberia .......................................................... 20 Figure 6: CBL Strategic Goals ........................................................................................................................ 30 Figure 7: Key Interventions by Pillar ............................................................................................................ 38 Figure 8: Liberia’s Development Strategy Framework for 2012-2030 ..................................................... 47 Figure 9: AfT Pillar Structure ......................................................................................................................... 48 Figure 10: Critical Success Factors ................................................................................................................ 50 Figure 11: CBL Strategic Plan Management Structure ............................................................................... 51 i CENTRAL BANK OF LIBERIA TABLES Table 1: Sub-Regional Currencies Appreciation/Depreciation Rates Vis-à-vis the US Dollar (End of Period) ................................................................................................................................................................. 4 Table 2: Liberia’s Trade Performance January-September 2015 & January-September 2016 (In Millions, US$) ..................................................................................................................................................................... 5 Table 3: Average Global Commodity Prices of Liberia’s Major Exports and Imports........................... 7 Table 4: Trend of Personal Remittances (Millions of US Dollars) ............................................................. 7 Table 5: PESTLE Analysis ............................................................................................................................. 31 ANNEX TABLES Table A1: Executive Governor’s Office ....................................................................................................... 54 Table A2: Financial Sector Development Unit ........................................................................................... 56 Table A3: Enterprise Risk Management Department ................................................................................ 58 Table A4: Human Resources Management Department ........................................................................... 62 Table A5: Internal Audit Department .......................................................................................................... 64 Table A6: Legal Counsel ................................................................................................................................. 67 Table A7: Regulation & Supervision Department ...................................................................................... 69 Table A8: Research, Policy & Planning Department ................................................................................. 72 Table A9: Financial Markets Department .................................................................................................... 74 Table A10: Banking & Payment Systems Department .............................................................................. 75 Table A11: Finance Department ................................................................................................................... 81 Table A12: Management Information Systems & Technology ................................................................. 83 Table A13: General Support Services Department .................................................................................... 85 STRATEGIC PLAN 2017 - 2 0 1 9 ii FOREWORD The Central Bank of Liberia (CBL), much like the nation it serves, has experienced steady and significant progress over the last ten years – evidenced by the stately building it now calls home, and by its dynamic and passionate staff. I am pleased to have taken the reigns of this great institution on May 12, 2016, joining a distinguished group of individuals who have done their share to keep alive the Liberian economy in spite of the many challenges this nation has faced. Through war and peace, from economic collapse to revival, through Africa’s most severe public health crisis, and back again, our past Governors have braved many a storm, and we gratefully acknowledge their superior contribution to our nation’s development. Building on their legacy, we at CBL have charted the next leg in our journey toward a fully developed, robust and efficient financial system. Our strategy spans three years (2017 – 2019) and rests on three key pillars: i) Financial Sector Reform; ii) Financial Inclusion; and iii) CBL Reform. The Financial Sector Reform pillar represents our commitment to advance the modernization of the financial system to meet international standards for interoperability, efficiency, profitability and security. The Financial Inclusion Pillar highlights the premium that CBL continues to place on lifting our most vulnerable citizens in urban and rural Liberia out of poverty, by giving them access to the affordable financial services that they so richly deserve. Through the CBL Reform Pillar, the enterprise is poised to begin a new chapter in its long journey. Aiming to lead the financial sector’s modernization drive by example, we are further automating our administrative processes to increase efficiency in the use of our time and other resources – and doing our share to spare the environment any unneeded strain. We are also revising our organizational structure to meet the emerging needs of our ever-developing sector. We are adding new entities such as the Financial Markets Department to manage the exciting development of Liberia’s capital markets, and the Financial Sector Development Unit to support our strategic drive to lift every household out of poverty. We are also upgrading the Enterprise Risk Management, Internal Audit, MIS and Human Resources Sections to full Departments, to reflect their key roles in managing our corporate evolution. The plot also thickens within our longstanding departments, where we seek to expand our research capability and continue providing our public and private stakeholders with quality data and policy advice. In the Regulation and Supervision Department (RSD), our inclusion of AML/CFT Unit reflects our commitment to combat money laundering and the financing of terrorism within our financial system. An expanded focus on Digital Financial Services and Consumer Protection is also being pursued and demonstrates our resolve to expand financial product offerings while protecting iii CENTRAL BANK OF LIBERIA that large portion of our population that remains underrepresented in the financial sector. A new unit in the Research Department will also focus on macroeconomic forecasting as well. As we prepare to implement
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