Africa-Press – Liberia. In his commencement address to the 2021-2022 graduates of the Stella Maris Polytechnic Institute and guests attending the ceremony, the United States Ambassador to Liberia, Michael A. McCarthy, posed the question: “If Liberty should come with responsibility, what can we say about responsibility in Liberia?”
McCarthy was speaking at the convocation held Oct. 28, on the Capitol Hill campus of the University operated by the Catholic Archdiocese of Monrovia.
During his speech, McCarthy called out prominent Liberians and businesses for acting with impunity as they engage in corruption and break laws to enrich themselves.
Making the case for serving with integrity, the American emissary referenced the Liberian Bank for Development and Investment’s (LBDI) non-performing loan recovery program.
“How well are some of Liberia’s most prominent business professionals and largest companies ‘serving’ the country if they borrowed millions of dollars from Liberian banks with absolutely zero intention of paying back their loans?” the Ambassador asked the audience during his speech.
McCarthy continued, “How can the Liberia Bank of Development and Investment spur the growth of new small and medium enterprises if, as a result of ‘non-performing loans of prominent people,’ the bank has no money to lend?”
Citing a number of examples representative of the pervasiveness of corruption in government and the private sector in Liberia, McCarthy warned of the dangers of institutions and individuals in Liberia acting with “impunity.”
“The Cambridge English Dictionary says that Impunity is freedom from punishment from something that is wrong or illegal,” the Ambassador continued, after citing a phrase he has heard repeated in Liberia: Liberia is “a country where impunity rules.”
Deo Delaney, President and CEO of LBDI, said the US Ambassador mentioning the bank’s recovery effort in his speech affirms for him that the initiative is a step in the right direction even though the effort targets some prominent companies and individuals that may have political or social influence.
In August, the President and Management of LBDI, Liberia’s only Development Finance Institution announced the launch of the program designed to collect an estimated US$60 million in unpaid loans Liberian individuals and companies owe the Bank.
“The goal of the program is to increase the Bank’s liquidity and profits after a five-year period of record loss during which the bank lost nearly 25% of its customer base,” said Mr. Delany.
“These actions will engender public trust and confidence amongst investors, customers, and other affiliates – including our employees,” Delaney, who became chief executive of LBDI in May, added.
“An excessive amount of bad loans on the books only compounds the Bank’s dire financial situation,” Delaney said. “It is one of the most important steps on our path to future growth.”
In August, LBDI published public notices in several major daily newspapers announcing the program.
“This notice informs the public that the Liberian Bank for Development and Investment (LBDI) intends to foreclose and sell houses, cars, land and other properties purchased with LBDI loans that are in default,” the LBDI notice said. “Large numbers of non-performing loans (NPLs) prevent LBDI from providing access to finance for deserving market women, Pen Pen drivers, Keh Keh drivers and other ordinary Liberians.”
“Liberia is a small country,” said Delaney. “It’s nearly impossible to launch a program of this scope and scale without affecting people you know and like – or even people you might be related to.”
The notice also stated that LBDI would begin collection activities immediately, noting that the Bank would seek to obtain judgment against properties borrowers pledged as collateral. If parties, the notice indicated, are found guilty in a court of law, they would be responsible for paying 20% of legal costs/attorney fees incurred by LBDI.
McCarthy also urged the graduates to prioritize service in every activity they undertake.
“I encourage you to aim higher than what is considered service,” he told the 606 members of the 23rd graduating class of Stella Maris. The ceremony was held in the university’s “Poly Gym.”
“Today’s commencement celebrates not an ending point, but the beginning of your journey; a journey that will have lasting impact on yourselves, on the Liberian people and on the country. Today, you commence your work as a leader by applying knowledge you have obtained so far. Perhaps, the biggest difference you can make as an individual, and a cohort, is through your gift of service. Dream to learn well! Learn so as to serve well,” McCarthy concluded.
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