Economic Analyst Thomas Forhor Questions High Salaries of Central Bank Executives Amid Rising Public Hardship

By Amos Harris

Liberian economic and public analyst Thomas T. Forhor has raised concerns over what he describes as excessive compensation for senior officials of the Central Bank of Liberia (CBL), questioning how the government can justify spending approximately US$1.26 million annually on three top banking executives while public schools, healthcare facilities, and basic infrastructure continue to face serious challenges.

According to Mr. Forhor, Central Bank Governor Henry F. Saamoi receives approximately US$45,000 monthly in salary and benefits, while his two deputies reportedly receive about US$30,000 each per month. The combined compensation, he noted, amounts to US$105,000 monthly or US$1.26 million annually for just three officials.

He argued that such compensation packages raise serious questions about the government’s spending priorities, particularly at a time when Liberia continues to depend on donor assistance and international development partners to support essential national development programs. Mr. Forhor questioned why a country seeking financial support from international partners cannot adequately address some of the most pressing needs of its own citizens.

The analyst further pointed to the condition of public education across the country, claiming that children in Bomi, Gbarpolu, Grand Bassa, Sinoe, Grand Kru, Montserrado, and other counties continue to attend schools with inadequate facilities, with some reportedly sitting on bare floors. He also highlighted teacher shortages and the difficulties students at the University of Liberia face in accessing basic classroom facilities, including seats.

Beyond education, Forhor said ordinary Liberians continue to struggle with unemployment, poor roads, inadequate healthcare, and the rising cost of living. He noted that many civil servants earn salaries that are insufficient to meet their families’ basic needs, while market women continue to struggle daily to generate enough income to feed and sustain their households.

Mr. Forhor also called for greater transparency surrounding the compensation packages of President Joseph Nyuma Boakai and Vice President Jeremiah Kpan Koung. He said the public deserves a comprehensive disclosure of their salaries, allowances, housing benefits, transportation arrangements, security expenses, and other privileges funded through public resources.

He emphasized that his concerns should not be interpreted as an attack on qualified professionals serving in government institutions, but rather as a demand for transparency, accountability, and responsible management of public finances. According to him, if the reported compensation packages are justified, the government should provide the necessary explanations to the Liberian people; otherwise, authorities should consider reviewing them in the interest of national development.

The economic analyst also urged President Boakai to reduce the number of vehicles and security escorts accompanying him, arguing that presidential leadership should demonstrate a commitment to responsible spending and modest public service. He maintained that in many African countries, the conduct and decisions of presidents often influence the behavior of other public officials, making it important for the President to set an example that others can follow.

Speaking on a local radio station in Monrovia over the weekend, Forhor stressed that Liberia’s development requires a collective national effort, beginning with leaders recognizing that public office is a responsibility to serve citizens rather than an opportunity for personal comfort. He warned that a country unable to provide decent learning conditions for its children while sustaining expensive privileges at the highest levels of government must seriously examine its spending priorities, adding that Liberia’s future depends on leadership that places the welfare of its people at the center of national decisions.

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