MONROVIA – Liberia has reaffirmed its growing leadership role in regional financial governance as it hosting the high-level Meetings of the College of Supervisors of the West Africa Monetary Zone (CSWAMZ) at the Central Bank of Liberia (CBL) in Monrovia.
Delivering a rousing keynote address at the opening ceremony, the Executive Governor of the Central Bank of Liberia declared the gathering a defining moment for West Africa’s financial future, emphasizing that the region now stands at a critical crossroads where cooperation, innovation, and regulatory excellence must converge to safeguard economic stability and unlock shared prosperity.
Speaking on behalf of President Joseph Nyuma Boakai, the Government and People of Liberia, the CBL Governor Henry Saamoi warmly welcomed senior financial supervisors, directors general of WAMI, WAIFEM, and WAMA, banking supervision heads from WAMZ member states, and representatives of the media, describing Liberia as “honored and proud” to host such a strategic regional engagement.
“This meeting is not merely procedural—it is transformational,” the Governor said, stressing that the presence of supervisors from across the sub-region reflects a deepening commitment to regional integration, macroeconomic convergence, and the ECOWAS vision of a unified and resilient monetary system.
Supervisors as Architects of Trust
The Governor underscored the pivotal role of supervisors as guardians of financial stability, noting that their work directly impacts entrepreneurs seeking capital, families protecting their savings, and nations trading across borders with confidence.
In a region where banking groups and financial risks transcend national boundaries, he emphasized that isolated supervision is no longer sufficient.
“The College of Supervisors is no longer optional—it is a financial stability imperative,” he declared, describing CSWAMZ as a cornerstone of regional financial governance that enables early risk detection, coordinated responses, joint inspections, crisis preparedness, and systemic stability across the WAMZ.
Liberia’s Reform Momentum Gains Regional Spotlight
Positioning Liberia as a reform-driven economy, the Governor outlined sweeping measures undertaken by the Central Bank of Liberia to strengthen financial resilience, modernize infrastructure, and deepen financial inclusion—aligned with ECOWAS convergence benchmarks, the WAMZ framework, and global best practices.
Among the headline reforms is a phased increase in banks’ minimum capital requirement from US$10 million to US$15 million between 2026 and 2028, a bold move aimed at strengthening balance sheets, supporting prudent risk-taking, and expanding responsible credit to fuel private-sector-led growth.
Liberia has also made remarkable strides in digital finance. The successful 2025 launch of the Inclusive and Instant Payment System (IIPS) achieved nationwide interoperability in record time, dramatically improving transaction efficiency, security, and access to formal financial services.
This, combined with the ongoing rollout of the National Electronic Payments Switch, is laying the foundation for a modern digital financial ecosystem—one expected to push financial inclusion beyond 70 percent by 2029.
On the legal front, the enactment of the Bank-Financial Institutions and Bank-Financial Holding Companies Act, 2025—fully aligned with the WAMZ Model Banking Act—was hailed as a landmark achievement.
Authorities say the law strengthens consolidated supervision, corporate governance, capital adequacy, risk management, and resolution planning, while complementary reforms are advancing AML/CFT oversight, cybersecurity supervision, and operational resilience.
Facing Challenges with Resolve
While acknowledging persistent challenges such as elevated non-performing loans (NPLs), Governor Saamoi highlighted notable progress, with NPLs declining from 17.9 percent at end-2024 to an estimated 12.58 percent in 2025.
He announced intensified supervisory enforcement and a forthcoming national NPL resolution forum aimed at delivering sustainable, market-based solutions.
Broader constraints—ranging from limited long-term financing to exposure to global shocks—were framed not as setbacks, but as a compelling case for deeper regional cooperation, joint stress testing, crisis simulations, and harmonized resolution planning.
Strong Macroeconomic Signals Boost Investor Confidence
The CBL Governor also featured Liberia’s improving macroeconomic outlook during his keynote address.
He said real GDP growth reached 5.1 percent in 2025, inflation fell sharply to 4.0 percent, and foreign reserves strengthened.
According to him, under the IMF-supported program, all performance criteria were met, while ECOWAS convergence assessments confirmed progress on key benchmarks.
“These outcomes are not abstract numbers,” the Governor noted. “They are delivering real dividends—jobs, energy access, infrastructure, and stronger human capital—while reinforcing Liberia’s attractiveness to investors and development partners.”
A Call to Leadership and Unity
The governor reminded participants that supervisors are more than regulators—they are architects of trust and leaders of change whose decisions will shape the financial future of millions across West Africa.
Trokon S. Wrepue is a Liberian journalist with 9 years of experience in the practice of journalism. Over the years, Trokon has reported on women and children issues, investigated public and private sectors corruption, environmental challenges and other critical human interest stories. He is currently the Editor of News for OK FM, one of Liberia’s premier media institutions in Monrovia. Besides being a journalist, Trokon is also a Mandela Washington Fellow. In 2022, he travelled to California in the US where he studied leadership, culture and diversities at the California State University. In 2023, he travelled to Johannesburg in South Africa and attended the Mandela Washington Fellowship Symposium of Young African Leaders.
