Liberia through the Executive Governor of the Central Bank of Liberia, Hon. Henry F. Saamoi, has formally assumed the Chairmanship of the Committee of Governors of the West African Monetary Zone, vowing to accelerate monetary convergence and keep the region’s single currency ambition on track despite mounting global and institutional pressures.
Governor Saamoi’s elevation came as Liberia hosted the 67th Ordinary Meeting of the Committee of Governors of Central Banks of ECOWAS Member States, alongside sessions of WAMI and WAIFEM in Monrovia. Addressing delegates, he described the moment as historic, stressing that the meetings were “not merely ceremonial” but critical milestones toward financial stability and a unified West African currency.
He takes office at a time of global economic uncertainty. While global growth stands at 3.3 percent and inflation is projected to ease to 3.8 percent by 2026, he warned of persistent vulnerabilities, including geopolitical tensions, currency depreciation and food price volatility across developing economies. Against this backdrop, ECOWAS economies grew by 4.5 percent in 2025, with projections of 5.0 percent in 2026 — a performance he attributed to deliberate reforms and improved coordination among central banks.
Regionally, inflation declined from 23.3 percent in 2024 to 16.8 percent in 2025, fiscal deficits narrowed to 3.1 percent of GDP, and debt-to-GDP ratios showed cautious improvement. Export growth outpaced imports, generating a current account surplus of 3.5 percent of GDP, while most member states met the benchmark of maintaining reserves above three months of import cover.
On convergence, four member states are expected to meet all four primary criteria in 2025, doubling last year’s performance. Liberia met four of the six criteria, including all secondary benchmarks. The Liberian economy grew by 5.1 percent in 2025, exports rose by over 30 percent, and inflation moderated to 4 percent by year-end, supported by a tight monetary stance and improved fiscal discipline.
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The Governor acknowledged persistent fiscal pressures, debt service burdens, and heavy dependence on commodity exports. He also flagged critical institutional bottlenecks threatening the 2027 launch of the ECO, including the unresolved selection of a host country for the proposed Central Bank of West Africa and delays in implementing the ECOWAS Payment and Settlement System.
Invoking the vision of Kwame Nkrumah and the integration call of Olusegun Obasanjo, he urged member states to match ambition with discipline. “Our convergence criteria are not mere statistics,” he stressed, “they are the foundation of transformation.”
He pledged leadership rooted in dialogue and consensus-building, reaffirming commitment to the ECOWAS Monetary Cooperation Programme and the Single Currency Roadmap. Emphasizing digital finance, cross-border payments, and stronger institutions, he said the region must ensure that monetary cooperation delivers real benefits for ordinary citizens.
“The people of West Africa are watching us,” Governor Saamoi declared. “Integration without solidarity is hollow. With unity of purpose, the ECO is achievable.”
