Monrovia —The Central Bank of Liberia (CBL) on Monday, February 9, 2026, hosted the Second Ordinary Joint Meeting of the Economic and Monetary Affairs Committee of the West African Monetary Agency (WAMA) and the Macroeconomic Policy Technical Committee of the ECOWAS Commission, bringing together senior policymakers, technical experts, and regional financial institutions to advance West Africa’s monetary integration agenda.
Delivering the keynote address, the Executive Governor of the CBL welcomed delegates to Monrovia and reaffirmed Liberia’s commitment to deeper regional cooperation, describing the Joint Technical Committee as the “technical backbone” of ECOWAS’ monetary integration architecture. Citing the enduring vision of African statesmen, he emphasized that the region must continue to strengthen convergence, coordination, and collective action as it works toward the launch of the ECOWAS single currency in 2027.
The Governor noted that the meeting comes at a pivotal moment, with global uncertainties impacting economic performance. Despite these challenges, he highlighted West Africa’s resilience in 2025, reflected in stronger growth, easing inflation, improved reserves, and narrowing fiscal deficits across Member States. Progress on macroeconomic convergence has also accelerated, with more countries meeting primary ECOWAS criteria and several key institutional milestones achieved, including capitalization of the proposed Central Bank of West Africa and the strengthening of the regional reserve pool.
The Governor also provided a positive outlook on Liberia’s recent macroeconomic performance. He reported real GDP growth of 5.1 percent in 2025, significant inflation reduction to a two-decade low of 4.0 percent at year-end, strong fiscal operations leading to a balanced budget, and robust external reserves that surpassed IMF targets. Liberia met two of the four ECOWAS primary convergence criteria and all secondary criteria in 2025, reaffirming its readiness to support the region’s monetary union goals.
Highlighting progress in financial sector modernization, the Governor underscored the successful launch of Liberia’s Inclusive and Instant Payment System (IIPS) in late 2025, which achieved nationwide interoperability and strengthened financial inclusion. He also referenced ongoing reforms, including amendments to financial legislation, strengthened regulatory frameworks, and a phased increase in commercial bank minimum capital requirements to enhance resilience and expand access to credit.
While celebrating regional achievements, the Governor called for sustained discipline and urgency as the 2027 single-currency target approaches. Key outstanding issues include the selection of the headquarters of the prospective Central Bank of West Africa and securing adequate funding for the ECOWAS Payment and Settlement System. Addressing delegates, he emphasized that “economic integration is not merely a policy agenda—it is a moral obligation to future generations,” urging Member States to match technical progress with political will.
Concluding his remarks, the Governor reaffirmed Liberia’s unwavering commitment to working closely with WAMA, WAMI, WAIFEM, the ECOWAS Commission, and all Member States to advance a stable, prosperous, and economically integrated West Africa.
