-Urges Discipline and Collective Resolve Toward Single Currency
FARMINGTON HOTEL, MARGIBI COUNTY, Liberia — Liberia’s Minister of Finance and Development Planning, Hon. Augustine Kpehe Ngafuan, has formally assumed the chairmanship of the ECOWAS Convergence Council of Finance Ministers and Central Bank Governors, pledging steady leadership and renewed urgency in advancing West Africa’s macroeconomic convergence and single currency agenda.
The transition occurred during the conclusion of the statutory meetings of the West African Monetary Zone (WAMZ) at the Farmington Hotel, where Ministers of Finance and Governors of Central Banks gathered to review regional economic performance and chart the next steps toward monetary integration.
Liberia as Host: “Our Region Must Move with Purpose”
In his initial remarks as host minister, Ngafuan welcomed his regional counterparts to Liberia, describing the meeting as both timely and consequential.
“Liberia is deeply honored to host this important convergence meeting,” he said, emphasizing that the region stands at a critical juncture in its economic journey.
He noted that while member states have made measurable gains in macroeconomic stability, persistent structural vulnerabilities—ranging from inflationary pressures to fiscal imbalances—require coordinated and disciplined responses.
“Our task is not merely to review numbers,” Ngafuan stressed. “It is to strengthen policy coordination, build resilience, and restore confidence in our shared vision of a stable and prosperous West Africa.”
The Liberian Finance Minister underscored the importance of policy harmonization, fiscal responsibility, and credible institutions, warning that convergence cannot be achieved through declarations alone.
“Convergence demands consistency. It demands reforms. And above all, it demands political will,” he told delegates.
Taking the Gavel: “Leadership Means Accountability”
In a separate address marking his formal takeover as Chair of the Convergence Council, Ngafuan expressed appreciation to his predecessors and reaffirmed his commitment to guiding the Council with transparency and inclusiveness.
“I accept this responsibility with humility and determination,” he declared. “The convergence agenda is not optional—it is foundational to our region’s economic sovereignty and stability.”
He highlighted the urgency of meeting agreed macroeconomic benchmarks, including fiscal deficit targets, inflation thresholds, and public debt sustainability standards, describing them as “non-negotiable pillars” of credible integration.
“Our citizens expect results,” Ngafuan said. “We cannot afford incrementalism when the stakes are this high.”
The new Chair also emphasized that convergence is not an end in itself but a means to broader regional transformation—job creation, trade expansion, financial sector stability, and poverty reduction.
“A single currency must be built on sound fundamentals,” he warned. “Without discipline, credibility, and institutional strength, monetary union becomes aspiration rather than achievement.”
Regional Momentum and Liberia’s Role
The Convergence Council meeting forms part of a broader series of statutory engagements involving the West African Monetary Agency (WAMA), the West African Monetary Institute (WAMI), and other specialized ECOWAS financial institutions convened in Liberia over the past several days.
As host nation, Liberia has used the platform to signal its re-emergence in regional economic diplomacy. Ngafuan repeatedly stressed that Liberia’s leadership at this moment reflects a broader reform drive underway at home.
“We are committed to strengthening our own macroeconomic fundamentals as we contribute to regional stability,” he said.
Observers note that the Chairmanship places Liberia at the center of critical policy coordination as ECOWAS pushes toward renewed timelines for achieving the long-envisioned Eco single currency.
A Call for Collective Resolve
In closing, Ngafuan called on his fellow ministers and governors to move beyond procedural meetings and translate commitments into measurable progress.
“History will judge us not by the communiqués we issue,” he concluded, “but by the stability we secure and the prosperity we deliver for the people of West Africa.”
With Liberia now at the helm of the Convergence Council, attention will turn to whether the region can accelerate reforms and restore momentum toward one of ECOWAS’ most ambitious economic undertakings.
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