FARMINGTON HOTEL, UNIFICATION TOWN, Margibi County — The gavel of authority has formally passed from Sierra Leone to Liberia as the ECOWAS and West African Monetary Zone (WAMZ) Convergence Council concluded its high-level meetings at the Farmington Hotel, with Sierra Leone’s Finance Minister, Hon. Sheku Ahmed Fantamadi Bangura, turning over leadership to Liberia’s Minister of Finance and Development Planning, Hon. Augustine Kpehe Ngafuan.
The transition marked a defining moment in the region’s renewed push toward macroeconomic convergence and the long-delayed launch of a single West African currency.
In his valedictory remarks as outgoing Chair, Minister Bangura thanked member states for the confidence reposed in Sierra Leone and reaffirmed his country’s “sincere and unwavering commitment to the vigorous pursuit and deepening of the ECOWAS economic and monetary integration agenda.”
Bangura did not mince words about the urgency of the regional project. “Each additional delay erodes credibility, increases the cost of transaction and risks entrenching fragmentation that will undermine trade, investment and macroeconomic stability in our region,” he warned.
He reminded delegates that monetary union “is not merely the adoption of a common currency… It is fundamentally a commitment to shared discipline, coordinated policies and collective resilience.”
Against the backdrop of improving macroeconomic indicators across the region — including stronger growth, easing inflation, and improved compliance with convergence criteria — Bangura called on member states to rise above political hesitation and act decisively ahead of the 2027 deadline for the ECOWAS single currency.
“The remaining obstacles… are not primarily technical, they are political and collective,” he declared, urging leaders to embrace compromise and regional vision over narrow national interests.
Bangura also outlined Sierra Leone’s own reform trajectory, citing improved inflation performance, fiscal consolidation, and debt sustainability gains, presenting them as evidence that difficult but necessary reforms can yield tangible results.
As he concluded his tenure, he appealed to colleagues to “swiftly implement agreed reforms, strengthen the institutions that support our shared monetary and economic goals, and decisively remove the remaining barriers to trade, payments, and financial integration.”
Liberia Steps Forward
The gavel was then handed to Liberia’s Finance Minister, Augustine Kpehe Ngafuan, who had earlier welcomed regional delegates to what he described as a pivotal gathering for West Africa’s economic future.
Speaking at the joint opening of the ECOWAS–WAMZ Convergence Council, Ngafuan underscored Liberia’s pride in hosting ministers of finance and central bank governors from across the region.
He described the meeting as more than a ceremonial convergence, but rather a working session aimed at accelerating policy harmonization, strengthening surveillance frameworks, and resolving pending institutional questions surrounding the proposed single currency.
Ngafuan’s assumption of the chairmanship comes at a critical juncture, with ECOWAS and WAMZ member states under pressure to meet key benchmarks relating to inflation, fiscal deficits, public debt levels, and reserve adequacy.
The Liberia-hosted summit brought together finance ministers and central bank governors from Benin, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Liberia, Nigeria, Sierra Leone, and Togo, alongside representatives from the ECOWAS Commission, WAMA, WAMI, and WAIFEM.
A Defining Mandate
With Liberia now at the helm, expectations are high that the Convergence Council will move from rhetoric to concrete action.
Bangura’s parting challenge was clear: credibility depends on delivery. The status of time-bound activities under the ECOWAS roadmap shows a mixed record, with significant portions either incomplete or delayed.
Key decisions remain outstanding — including finalizing the legal framework for the Central Bank of West Africa, determining the location of key monetary institutions, operationalizing the ECOWAS Solidarity and Stabilization Fund, and strengthening the exchange rate mechanism.
As Chair, Ngafuan inherits both the responsibility and the opportunity to help steer these discussions toward resolution.
The Liberia-hosted meetings have already been described by regional observers as a signal that “Liberia is back” on the regional economic stage, particularly as the country strengthens its engagement within ECOWAS institutions and aligns domestic reforms with regional integration goals.
For West Africa, the gavel transfer represents continuity — but also renewed urgency. The single currency vision, once repeatedly postponed, now stands at a decisive crossroads.
Whether the 2027 deadline becomes a turning point or another missed milestone will depend on the political will, policy discipline, and collective leadership of the very ministers and governors who convened in Margibi County this week.
With Liberia now chairing the Convergence Council, the region’s integration agenda enters its next chapter — one defined not by promises, but by performance.
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