MONROVIA, Liberia – The Central Bank of Liberia (CBL) is moving forward with plans to diversify the country’s reserves by incorporating gold holdings, a strategic initiative aimed at reinforcing financial stability and protecting the Bank’s operational independence.
The disclosure was made on Friday, August 29, by CBL Executive Governor Henry F. Saamoi during a courtesy visit by the United States Embassy’s Chargé d’Affaires, Joseph E. Zadrozny, at the Central Bank’s headquarters on Ashmun, Lynch and Buchanan Streets.
Governor Saamoi said the CBL has embarked on study tours in Ghana and Dubai, engaging with the Bank of Ghana and a leading gold refinery to benchmark best practices in gold reserve management.
“Diversifying our reserves with gold provides both stability and security for Liberia’s economy. But equally important, it reinforces our independence as a Central Bank — free from interference, transparent, and accountable to the Liberian people,” Saamoi emphasized.
In response, Chargé d’Affaires Zadrozny reaffirmed the U.S. Government’s strong support for Liberia, announcing the resumption of the U.S. Treasury’s Office of Technical Assistance (OTA) support to the CBL. He also confirmed a planned OTA visit to Liberia this September, aimed at deepening technical collaboration.
Zadrozny further revealed renewed U.S. assistance to strengthen Liberia’s insurance sector, including support for the establishment of a new Insurance Commission — envisioned as the sole regulator of the industry.
Both sides welcomed the recent visit by the Federal Reserve Bank of New York, which, according to Governor Saamoi, acknowledged substantial improvements in Liberia’s financial system since the Fed’s last assessment three years ago. In outlining key strategic priorities, Saamoi highlighted the launch of the Liberia Payment and Interbank Settlement System and plans to establish a state-of-the-art training center to build local.
