MONROVIA – The Executive Governor of the Central Bank of Liberia (CBL), Henry F. Saamoi, has called for urgent investment in Liberia’s road networks and electricity infrastructure, citing them as critical constraints to the nation’s economic growth. His remarks came during a meeting with a visiting Millennium Challenge Corporation (MCC) mission assessing Liberia’s development priorities.
Governor Saamoi told the delegation that inadequate roads and limited electricity continue to stifle small business growth, restrict access to financial services in rural counties, and slow private sector expansion. “Where roads and electricity have been improved, farmers can bring produce to market, food prices stabilize, and inflation is curbed,” he noted.
He commended MCC’s past support under its first compact, which aided electricity expansion, partially financed the Mt. Coffee Hydro Plant, and supported road maintenance planning. However, he stressed that infrastructure gaps remain a major barrier to economic empowerment led by Liberians themselves.
Supporting MSMEs, Women, and Agriculture
Governor Saamoi highlighted progress under the US$40 million Liberia Investment Finance and Trade (LIFT) Project, jointly implemented by CBL and the Ministry of Commerce & Industry with World Bank support. The project’s first phase injected over US$2.3 million into 112 Micro, Small, and Medium Enterprises (MSMEs) across eight counties, with 54% of beneficiaries being women-led or women-owned businesses.
He emphasized the urgent need for affordable medium- to long-term financing for agriculture and manufacturing and called for partnerships with development finance institutions and private investors. “De-risking mechanisms such as guarantee schemes will be critical in promoting lending to MSMEs,” he added.
Advancing Financial Inclusion and Digital Finance
Governor Saamoi reaffirmed CBL’s commitment to financial inclusion, citing the training of 9,364 Liberians across six counties under the bank’s financial education program, with women comprising 58% of participants. He also highlighted digital finance initiatives, including the National Electronic Payment System to integrate all banks and enable cross-network mobile money interoperability with Orange and MTN.
Other initiatives discussed include diversifying Liberia’s reserve allocations with an emphasis on gold, exploring strategic partnerships with U.S. investors in the mining sector, and establishing an agricultural lending bank to scale financing for farming activities.
Bold Targets for the Future
The Executive Governor pledged to bring 75% of adult Liberians into the formal financial sector by 2029 while maintaining macroeconomic stability and pursuing reforms to strengthen CBL’s autonomy and independence. The MCC delegation, led by Carrie Monaghan, Managing Director for Africa, thanked Governor Saamoi for his insights, noting that Liberia’s progress and challenges would inform the ongoing assessment of the country’s binding constraints to growth.
