–Executive Governor Pays Emotional Tribute as Outgoing Deputy Governor Reflects on Economic Reforms, Humility, and Building Liberia’s Financial Future
MONROVIA, Liberia – Central Bank of Liberia (CBL) Executive Governor Henry F. Saamoi delivered an emotional and deeply philosophical tribute to outgoing Deputy Governor for Economic Policy Dr. Musa Dukuly, declaring that while “life is a stage,” what truly defines a public servant is not how they enter office but how they leave it.
Speaking Thursday during a ceremony honoring the completion of Dr. Dukuly’s seven-year tenure, Saamoi said Dukuly leaves the Central Bank not merely as an accomplished economist, but as a leader whose humility, integrity and commitment to public service have earned him one of the institution’s highest honors.
“Life is a stage. When it’s your turn, you take the stage, you perform and you bow out,” Saamoi told an audience comprising current and former Central Bank governors, board members, senior government officials, diplomats, development partners and CBL staff.
“But people can bow out differently. Some bow out in shame. Some bow out with their heads lifted up high. I think that is what we’re witnessing today and that is what we are celebrating today. It is Dr. Dukuly’s time to leave the stage, but he’s leaving the stage with his head held up very, very high.”
His remarks became the defining message of what organizers deliberately described not as a farewell, but as an honoring ceremony, celebrating a public servant whose career they said strengthened both Liberia’s financial sector and the Central Bank itself.
‘He Strengthened the Modern Central Bank’
Saamoi credited Dukuly with helping reshape the Central Bank during one of the country’s most economically challenging periods.
He said the outgoing Deputy Governor provided steady leadership through currency instability, inflationary pressures, major institutional reforms and difficult policy decisions while helping reinforce public confidence in Liberia’s financial system.
According to the Executive Governor, Dukuly’s influence extended far beyond economic policy.
He praised him for strengthening the Bank’s research and policy framework, promoting evidence-based decision-making, enriching dialogue with stakeholders and advancing reforms that enhanced macroeconomic stability and financial sector resilience.
“Through his leadership, professionalism and strategic insight, he played an important role in positioning the Central Bank as a more resilient, credible and forward-looking institution,” Saamoi said.
A Lesson in Humility
Perhaps the most memorable part of Saamoi’s tribute came when he spoke not about economics, but about character.
The Executive Governor admitted that before working with Dukuly, he believed he understood humility.
That changed, he said, during official missions abroad.
“I always thought that I was humble—not until I met Dr. Dukuly,” Saamoi remarked.
Recalling their travels together, he said Dukuly would routinely insist on carrying his superior’s portfolio despite repeated objections.
“Dr. Dukuly would reach out to me to hold my portfolio. I would say, ‘Doc, let me carry it,’ and he would reply, ‘No, EG, bring it, let me put it in my bag.'”
Walking through foreign cities, Saamoi recalled, he often found himself carrying only his mobile phone while Dukuly carried his luggage.
“I’m not sure I’m going to get that kind of Deputy Governor again,” he said.
“He has truly exemplified humility. That is the mark of a leader.”
Leadership Through Difficult Decisions
Saamoi also revealed an emotional chapter that had never before been publicly discussed.
He recounted the difficult period in late 2024, when the Central Bank was required to reduce its workforce as part of reforms linked to Liberia’s International Monetary Fund-supported economic program.
According to Saamoi, Dukuly initially resisted appearing before employees to announce the painful decision.
“I had to beg him,” the Executive Governor recalled.
“I told him, ‘Dr. Dukuly, you and I are together in this. We have to face this difficult moment because these are decisions necessary to protect the country’s economic stability.'”
Even after agreeing to participate, Saamoi said Dukuly struggled emotionally.
“When I asked him to deliver the remarks, Dr. Dukuly burst into tears.”
“That’s the kind of person he is,” Saamoi added.
“The human feeling that he carries is deeply admired.”
A Legacy Beyond Policies
Saamoi said Dukuly’s true legacy should never be measured solely by economic reports, monetary policies or institutional reforms.
Instead, he argued, the lasting impact of public service lies in the institutions strengthened and the people developed.
“The true legacy of public service is measured not only by positions held or policies formulated, but by the institutions strengthened and the people inspired,” he said.
By that measure, he continued, Dukuly leaves behind “a remarkable legacy.”
He noted that Dukuly’s influence will continue through stronger policy processes, enhanced institutional capacity and the many Central Bank professionals he mentored during his tenure.
Concluding his tribute, Saamoi offered what many attendees described as a lesson on leadership itself.
“Leadership is not measured by the authority one holds, but by the positive and lasting difference one makes in the lives of others and in the institutions entrusted to their care.”
“Great leaders do more than manage the affairs of the present,” he added.
“They shape the future, develop others and leave behind a legacy that endures long after they have departed.”
Dukuly Reflects on Seven Years of Service
In his own farewell remarks, Dr. Dukuly reflected on a seven-year journey that he described as one of faith, sacrifice and national service.
He thanked God, his family, mentors and former Central Bank governors for shaping his professional journey, while paying tribute to his late parents for the sacrifices that made his education possible.
Dukuly used the occasion not simply to recount personal achievements but to highlight what he considered the Central Bank’s collective accomplishments during his tenure.
He pointed to the significant reduction in inflation—from nearly 30 percent in 2019 to below five percent by early 2026—alongside improved exchange rate stability, stronger foreign reserves approaching US$1 billion, increased financial inclusion and reforms that strengthened monetary policy implementation.
He also cited the establishment of the Monetary Policy Committee, improvements in banking supervision, the development of Liberia’s financial markets, and the transformation of the country’s insurance regulatory framework as milestones achieved through teamwork rather than individual leadership.
“The achievements recorded during this period were not the work of one person,” Dukuly said.
“They were achieved because of the commitment, professionalism and sacrifice of the staff, management and Board of Governors of the Central Bank of Liberia.”
An Emotional Apology
One of the most emotional moments of the ceremony came when Dukuly publicly apologized to employees affected by staff reductions undertaken during his tenure.
While explaining that the difficult decisions were intended to safeguard macroeconomic stability and protect the broader economy, he acknowledged the personal hardship they caused.
“I want to apologize to all of the staff that were laid off,” he said.
“It remains one of the most difficult decisions of my career.”
He added that leadership often demands painful choices but insisted those choices should never diminish compassion or humanity.
Leaving Without Regret
As he prepared to leave office, Dukuly said he carried no resentment.
Instead, he extended forgiveness to anyone who may have opposed or misunderstood him and sought forgiveness from anyone he may have unintentionally offended during his years of service.
“I leave the Central Bank with no animosity,” he declared.
“I leave with a pure and clean heart.”
He urged employees to safeguard the institution’s independence, uphold confidentiality and continue strengthening public confidence in Liberia’s financial system.
“The reputation of the Central Bank depends on you,” he told staff.
Institution Pays Tribute
Throughout the ceremony, speaker after speaker praised Dukuly’s professionalism, mentorship and commitment to excellence.
Deputy Governor for Operations James B. Wilfred described him as a distinguished economist whose leadership strengthened economic research, financial inclusion, banking supervision and evidence-based policymaking while mentoring a new generation of Central Bank professionals.
Senior Director for Economic Policy, Christopher S. Wallace, presenting one of several awards, described Dukuly as a mentor whose insistence on finding sustainable solutions to economic challenges transformed the institution and inspired colleagues to pursue excellence.
The Communications Department, through its head, Counselor Alphonso Zeon, also honored Dukuly for his accessibility, attention to detail and collaborative leadership, describing him as a trusted partner who consistently improved the quality of the Bank’s public communications.
The ceremony concluded with standing ovations, symbolic presentations and repeated acknowledgments that although Dukuly’s statutory term has ended, his influence on the Central Bank of Liberia is expected to endure for many years.
For Saamoi, however, the final lesson was the simplest.
Some leaders merely occupy office.
Others, he suggested, leave behind institutions that are stronger than they found them.
In his view, Dr. Musa Dukuly belongs firmly in the latter category.
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