MONROVIA – In a recent statement, Henry Saamoi, the Executive Governor of the Central Bank of Liberia (CBL), announced a notable decrease in domestic food prices, attributing this positive trend to the ongoing road rehabilitation initiatives spearheaded by the current Boakai government.
Governor Saamoi made the remarks during the official reading of the Monetary Policy Communiqué for the last quarter of 2025. “We have noticed a decrease in domestic food prices,” he said Wednesday, July 23rd.
The prices of local foods have reduced, and we must commend the central government’s efforts in road connectivity,” he said, highlighting the significant impact that improved infrastructure has on market dynamics.
According to the Executive Governor, better transportation networks allow farmers to efficiently move their goods to market centers. “When farmers can deliver their produce on time, it leads to better pricing, which is already being observed in the market,” he stated.
This connectivity not only facilitates quicker transport but also enhances the availability of fresh local produce, thereby benefiting consumers.
In addition to the drop in food prices, Governor Saamoi reported a favorable shift in the country’s inflation rate. He noted that inflation has adjusted from 12.5 percent to 11.1 percent, with recent reviews indicating a further decline to 9.9 percent as of June.
The Governor emphasized the correlation between infrastructure development and economic stability, suggesting that continued investment in road rehabilitation is crucial for sustaining these positive economic indicators. As Liberia continues to develop its road infrastructure, the government remains optimistic about the long-term benefits this will bring to both the agricultural sector and the wider economy, ultimately leading to improved livelihoods for its citizens.
Also speaking, Finance and Development Planning Minister Augustine Kpehe Ngafuan stressed the criticality of Central Bank to the Liberian Economy. Minister Ngafuan congratulated the Executive Governor and Board of Governors for iniating the dialogue that he said had long been absent and was just being revived by the present CBL leadership.
“The Central Bank of Liberia and the Finance and Development Planning Ministry are like siamese twins. We are responsible for this economy: no matter how hard we work, if we don’t have the support of the Central Bank, we will fail. No matter how hard you work, if we don’t have our support, you will fail. So, our destinies are tied together. And, the coordination between the Central Bank of Liberia and the Ministry of Finance is excellent. He also spoke of the longtime relationship that has existed beween him and the Bank’s Executive Governor dating back more than two decades ago in college. He added that his friend was always an ‘A’ student always making the honor’s lisiting. He stressed how impressed he has been watching the “seamless transition” of Governor Saamoi from the private sector into the public sector. He’s just about a year in public life. Unlike the Finance Minister who has had stints in various senior-level positions in the public service nationally and internationally.
“I have been in meetings locally and internationally, where I have seen his brilliance, his tact and his arguments helping to make a strong case for Liberia. It appears to me that he has been in government all along or for a number of years,” he furhter buttered his friend’s recommendation.
Minister Ngafuan, who is regarded as the nation’s Chief Economist, told the Bank’s Executive Governor and others that the Ministry of Finance will be remain “strong partner of the Bank.”
