-Liberia’s Central Bank Governor Takes Helm of WAMZ Committee of Governors, Pledges Stronger Monetary Cooperation
FARMINGTON HOTEL, Unification Town, Margibi County – Liberia has further cemented its rising influence in regional economic governance as Central Bank Executive Governor Henry F. Saamoi formally assumed the Chairmanship of the Committee of Governors of the West African Monetary Zone (WAMZ), following what he earlier described as “impressive” convergence talks hosted by the country.
Governor Saamoi’s elevation to the leadership of the WAMZ Committee of Governors came at the close of the ECOWAS–WAMZ Convergence Council Meetings held at the Farmington Hotel in Margibi County—an event that gathered Finance Ministers, Central Bank Governors, and technical experts from across the subregion.
In a press release issued by the Central Bank of Liberia, Governor Saamoi described his new role as both an honor and a responsibility at a critical time for West Africa’s economic future.
“I assume this responsibility with profound humility and a deep sense of duty,” Saamoi declared in his acceptance remarks, pledging to deepen regional monetary cooperation and accelerate the collective push toward a unified West African monetary system.
From Host Nation to Regional Leadership
Liberia’s hosting of the Convergence Council meetings marked a significant diplomatic and economic milestone. Over several days, delegates assessed macroeconomic convergence benchmarks, fiscal discipline, inflation trends, exchange rate stability, and the broader roadmap toward the long-anticipated ECOWAS single currency.
Governor Saamoi had earlier characterized the deliberations as substantive and forward-looking, emphasizing that member states engaged in frank assessments of their economic realities while reaffirming shared commitments to integration.
Now, as Chair of the WAMZ Committee of Governors, Saamoi moves from host to regional leader—tasked with steering monetary policy coordination among member central banks at a time of global economic uncertainty.
According to the Central Bank’s release
Saamoi underscored that his assumption of the chairmanship comes amid “persistent global uncertainty—marked by inflationary pressures, financial market volatility, and external shocks,” circumstances that demand closer regional coordination.
A Call for Unity and Convergence
In invoking the legacy of Pan-African cooperation, Saamoi reminded member states that the success of the WAMZ hinges on collective resolve.
“The success of WAMZ rests on our collective determination to transcend national borders in pursuit of a common economic destiny,” he emphasized, echoing the spirit of regional integration championed by West Africa’s founding leaders.
He outlined four priority pillars under his leadership:
- Strengthening monetary cooperation and macroeconomic convergence;
- Promoting financial sector stability through sound regulation and innovation;
- Supporting regional integration to boost trade and investment flows;
- Championing capacity building to ensure institutions remain agile and future-ready.
Saamoi pledged that his chairmanship would be anchored in dialogue, consensus-building, and unwavering commitment to the ECOWAS Monetary Cooperation Program and the Single Currency Roadmap.
Turning Challenges into Opportunities
While acknowledging the scale of the task ahead, the Liberian Central Bank Governor framed current challenges as opportunities for transformation.
He cited technological disruptions, external economic shocks, and development financing gaps as realities confronting the region. However, he urged member states to harness digital innovation, strengthen cross-border payment systems, and modernize financial infrastructure.
“Monetary cooperation must deliver tangible benefits for ordinary citizens,” Saamoi stressed, signaling a people-centered approach to regional economic integration.
Reflecting Liberia’s broader development philosophy, he emphasized that credibility, pragmatism, and forward-looking action must guide the region’s journey toward monetary union.
“With unity of purpose and sustained collaboration, the WAMZ can continue to be a beacon of regional integration, resilience, and progress,” Saamoi affirmed.
Liberia’s Expanding Regional Footprint
Saamoi’s new role complements Liberia’s broader leadership presence within ECOWAS and WAMZ structures. During the same convergence meetings, Liberia’s Finance Minister, Augustine Kpehe Ngafuan, assumed chairmanship of the Convergence Council of Finance Ministers and Central Bank Governors—placing Liberia at the forefront of regional macroeconomic coordination.
Analysts say the dual leadership roles underscore growing confidence in Liberia’s economic reform trajectory and institutional stability, particularly as the country strengthens domestic revenue mobilization, improves financial sector oversight, and pursues infrastructure expansion.
The assumption of the WAMZ Committee chairmanship also positions Liberia strategically as discussions intensify around the long-delayed ECOWAS single currency initiative—an ambition requiring disciplined macroeconomic alignment across member states.
A Moment of Responsibility
For Governor Saamoi, the moment carries both symbolism and substance.
Symbolically, it reflects Liberia’s renewed standing in regional affairs. Substantively, it places the Central Bank of Liberia at the center of technical and policy deliberations shaping West Africa’s monetary future.
As he takes up the gavel, Saamoi signaled that his leadership will not merely preside over meetings but actively push for measurable progress.
“The journey toward monetary union requires credibility, discipline, and sustained commitment,” he indicated, urging member states to convert aspirations into action.
With Liberia now occupying key leadership roles in both fiscal and monetary coordination platforms, the country’s stewardship of the regional agenda will be closely watched in the months ahead.
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