Published: April 9, 2025
Monrovia – The Central Bank of Liberia (CBL) has reaffirmed its strong commitment to supporting the West African Institute for Financial and Economic Management (WAIFEM) in its mission to build human capital and strengthen institutional capacity across the region.
Speaking at the official opening of WAIFEM’s Regional Course on Economic Issues in Regional Integration, which is ongoing in Monrovia, Hon. Henry F. Saamoi, Executive Governor of the Central Bank of Liberia, emphasized the importance of capacity building in overcoming the economic and structural challenges hindering regional integration and intra-African trade.
“The Central Bank of Liberia remains a key partner in WAIFEM’s initiatives, and we are committed to promoting capacity and human capital growth in the region now and into the future,” EG Saamoi stated.
The course brings together participants across West Africa to explore solutions to integration challenges, including policy harmonization, trade barriers, infrastructure deficits, and limited production capacity. Participants were urged to take the training seriously, as the knowledge acquired will be crucial in addressing the continent’s economic hurdles and advancing the goals of the African Continental Free Trade Area (AfCFTA).
“Liberia’s engagement with ECOWAS and the AfCFTA is central to boosting trade and reducing reliance on primary commodities,” CBL Executive Governor said. “To unlock our full potential, we must strengthen infrastructure, improve policy coordination, and implement robust trade reforms.”
Highlighting findings from the IMF’s 2024 Regional Economic Outlook, EG Saamoi emphasized that while Africa’s economic growth is recovering, intra-African trade remains low at just 18% compared to 60% in Europe and 40% in North America.
Saamoi called for deeper capital market integration, enhanced currency convertibility, harmonized financial regulations, and the integration of cross-border payment systems to fully realize AfCFTA’s potential.
The CBL also stressed the importance of maintaining high standards in capacity-building efforts. It called for stronger evaluation mechanisms and greater accountability for course participants, noting that training outcomes often influence career progression in central banks and public institutions.
“The success of AfCFTA and regional integration hinges on our collective efforts – through policy alignment, financial sector development, and capacity building,” he said, adding that he’s “confident that this training will empower participants to drive meaningful change in their institutions.”
On behalf of the CBL, the Executive Governor extended gratitude to WAIFEM for selecting Liberia as host of the regional course and encouraged participants to experience the culture and hospitality of Monrovia during their stay.
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