Deputy Governor Dukuly Defends L$4.73 Billion Banknote Printing as He Leaves Central Bank

Published: August 3, 2026

MONROVIA – The Central Bank of Liberia’s outgoing deputy governor for economic policy defended the printing of L$4.73 billion in new banknotes between 2021 and 2024 on Thursday, saying the volume was calculated to meet transaction demand without pushing up inflation.

Musa Dukuly, whose seven-year tenure ended July 15, delivered a defense at a farewell ceremony at the bank, where he also presented the economic record he says the bank compiled during his time there.

Dukuly said inflation approached 30 percent when he took office in 2019, fell below 4 percent by the end of 2023, averaged 8.5 percent at the end of 2025 and stayed below 5 percent in the first quarter of this year. He said gross international reserves rose from about US$260 million in 2020 to nearly US$1 billion, and that banking sector assets grew from roughly L$218 billion in 2019 to more than L$400 billion by 2026. Financial inclusion, he said, expanded from about 36 percent to 52 percent.

He attributed the gains to reforms including the creation of a Monetary Policy Committee, a shift from targeting the exchange rate to an interest rate-based monetary policy framework, tighter reserve and liquidity management, and closer coordination with fiscal authorities.

Dukuly was appointed by then-President George Manneh Weah in 2019 and briefly served as officer-in-charge of the bank after the resignation of Executive Governor Nathaniel Patray, before a substantive governor was appointed.

Executive Governor Henry F. Saamoi said Dukuly strengthened the bank’s research and policy framework and supported reforms that improved its credibility. “I always thought that I was humble until I met Dr. Dukuly,” Saamoi said. “He truly exemplified humility. That’s the mark of a leader.”

Olalekan Balogun, managing director and chief executive of Bloom Bank Africa Liberia, speaking for the Liberia Bankers Association, said some of Dukuly’s decisions were unpopular but preserved confidence in the banking system. “The true test of a leader is during trying and difficult times,” Balogun said.

The ceremony was attended by Saamoi, Board of Governors Chair D. Sheba Brown, Deputy Governor for Operations James B. Wilfred, Finance and Development Planning Deputy Minister Dehpue Zuo, commercial bankers, former governors and family members.