Liberia takes helm of WAMZ Technical Committee as region presses for single currency

Published: February 6, 2026

MONROVIA — Liberia moved to the center of West Africa’s push for a single currency this week, assuming the chairmanship of the West African Monetary Zone (WAMZ) Technical Committee at a time when member states face mounting pressure to meet tough convergence benchmarks amid global economic uncertainty.

The leadership transition was confirmed at the committee’s 58th meeting in Monrovia, which brought together regional policymakers, central bank officials and development partners to review macroeconomic performance and map the next steps toward monetary integration under the ECOWAS framework.

Assistant Minister for Economic Policy Henry Dzotyan Yanquoi was elected chair, succeeding Karamo Jawara. The Technical Committee prepares policy recommendations for the Committee of Governors and the Convergence Council, the bodies charged with steering the region toward a common currency.

Yanquoi called the chairmanship a moment of shared responsibility and urged disciplined, results-oriented engagement among member states.

“As chair of this meeting, I pledge to ensure inclusive and productive deliberations, transparent decision-making processes, and timely conclusion of all agenda items,” Yanquoi said, adding that regional cooperation remains essential to achieving WAMZ’s integration goals.

Outgoing chair Jawara struck a cautious note, acknowledging progress while warning of persistent headwinds in the global economy.

“The global economic environment remained challenging in 2025, with persistent policy uncertainty, rising protectionist trade measures, and increasing fragmentation of global economic activity,” he said. “Despite these difficulties, we note improvements in the overall performance of member states in meeting convergence criteria.”

According to Jawara, real GDP growth across the WAMZ bloc rose to about 5 percent in the first half of 2025, up from 3.7 percent over the same period a year earlier, reflecting stronger activity across several sectors in member countries.

Liberia’s own economic performance featured prominently in the discussions. Speaking for Finance and Development Planning Minister Augustine Ngafuan, Deputy Minister Dehpue Zuo cited modest but steady growth and record domestic revenue mobilization.

“Real GDP grew at 4.1 percent in 2025 compared with 4 percent in 2024, driven largely by expansion in the mining sector and growth in electricity and water services,” Zuo said. “Domestic revenue reached $847.7 million, the highest level ever recorded in our history.”

Zuo attributed the gains to fiscal consolidation, digitization of tax administration and improved compliance by the Liberia Revenue Authority, noting that Liberia has now met three key macroeconomic convergence benchmarks.

The Director General of the West African Monetary Institute, Abdulsalam Sikiru Abidemi, praised Liberia’s hosting of the meeting and said recent trends point to gradual stabilization across the zone.

“These developments signal a broad-based improvement in macroeconomic fundamentals and reinforce confidence in the convergence trajectory of the zone,” Abidemi said, pointing to easing inflation in several member states and improving fiscal and debt indicators.

Delegates are reviewing convergence reports, financial sector supervision assessments and legal harmonization proposals considered critical to the planned rollout of a single ECOWAS currency, tentatively targeted for 2027. Discussions also cover payment system modernization, capital market integration and safeguards to strengthen regional financial stability.