By Laurina B. Lormia
The Executive Governor of the Central Bank of Liberia (CBL), Henry F. Saamoi, has pledged to rebrand the institution to rebuild confidence, restore public trust, and ensure a stable and resilient economy for the future.
On Tuesday, March 4, 2025, President Joseph Boakai commissioned Executive Governor Henry F. Saamoi and Deputy Governor for Operations, James B. Wilfred, emphasizing that the Central Bank’s leadership plays a crucial role in ensuring economic stability, fostering financial growth, and promoting policies that benefit all Liberians.
Speaking during the commissioning ceremony held at the Executive Mansion, Saamoi emphasized the need for strategic reforms aimed at strengthening the CBL’s financial policies and operational efficiency.
He noted that public trust in the banking sector is crucial for economic growth and vowed to implement measures that enhance transparency, accountability, and monetary stability.
According to him, a new Strategic Plan has been developed, defining the new direction envisioned for the Central Bank.
“Our new SP (2025-2029), which is aligned with the ARREST Agenda, includes three key initiatives among others,” he stated.
He added that they pledge to implement policy measures that will not only strengthen monetary policy but also build strong international reserves, which are crucial for preserving the value of the Liberian dollar.
“We are committed to rebranding the Central Bank as the cornerstone for resetting Liberia’s economy on a viable trajectory. This economic reset is about macroeconomic stability and addressing key issues such as inflationary and exchange rate pressures while fostering a stable economic environment through policy reforms,” Saamoi noted.
He mentioned that since assuming leadership of the CBL in August 2024, they have worked with colleagues on the Board of Governors, the Executive, and the Senior Management Team to implement urgent reforms to address issues raised by the General Auditing Commission (GAC) and other external audit reports.
“Our country is witnessing a shift to a new kind of retail banking system where a large segment of the population, previously unbanked, is being absorbed into the financial services sector via mobile money. This evolution clearly presents a huge opportunity to bring most of these economically active people into the formal economy; it also presents a significant potential for domestic revenue mobilization in support of the ARREST Agenda,” he stated.
By the end of 2026, Saamoi hopes to deploy a National Electronic Payment Switch with the capability of linking commercial banks, mobile money operators, and fintech companies operating within the financial sector.
“We are devoting our time, energies, and resources to ensuring that we achieve a robust payments system environment that is fundamental to the development of the financial sector,” he added.
He further disclosed that they are currently engaged with the two largest Mobile Network Operators (MNOs) for a bilateral integration that will allow economic agents in Liberia to transact via mobile money seamlessly, just as calls are made between the two telcos.
“This will lower transaction costs and remove the burden of carrying two mobile phones for mobile money transactions,” he stressed.
Saamoi outlined that their goal is to achieve a cashless economy, which will bring significant benefits to Liberia in terms of financial transparency, savings on the high cost of printing banknotes, promoting an inclusive financial system, and fostering economic growth.
“Our banking system requires targeted reforms to address legacy challenges while ensuring the continued resilience of the CBL banking system. Under our leadership, we shall endeavor to enforce strict prudential regulations while fostering an enabling environment for responsible lending and innovation in the banking sector,” he added.
With the anticipated passage of the Bank Financial Institutions Act, the CBL will work towards establishing a deposit insurance scheme with the creation of a deposit insurance fund to protect small depositors and develop a bank resolution framework to ensure that distressed financial institutions are effectively managed while maintaining financial stability.
“The CBL will take further steps to improve operational efficiency by ensuring efficient and productive personnel, prudent financial management, and transparent, value-for-money procurement practices to maintain financial stability, credibility, and public trust,” he stated.
He concluded by affirming their commitment to serving with diligence, impartiality, and an unwavering dedication to the mandate of the Central Bank of Liberia and the interests of ordinary Liberians.
“We will remain engaged with all segments of our society as we drive the new vision and agenda of the CBL. We will strive to uphold the independence of the CBL with unwavering commitment and integrity,” he added.
The commitment to rebranding the CBL aligns with broader national efforts to enhance economic stability, attract investment, and boost confidence in the country’s financial system.
