Liberia has started hosting a series of joint statutory meetings involving the Economic Community of West African States (ECOWAS) and key regional financial institutions. The sessions, which run until February 13 in Monrovia, bring together the ECOWAS Commission along with the West African Monetary Agency (WAMA), West African Monetary Institute (WAMI), and the West African Institute for Financial and Economic Management (WAIFEM).
Policymakers, central bank governors, finance ministers, technical experts, and development partners from across West Africa are participating in these meetings. The opening day included sessions for the College of Supervisors of the West African Monetary Zone (CSWAMZ), WAIFEM, and the College of Insurance Supervisors of the West African Monetary Zone (CISWAMZ).
At the CSWAMZ meeting held at Bella Casa Hotel, directors of banking supervision and financial regulators discussed cooperation on cross-border supervision, information sharing, risk assessment, and responses to challenges facing the region’s financial sector.
Hon. Henry F. Saamoi, Executive Governor of the Central Bank of Liberia (CBL), delivered a keynote address reaffirming Liberia’s commitment to regional integration and best practices in banking supervision. He stated: “Your participation in these meetings underscores the spirit of cooperation, solidarity, and shared purpose that underpins the WAMZ project and the broader ECOWAS vision. It also reaffirms our collective resolve to advance financial stability, macroeconomic convergence, monetary integration, and inclusive economic transformation in our sub-region.”
Saamoi emphasized: “In today’s deeply interconnected financial system, financial risks no longer respect national borders. Banking groups operate across jurisdictions, financial markets are increasingly integrated, and shocks transmit rapidly across economies.
In this context, isolated supervisory approaches are no longer sufficient. The College of Supervisors stand as a cornerstone of regional financial governance, providing a structured framework for cooperation, information sharing, joint risk assessment, supervisory convergence, and coordinated intervention.
Through this platform, we enhance our collective capacity to identify vulnerabilities early, ensure consistent supervisory responses, conduct joint inspections, strengthen crisis preparedness, and preserve systemic stability across the WAMZ. In essence, effective cross-border supervision is no longer a regulatory option; it is a financial stability imperative.”
He added: “Liberia remains fully committed to this shared vision. Over recent years, the Central Bank of Liberia has implemented comprehensive reforms aimed at strengthening financial sector resilience, enhancing prudential oversight, modernizing financial infrastructure, and deepening financial inclusion. These reforms are firmly anchored in our national development agenda, ECOWAS convergence benchmarks, the WAMZ framework, and international regulatory standards including the Basel Core Principles.
The strength of any monetary union ultimately rests not only on macroeconomic convergence but also on the soundness resilience and integrity of its financial institutions. Liberia therefore remains steadfast in advancing supervisory convergence regulatory harmonization and institutional cooperation within the WAMZ framework.”
The opening session for WAIFEM was held at CBL headquarters where Dr. Baba Yusuf Musa reviewed WAIFEM’s performance in 2025 as well as priorities for 2026. He highlighted regional training initiatives and efforts to expand collaboration with organizations such as the International Monetary Fund (IMF), World Bank,and Commonwealth Secretariat.
“Notable partners during the reporting period included the International Monetary Fund (IMF),the World Bank,the Commonwealth Secretariat,the African Legal Support Facility,and other African development institutions,” Dr.Musa said.
He reiterated WAIFEM’s mandate to build capacity among central banks,and ministries responsible for finance throughout West Africa.
Mr.Karamo Jawara Chairperson Technical Committee thanked members for their partnership.He noted that success should be measured by lasting positive impacts rather than program numbers alone.
At another session,the Director of Insurance at CBL Nathaniel Gbaba spoke about insurance regulation ahead of ECOWAS’ proposed single currency ECO.He noted persistent challenges like low penetration rates,lackluster enforcement,and limited technical capacity but outlined ongoing progress.
“Despite these challenges,we remain hopefuland encouraged by opportunities before us,” Gbaba said.“A harmonizedand risk-based supervisory frameworkacross WAMZ that supportsfinancial integrationand preparesour marketsfor ECO.Digitally enabledand inclusiveinsurance markets capableof expandingaccess tomicro-insurance agriculturalinsurance healthinsuranceand SME coverage.Strongerregional collaborationthrough CISWAMZ servingas a platformfor peer review supervisoryconvergenceandinstitutional learning.”
Gbaba confirmed Liberia’s commitment to working towards deeper regulatory cooperation through aligned standards.
These meetings are part of regular twice-yearly gatherings rotated among member states.They provide a forum for reviewing economic performance across West Africa while advancing steps toward greater regional integration.