In a move that places Liberia at the heart of regional economic integration, Finance and Development Planning Minister Augustine Kpehe Ngafuan has officially assumed the chairmanship of the ECOWAS Convergence Council of Finance Ministers and Central Bank Governors. Taking the reins during the council’s 13th ordinary meeting in Farmington, Ngafuan is now tasked with steering member states toward the long-anticipated launch of the “ECO”—a single West African currency currently slated for July 2027. This ambitious project has faced more than two decades of delays, but the new chairman emphasized that the region no longer has the luxury of drifting, calling instead for decisive action and rigorous implementation.
The Council serves as the primary watchdog for economic policy across ECOWAS states, monitoring the strict macroeconomic conditions required for a stable monetary union. Their oversight includes tracking inflation limits, fiscal deficits, central bank financing, and exchange-rate stability, while also ensuring debt sustainability and the adequacy of foreign reserves. This work is vital to ensuring that a shared currency does not inadvertently destabilize national economies, an issue that has historically stalled the initiative as nations struggled to align their benchmarks and resolve sensitive political questions regarding sovereignty and the location of a future regional central bank.
Despite the renewed momentum, the path forward remains steep. Outgoing chair and Sierra Leonean Finance Minister Sheku Ahmed Fantamadi Bangura provided a sobering assessment of the roadmap, noting that progress has been uneven. Of the 130 time-bound activities essential for the union, only 38% have been completed, while 47% have already missed their deadlines, leaving a mere 12% currently on schedule. Bangura warned that these delays erode regional credibility and increase transaction costs, risking a level of fragmentation that could undermine trade and investment. These challenges are compounded by unresolved institutional hurdles, such as burden-sharing arrangements and the eventual headquarters of the regional central bank.
Amidst these regional hurdles, Liberia’s own economic indicators have shown significant improvement. The country’s exports rose by over 30% recently, and gross foreign reserves grew by $101 million to reach a total of $575.5 million. Furthermore, net international reserves climbed to over $282 million by the end of 2025, surpassing IMF program targets by nearly $16 million. On the currency front, the Liberian dollar remained remarkably stable, depreciating by only 0.9% against the U.S. dollar—a figure well within the ECOWAS secondary convergence band—and actually appreciating by 3.2% when compared to December 2024.
On a broader scale, the ECOWAS region is showing signs of gradual macroeconomic adjustment. Regional economies expanded by approximately 4.5% in 2025, with growth projected to reach 5% in 2026. Inflation, a persistent thorn in the side of the union, declined from 23.3% in 2024 to 16.8% in 2025. According to Abdul Salam Abideyemi, Director General of the West Africa Monetary Institute, the composite convergence score for the West African Monetary Zone rose to 58.3% from the previous year’s 50%. While this suggests stronger policy coordination and progress in financial supervision, officials remain cautious, noting that high debt-service burdens and fiscal imbalances in certain states continue to threaten the 2027 timeline.
Under Minister Ngafuan’s leadership, Liberia now finds itself in a dual role: it is both a participant striving to meet the final benchmarks and the regional leader responsible for holding its neighbors accountable to the same standard.