James T. Brooks
MONROVIA, Liberia — In a landmark move toward regional economic unity, Liberia recently hosted a high-level joint meeting of the West African Monetary Agency (WAMA) and the ECOWAS Commission. This gathering represents a critical milestone in the ambitious drive to launch a single regional currency—the “Eco”—by the year 2027. During the opening ceremony, Central Bank of Liberia (CBL) Executive Governor Henry F. Saamoi emphasized that choosing Monrovia as the host for this technical phase underscores a growing regional confidence in Liberia’s macroeconomic discipline. He noted that the joint committee stands as the technical backbone of the integration architecture, tasked with strengthening convergence to ensure the dream of a single currency transitions from aspiration to reality.
Despite global headwinds including geopolitical tensions and volatile commodity prices, the West African region is showing remarkable economic grit. Technical experts at the meeting highlighted several key regional performance indicators, noting that economic growth rose to 4.8 percent in 2025 and is projected to jump to 5.0 percent in 2026. Fiscal discipline is also improving across the board, as deficits narrow and public debt ratios decline among member states. Most notably, four member states are expected to meet all primary convergence criteria in 2025, which effectively doubles the progress seen in the previous year.
Governor Saamoi turned the spotlight on Liberia’s domestic achievements, presenting a picture of a nation that is actively meeting regional standards. Liberia recorded a real GDP growth of 5.1 percent in 2025, driven largely by mining and infrastructure investment. The country also achieved a significant milestone with its inflation rate, which fell to 4.0 percent by December—its lowest level in more than two decades. Furthermore, revenue and grants rose by 18.6 percent in the first half of the year, while public debt declined to an estimated 54.2 percent of GDP and foreign exchange reserves climbed to 575.5 million US dollars.
Beyond these macroeconomic figures, Liberia has successfully launched an inclusive instant payment system. This reform has expanded nationwide interoperability and enhanced access to formal financial services for many citizens. As the 2027 deadline approaches, the committee’s agenda is shifting toward the complex institutional architecture required for a monetary union. Key issues currently under deliberation include finalizing the location for the future Central Bank of West Africa, securing capital for regional settlement systems, and aligning financial sector regulations across all member states to ensure a seamless transition.
In his concluding remarks, Governor Saamoi argued that economic integration is not merely an option for West Africa but a necessity for long-term stability. He stressed that the choices made today must strengthen regional unity and secure prosperity for future generations. Liberia remains committed to working with ECOWAS institutions and regional partners to ensure the successful realization of a credible and irreversible monetary union.