IPNEWS: The Central Bank of Liberia (CBL) has launched a four-year Strategic Plan aimed at revitalizing the country’s financial system and advancing inclusive economic growth — but its implementation faces a $41 million funding shortfall.
During the launch held at CBL headquarters on Ashmun Street in Monrovia, Executive Governor Henry Saamoi said the plan, which spans from 2025 to 2029, carries a total cost of $63.32 million. So far, donor partners have committed $22.32 million, leaving a gap of $41 million that the bank is appealing to development partners to fill.
“We are grateful for your contributions during the formulation of this plan,” Saamoi said, addressing representatives from the United Nations Development Programme (UNDP), European Union, U.S. Embassy, and the African Development Bank (AfDB). “Your thoughts and feedback helped shape what we are presenting today.”
The plan is built around five core pillars: domestic price and financial stability, financial inclusion, digital financial services, regional integration, and operational efficiency at the Central Bank.
Under the fifth pillar — operational efficiency — the CBL aims to strengthen partnerships with stakeholders to leverage both technical and financial resources to drive reform.
The plan, themed “Optimal Use of Technology for Macroeconomic Stability and Inclusive Economic Growth,” aligns with the Unity Party-led government’s development blueprint, the ARREST Agenda for Inclusive Development (AAID), launched in January in Buchanan, Grand Bassa County. The ARREST Agenda, which targets agriculture, rule of law, roads, education, science and technology, seeks a total of $8 billion in investment, nearly 60% of which is expected from donors.
Despite Liberia’s resource potential, the country ranks as the eighth poorest in the world, according to the latest UN Development Index. The ARREST Agenda is the fourth major postwar development framework since 2005, succeeding the Unity Party’s Poverty Reduction Strategy and Agenda for Transformation, as well as the former Coalition for Democratic Change administration’s Pro-Poor Agenda for Prosperity and Development (PAPD).
Governor Saamoi said the CBL’s contribution to ARREST includes the planned digitization of the economy, with a focus on launching a national electronic payment switch. The system will integrate Liberia’s two major GSM providers — Lonestar MTN and Orange Liberia — allowing users to make seamless transactions across networks.
“Our target is to complete the integration by July 2025 and have the switch fully operational nationwide by December 2026,” he said.
Saamoi also disclosed that the World Bank and the AfDB have already committed to funding the payment switch and six other components of the plan.
Plan Presentation and Strategic Vision
Jay Gbleh-bo Brown II, Director of the Development Finance Department at CBL, formally presented the plan, emphasizing that its preparation involved input from both domestic and international stakeholders — including rural communities, marketers, and Village Savings and Loan Associations (VSLAs).
Brown said the plan comes at a critical juncture, following Liberia’s agreement with the International Monetary Fund on a new four-year Extended Credit Facility. He echoed the governor’s call for donor support to implement key reforms.
“The vision is to make the Central Bank a center of excellence by leveraging technological innovation to promote macroeconomic and financial stability,” Brown said.
He outlined the mission as promoting a resilient and efficient financial system that supports stable monetary growth and sustainable national development. The CBL will operate under six guiding principles: fairness, inclusiveness, teamwork, transparency, innovation, and efficiency.
Brown reaffirmed the Bank’s five strategic pillars and highlighted Liberia’s ambition to contribute to the realization of a single ECOWAS currency.
He also presented a SWOT analysis of the plan, identifying trained human resources as a strength, limited fiscal space as a weakness, fintech advancements and economic growth as opportunities, and political interference and infrastructural gaps as potential threats.
Oversight and Consumer Protection
To strengthen financial oversight, Brown said the CBL will enhance its regulatory environment and establish a Deposit Insurance Fund to safeguard the financial sector.
“We want to enhance consumer protection and digitize reporting systems for non-bank financial institutions,” he said. “About 10 years ago, we achieved this in the banking sector, and we aim to replicate that success.”
Donor Reactions
Several donor partners pledged support to the plan, including Dr. James Francis Davis, senior consultant at the AfDB; Stanley Karmorn, economist and team lead at UNDP’s inclusive governance unit; and Jonathan Hilton, senior economic officer at the U.S. Embassy.
Dimitri De Pues, private sector development and financial assistance officer with the European Union Delegation to Liberia, stressed the critical role of the private sector in reducing poverty and committed to backing the CBL’s initiative.
