Central Bank of Liberia (CBL) Executive Governor Henry F. Saamoi has called for stronger trade and economic integration among West African nations, highlighting the urgent need for coordinated policies and harmonized strategies to fully harness the benefits of regional trade agreements such as the African Continental Free Trade Area (AfCFTA).
Governor Saamoi made the call on Monday, April 7, 2025, during the formal opening of the West African Institute for Financial and Economic Management (WAIFEM) Regional Course on Economic Issues in Regional Integration, hosted in Monrovia.
The Regional Course on Economic Issues in Regional Integration will cover critical topics including macroeconomic convergence criteria, trade liberalization, regional monetary cooperation, the role of infrastructure in integration, and institutional frameworks for managing integration processes.
The week-long training brought together participants from across ECOWAS member states, with a focus on deepening understanding and collaboration around regional integration, economic convergence, and trade facilitation.
"I consider this a great privilege to deliver this keynote address at the opening ceremony of the Regional Course on Economic Issues in Regional Integration," said Governor Saamoi. "This course is essential because of its implications for regional integration and intra-African trade. It is a call to action for all of us to strengthen the institutions and policies that will move Africa forward."
Governor Saamoi highlighted the potential benefits of the African Continental Free Trade Area (AfCFTA), to which Liberia is a signatory, calling it a transformative opportunity to diversify economies and reduce the continent's reliance on commodity exports.
"The AfCFTA presents a historic chance to create the world's largest single trading bloc, with a combined GDP of $2.5 trillion," he explained. "Yet, for countries like Liberia to fully benefit, we must address infrastructure gaps, production inefficiencies, and improve our trade policy environment."
He acknowledged ongoing opportunities in Liberia's mining sector and encouraged policy action to expand trade capacity and reduce bureaucratic bottlenecks. He further recommended that accountability mechanisms be built into WAIFEM courses, including improved evaluations and tracking of underperformance.
"Central Banks and financial institutions rely heavily on the outcomes of these programs for staff development and institutional growth," he added. "Ensuring that participants meet performance standards is critical."
With Africa's share of global trade still below 3% and intra-African trade standing at just 18%, speakers agreed that deeper integration, financial sector alignment, and removal of trade barriers are necessary to improve outcomes.
Governor Saamoi noted that Africa must move beyond raw material exports and instead invest in value addition, infrastructure, and regulatory streamlining.
"Implementing reforms that harmonize financial systems, enhance currency convertibility, and integrate cross-border payment platforms will help realize AfCFTA's promise," he said.
He emphasized that while the dream of a unified African market is within reach, the realization of that vision requires deliberate and strategic collaboration among member states, especially in areas of policy harmonization, infrastructure development, and institutional coordination.
"Our governments must ensure that policy and institutional frameworks are harmonized, infrastructure development is coordinated, and cross-border trade facilitation is improved," Governor Saamoi said. "These are the essential building blocks for sustainable regional growth."
Saamoi further noted that regional integration holds immense potential to stimulate job creation, boost intra-regional trade, attract investment, and enhance macroeconomic stability across the continent. He praised WAIFEM for playing a critical role in building the technical capacity of professionals in the region's financial and economic sectors.
"I must commend WAIFEM for its unwavering commitment to building technical capacity in our region," he said. "This initiative aligns with the Central Bank of Liberia's own objectives to ensure a strong, stable, and inclusive financial system."
The CBL Governor also stressed the importance of accountability and results-based learning, urging participants to apply the lessons from the course in their respective institutions and countries.
"We must ensure that the knowledge acquired here goes beyond certificates and contributes directly to national and regional policy frameworks," he said. "Capacity building must be both practical and impactful."
According to him, Liberia is proud to host this important gathering. Let us use this opportunity to renew our commitment to a prosperous and integrated Africa.
He closed the ceremony by officially declaring the WAIFEM Regional Course on Economic Issues in Regional Integration open, encouraging participants to explore Monrovia's history, culture, and hospitality during their stay.
Representing the Director General of WAIFEM, Dr. Gabriel Y. Asante, WAIFEM Senior Programme Manager for Fiscal Policy, Debt Management, and Regional Integration, delivered the welcome address. He reaffirmed the Institute's mission to build a critical mass of skilled professionals in macroeconomic and financial management in West Africa.
"On behalf of WAIFEM, I extend our heartfelt appreciation to the Executive Governor of the Central Bank of Liberia, Mr. Henry F. Saamoi, for his steadfast support in realizing our mandate," said Dr. Asante. "Your personal and institutional commitment has continuously strengthened our efforts."
He acknowledged the presence of world-renowned facilitators, including Prof. Jonathan Aremu, Consultant, ECOWAS Common Investment Market, Dr. John-Hawkins Asiedu, Technical Adviser, Ministry of Trade and Industry, Ghana, Dr. Baba N. Yaaba, Assistant Director, Research Department, Central Bank of Nigeria and Mr. Iliyasu M. Bobbo, ECOWAS, Abuja.
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Dr. Asante emphasized that the course would equip participants with both theoretical and empirical knowledge on regional economic integration, trade facilitation, financial sector reform, and the role of institutions like ECOWAS and AfCFTA.
"Regional Economic Integration has long been viewed as a tool for prosperity and growth. The AfCFTA presents a rare opportunity to competitively integrate Africa into the global economy, increase income, and reduce poverty," he said. "The training will explore trade liberalization dynamics, macroeconomic convergence, and the implications of integration for FDI, labor markets, and income distribution."
He further encouraged policymakers to explore innovative policy options that can maximize income, and welfare gains from trade liberalization.
WAIFEM was established in 1996 by the central banks of The Gambia, Ghana, Liberia, Nigeria, and Sierra Leone. It has, over the last three decades, emerged as a premier institution for capacity building in West Africa, focusing on macroeconomic policy, financial sector development, debt management, and regional integration.
Dr. Asante invited participants to explore WAIFEM's achievements and ongoing programs through its official website www.waifem-cbp.org.
"WAIFEM has distinguished itself over the years as a leader in capacity development. We are pleased to see Liberia hosting this important course and trust that participants will return to their institutions with actionable knowledge," he concluded.
