The Minister of Finance and Development Planning, Augustine Kpehe Ngafuan, has praised the Central Bank of Liberia (CBL) for its transparency and growing role in stabilizing the country's economy, while pledging stronger collaboration between the fiscal and monetary authorities to accelerate development and improve the lives of ordinary Liberians.
Speaking during the official launch of the Central Bank's Monetary Policy Communiqué reading, Minister Ngafuan delivered a reflective and forward-looking address, recounting his own professional roots at the Bank and urging for deeper institutional coordination in tackling the country's economic challenges.
"For me, coming here is always somber because it is like coming home," Ngafuan began, reminiscing on his early days as a bank examiner in the Supervision Department under former Governor Elie Saleeby. "This place has always been a place of merit, a place of honor," he said, noting that many professionals who have served at the Bank now occupy key roles in both government and the private sector.
He recalled working under late Governor Charles Green upon his return from graduate school in 2004, noting that sitting in Monetary Policy Committee meetings helped him gain deep insights into the country's monetary operations.
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Ngafuan applauded the Central Bank's decision to publicly communicate its monetary policy actions through an open forum--a practice he described as long overdue. "Let me congratulate you, Honorable Governor, and the team, the board, for this," he said. "This shows that we recognize that we are not perfect men and women. We come in humility. We come to hear from our people."
He emphasized that the Central Bank and the Ministry of Finance are like "Siamese twins," whose successes are intrinsically linked:
"No matter how well we work, if we do not have the support of the Central Bank, we will fail. And no matter how well you work, if you do not have our support, you will fail."
In his remarks, Minister Ngafuan extended glowing praise to Central Bank Executive Governor Henry F. Saamoi, whom he described as a long-time academic and professional standout.
"When the honor roll list at the university was put out, if you didn't see the name Henry Saamoi, then you knew there was an error," he said. "He was a permanent fixture."
Ngafuan went further, expressing admiration for Governor Saamoi's seamless transition from the private banking sector to the often-chaotic realm of public service.
"Government is a tough place. But I have been impressed watching the seamless transition," he said. "I've seen his brilliance, his diplomacy, and the poignancy of his arguments helping us make a strong case for Liberia."
Turning to the pressing issues impacting economic efficiency, Ngafuan highlighted the urgency of improving Liberia's payment architecture, particularly the development of a 24-hour payment switch system to reduce delays at the port and across commerce.
"One of the stumbling blocks is that we don't have a 24-hour payment system in the country," he explained. "Every time there are delays in clearing goods at the port, demurrage is charged, and importers pass those costs on to consumers."
He praised the CBL for accelerating the payment switch timeline and working with development partners to modernize infrastructure.
"The governor was clear that we need it, and we need it now," Ngafuan said, calling the project "critical" to unlocking economic efficiency across sectors.
Minister Ngafuan underscored the Boakai administration's commitment to performance-driven governance.
"We are not only men and women of thought; we are men and women of action," he declared. "We must execute. We must deliver. And we must deliver on time. There's an urgency out there."
He added that ministries and agencies are now being driven by a mentality of "ratcheting delivery," identifying bottlenecks, and moving quickly to resolve them.
The Minister also commended the broader banking sector and the Liberia Bankers Association for developing financial products and services that benefit ordinary Liberians. He called the recent rollout of the Pan-African Payment and Settlement System (PAPSS) "quietly revolutionary."
"The fact that a trader in Liberia wanting to purchase goods in Ghana or Nigeria does not have to use U.S. dollars... that is life-changing," he noted. "We're subjecting our traders to less risk, and it's reducing foreign exchange pressures on our economy."
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He encouraged the Bank and stakeholders to raise more public awareness about the system so more traders and market women can take advantage of it.
Wrapping up his remarks, Ngafuan reiterated the government's unwavering support for the independence of the Central Bank:
"We are the fiscal authority. We don't have the independence that you have. But your independence helps the economy," he affirmed. "At the end of the day, it's not just about big policy statements. We are trying to impact the lives of the people... in villages, on the streets, in schools. And we must not leave anyone behind."
He also extended appreciation to other key players in the banking and insurance sectors and urged continued dialogue to deepen financial sector support for national development.
Ngafuan's wide-ranging remarks signaled a new era of open dialogue and results-driven collaboration between the Central Bank and the Ministry of Finance, emphasizing the Boakai administration's resolve to translate policy into real impact for ordinary Liberians.
