Liberia has taken a decisive step in reinforcing regional financial integration with the official opening of the Joint ECOWAS, WAMA, WAMI, and WAIFEM Statutory Meetings, which began on Wednesday in Monrovia and will run until February 13.
The high-level gatherings bring together the ECOWAS Commission alongside the region's leading monetary and financial institutions--the West African Monetary Agency (WAMA), the West African Monetary Institute (WAMI), and the West African Institute for Financial and Economic Management (WAIFEM)--at a time when West Africa continues efforts toward deeper monetary cooperation and economic convergence.
The meetings have attracted leading policymakers, Central Bank Governors, Ministers of Finance, senior technical experts, and development partners from across the sub-region, underscoring the importance of coordinated regional action in strengthening financial stability and advancing integration.
Activities on the opening day featured the commencement of three critical sessions: the College of Supervisors of the West African Monetary Zone (CSWAMZ), the West African Institute for Financial and Economic Management (WAIFEM), and the College of Insurance Supervisors of the West African Monetary Zone (CISWAMZ).
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At the opening of the WAMZ College of Supervisors meeting held at the Bella Casa Hotel in Monrovia, Directors of Banking Supervision and senior financial regulators from across West Africa held in-depth discussions on cross-border supervisory cooperation, information sharing, risk assessment, and coordinated responses to emerging financial sector challenges.
The discussions emphasized the growing need for harmonized supervisory standards within an increasingly interconnected regional financial system.
In his keynote address, Executive Governor of the Central Bank of Liberia (CBL), Henry F. Saamoi, reaffirmed Liberia's strong commitment to regional integration, financial sector resilience, and adherence to international best practices in banking supervision.
"Your participation in these meetings underscores the spirit of cooperation, solidarity, and shared purpose that underpins the WAMZ project and the broader ECOWAS vision. It also reaffirms our collective resolve to advance financial stability, macroeconomic convergence, monetary integration, and inclusive economic transformation in our sub-region."
Saamoi emphasized that the evolving nature of the global and regional financial system demands closer cooperation among regulators, noting that financial risks now transcend national boundaries.
"In today's deeply interconnected financial system, financial risks no longer respect national borders. Banking groups operate across jurisdictions, financial markets are increasingly integrated, and shocks transmit rapidly across economies.
In this context, isolated supervisory approaches are no longer sufficient.
The College of Supervisors stands as a cornerstone of regional financial governance, providing a structured framework for cooperation, information sharing, joint risk assessment, supervisory convergence, and coordinated intervention.
Through this platform, we enhance our collective capacity to identify vulnerabilities early, ensure consistent supervisory responses, conduct joint inspections, strengthen crisis preparedness, and preserve systemic stability across the WAMZ.
In essence, effective cross-border supervision is no longer a regulatory option; it is a financial stability imperative."
He further reaffirmed Liberia's commitment to the shared regional vision, pointing to reforms implemented by the Central Bank of Liberia in recent years.
"Liberia remains fully committed to this shared vision. Over recent years, the Central Bank of Liberia has implemented comprehensive reforms aimed at strengthening financial sector resilience, enhancing prudential oversight, modernizing financial infrastructure, and deepening financial inclusion.
These reforms are firmly anchored in our national development agenda, ECOWAS convergence benchmarks, the WAMZ framework, and international regulatory standards, including the Basel Core Principles.
The strength of any monetary union ultimately rests not only on macroeconomic convergence, but also on the soundness, resilience, and integrity of its financial institutions. Liberia, therefore, remains steadfast in advancing supervisory convergence, regulatory harmonization, and institutional cooperation within the WAMZ framework."
Liberia's hosting of the statutory meetings highlights the country's growing role in advancing ECOWAS objectives and strengthening regional collaboration in support of sustainable economic growth and long-term financial stability across West Africa.
Meanwhile, the 53rd Meeting of the West African Institute for Financial and Economic Management (WAIFEM) also opened at the headquarters of the Central Bank of Liberia.
During the session, the Director-General of WAIFEM, Dr. Baba Yusuf Musa, disclosed key highlights of accelerated regional capacity building, strengthened strategic partnerships, and leadership developments.
Dr. Musa made the remarks while reviewing the institution's 2025 performance and outlining priorities for the year ahead.
He identified regional training and capacity building, expanded program delivery and demand, and greater regional inclusivity as major focus areas of WAIFEM's work.
He also reported that in 2025, the Institute reinforced and expanded collaboration with several international and regional partners to enhance program quality and resource mobilization.
"Notable partners during the reporting period included the International Monetary Fund (IMF), the World Bank, the Commonwealth Secretariat, the African Legal Support Facility, and other African development institutions," Dr. Musa said.
He reaffirmed WAIFEM's mandate to strengthen the capacity of central banks, ministries of finance, and other economic management institutions across the region.
For his part, the Chair of the Technical Committee, Mr. Karamo Jawara, commended member institutions and partners for their continued collaboration and commitment.
He stressed that the Institute's success should be measured not only by the number of programs delivered, but by the lasting and positive impact of its initiatives across the region.
At the same time, the 11th Meeting of the College of Insurance Supervisors of the West African Monetary Zone (CISWAMZ) also opened at the Bella Casa Hotel in Monrovia.
Delivering the keynote address, the Director of Insurance at the Central Bank of Liberia, Mr. Nathaniel Gbaba, underscored the critical role of insurance supervision in promoting financial stability, economic resilience, and market confidence as the region moves toward the proposed ECOWAS single currency, the ECO.
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Mr. Gbaba emphasized that effective, harmonized, and risk-based insurance supervision is essential to addressing emerging risks, including climate change, cyber threats, and cross-border financial exposures.
While acknowledging persistent challenges such as low insurance penetration, weak enforcement, uneven regulatory frameworks, and limited technical capacity across the sub-region, he also highlighted areas of progress.
"Despite these challenges, we remain hopeful and encouraged by the opportunities before us," he said. "A harmonized and risk-based supervisory framework across the WAMZ that supports financial integration and prepares our markets for the ECO.
Digitally enabled and inclusive insurance markets, capable of expanding access to micro-insurance, agricultural insurance, health insurance, and SME coverage. Stronger regional collaboration through CISWAMZ, serving as a platform for peer review, supervisory convergence, and institutional learning."
He reaffirmed Liberia's commitment to advancing regulatory cooperation and convergence, including the alignment of prudential standards, solvency requirements, and supervisory reporting frameworks.
The opening of the sessions sets the tone for the week-long joint statutory meetings, which are convened twice annually on a rotational basis among ECOWAS member states.
The meetings serve as a critical platform for assessing macroeconomic performance, strengthening financial governance, and advancing the region's broader agenda for economic integration.
