Monrovia — Liberia met four of the six ECOWAS macroeconomic convergence criteria in 2025, reflecting improved fiscal discipline, external stability and strengthened reserve buffers, according to the Executive Governor of the Central Bank of Liberia.
Speaking at the Joint Opening Ceremony of the 67th Ordinary Meeting of the Committee of Governors of Central Banks of ECOWAS Member States at the Farmington Hotel in Margibi County, CBL Executive Governor Henry F. Saamoi said the country recorded measurable gains in deficit control, debt sustainability, exchange rate stability and reserve adequacy.
"Total government revenue and grants rose by 18.6 percent in the first half of 2025," Saamoi said, adding that the improvement enabled Liberia to maintain its fiscal deficit within the ECOWAS convergence ceiling of 3 percent of GDP.
He reported that public debt declined to an estimated 54.2 percent of GDP in 2025, well below the 70 percent debt-to-GDP benchmark applied under the West African Monetary Zone framework.
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"These ratios, deficit-to-GDP and debt-to-GDP, demonstrate significant progress in fiscal consolidation," Saamoi said.
CBL Executive Governor Henry F. Saamoi
External Sector Strengthens
Liberia's external position also improved during the year, supported by stronger export performance and rising foreign reserves.
Exports increased by more than 30 percent, while gross external reserves rose by $101 million to $575.5 million.
Net international reserves climbed from $234 million in 2024 to more than $282 million by end-December 2025, exceeding the International Monetary Fund program target by nearly $16 million, according to the governor.
The Liberian dollar remained broadly stable, depreciating by 0.9 percent against the U.S. dollar during the period, within the ECOWAS secondary convergence band of plus or minus 10 percent. On an end-of-period basis, the currency appreciated by 3.2 percent compared with December 2024.
Regional Performance Improves
At the regional level, Saamoi reported that ECOWAS economies expanded by 4.5 percent in 2025, with growth projected to rise to 5 percent in 2026. Regional inflation declined from 23.3 percent in 2024 to 16.8 percent in 2025, signaling gradual progress toward macroeconomic stability targets.
He said four member states are expected to meet all four primary convergence criteria in 2025 -- double the number recorded in 2024 -- while several others are making progress toward meeting fiscal deficit, inflation and debt sustainability thresholds.
Despite the gains, Saamoi cautioned that persistent inflationary pressures, elevated fiscal deficits in some jurisdictions and high debt-servicing burdens remain challenges across the region. He emphasized the need to strengthen domestic revenue mobilization, improve expenditure discipline and diversify production away from primary commodity dependence.
WAMI Convergence Score Rises
The Director General of the West Africa Monetary Institute, Abdul Salam Abideyemi, said the composite convergence score for the West African Monetary Zone rose to 58.3 percent, up from 50 percent at end-June 2024.
"These outcomes suggest gradual macroeconomic adjustment and stronger policy coordination across the zone," Abideyemi said, though he acknowledged remaining gaps linked to inflation persistence, fiscal constraints and structural vulnerabilities.
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He noted progress in legal harmonization, financial sector supervision, capital market integration and payment system reforms -- all prerequisites for eventual monetary union.
Path Toward Monetary Integration
The convergence framework measures how closely member states align on agreed macroeconomic benchmarks required for deeper regional integration and the potential adoption of a single currency.
Meeting four of six criteria places Liberia in an improved position relative to previous assessment cycles, though full compliance across all primary and secondary benchmarks remains necessary for sustained convergence.
As central bank governors continue deliberations, the pace of fiscal consolidation, inflation control and reserve accumulation will remain central to determining whether ECOWAS can accelerate its long-delayed monetary integration agenda.
