The West African Institute for Financial and Economic Management (WAIFEM) has officially opened a five-day regional training course on "Exchange Rate Policies in a Dynamic Digital World" in Monrovia, Liberia.
The training brings together participants from Sierra Leone, The Gambia, Ghana, Nigeria, and Liberia to explore critical issues shaping today's economies, including exchange rate volatility, financial technology (fintech), and digital currencies.
The course, held from April 27 to May 1, 2026, at the Bella Casa Hotel, aims to strengthen institutional capacity and equip participants with modern tools to navigate the complexities of exchange rate management in an increasingly digital global economy.
Delivering the welcome remarks on behalf of WAIFEM Director General Baba Yusuf Musa, Dr. Christian R. K. Ahortor emphasized the strategic importance of the training.
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"The global monetary and financial landscape is undergoing a profound transformation," the statement noted. "Digital financial technologies, fintech innovations, cryptocurrencies, and the rapid expansion of cross-border digital payments are fundamentally altering how currencies are traded, how capital moves, and how monetary and exchange rate policies are implemented."
He stressed that while these changes present opportunities for financial inclusion and efficiency, they also introduce significant risks.
"For WAIFEM member countries, these developments present a dual challenge. On one hand, they offer opportunities... On the other hand, they introduce new risks, particularly in the areas of exchange rate volatility, capital flow management, and financial stability."
According to WAIFEM, the course is designed as a "strategic intervention" to strengthen the ability of policymakers to respond effectively to emerging global financial dynamics.
"This course is not just another training program. It is a strategic intervention aimed at enhancing policy effectiveness and institutional resilience across the subregion," the statement emphasized.
WAIFEM expressed appreciation to the Government and people of Liberia for hosting the program, with special recognition given to the Central Bank of Liberia for its support.
"We are particularly grateful to the Executive Governor of the Central Bank of Liberia... and his management team for the excellent logistical arrangements and unwavering support that have made this event possible."
In a keynote address delivered on behalf of Executive Governor Henry F. Saamoi by Senior Advisor Mr. Jackson Worlobah, the Central Bank underscored the increasing complexity of exchange rate management.
"This course is not only timely; it is essential," the statement said. "Exchange rate policy today is far more complex, more interconnected, and more consequential than at any other time in recent history."
The address highlighted how globalization and digital transformation are reshaping financial systems.
"Digitalization is redefining how economic value is created, transferred, and stored... financial technologies... are reshaping payment systems and accelerating cross-border transactions."
However, these developments also pose new risks."They are introducing new risks--particularly in the areas of capital flow management, exchange rate stability, and regulatory oversight."
The Central Bank also provided an overview of Liberia's recent economic performance, noting relative stability in the exchange rate despite underlying structural pressures.
"The Liberian dollar in 2025 remained relatively stable, with a marginal depreciation of 0.9 percent on a period average basis and a 3.2 percent appreciation on an end-period basis," the statement noted.
However, challenges remain, particularly due to the country's high dependence on imports and dollarization.
"Exchange rate movements have a direct and immediate impact on domestic prices and economic stability."
The Central Bank outlined measures taken to maintain stability, including tight monetary policy, liquidity management through CBL bills, and coordination with fiscal authorities.
WAIFEM emphasized that the course contributes to broader regional goals of strengthening policy coordination, enhancing institutional capacity, and promoting economic integration.
"As digitalization continues to reshape the global financial system, our ability as a region to respond effectively will depend on the strength of our institutions."
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Participants will engage in lectures, case studies, and policy simulations covering topics such as exchange rate regimes, foreign exchange markets, capital flows, digital currencies, and financial stability.
WAIFEM noted that since its establishment in 1996, the institute has delivered over 1,000 training programs benefiting more than 29,000 participants across member countries, with female participation reaching 42 percent in 2025.
The institute has also expanded its focus to include emerging areas such as artificial intelligence, fintech, cybersecurity, and sustainable economic policy.
Declaring the program officially open, the Central Bank encouraged participants to actively engage and collaborate.
"Exchange rate policy is no longer just about managing currencies--it is about navigating uncertainty, embracing innovation, and safeguarding economic stability in a rapidly evolving world."
The training is expected to enhance policy coordination, strengthen institutional capacity, and support economic resilience across the West African sub-region.
