The Central Bank of Liberia (CBL), in collaboration with the James A. A. Pierre Judicial Institute and the United Nations Development Programme (UNDP), has concluded a one-day training program aimed at strengthening the capacity of judges across Liberia to interpret and apply the country's new Banking and Financial Institutions Act (BFIA).
The training brought together judges from various courts, including magistrates, Commercial Court judges, Debt Court judges, and Circuit Court judges, to enhance their understanding of the new banking legislation and its implications for the country's financial sector.
The new BFIA strengthens corporate governance standards, enhances supervisory and enforcement powers, and establishes clearer mechanisms for addressing distressed financial institutions.
Addressing participants through a statement delivered on his behalf, CBL Executive Governor Henry F. Saamoi described the training as a critical investment in institutional capacity, financial stability, and the rule of law.
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He noted that the BFIA represents a landmark reform that modernizes Liberia's banking regulatory framework and brings it in line with regional and international standards.
Governor Saamoi emphasized that the effectiveness of any law depends not only on its provisions but also on its proper interpretation and application by the courts. He explained that a sound understanding of banking and financial laws would enable judges to adjudicate related disputes within the appropriate legal and regulatory framework, thereby strengthening confidence in Liberia's financial system.
"Investors commit capital where contracts are respected, businesses can grow, and disputes are resolved fairly and efficiently," Governor Saamoi stated. "A strong and credible financial system cannot flourish without the rule of law."
The Governor's statement was delivered by Acting Deputy Governor for Economic Policy, Euphemia G. T. Swen-Monmia, who commended Chief Justice Yamie Quiqui Gbeisay, Sr., the Supreme Court of Liberia, and the broader Judiciary for their commitment to continuous professional development and judicial excellence.
Acting Deputy Governor Swen-Monmia said the partnership between the Judiciary and the Central Bank reflects a shared commitment to building strong institutions that promote economic growth, attract investment, safeguard financial stability, and strengthen public confidence in Liberia's governance framework.
Speaking on behalf of the participants, Judge Ousman Feika, President of the National Association of Trial Judges of Liberia, welcomed the initiative, describing it as an important contribution to strengthening the capacity of judges across the country to effectively handle cases involving banking and financial sector legislation.
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The training forms part of the Central Bank's broader efforts to strengthen financial sector governance and support the effective implementation of key reforms aimed at promoting a safe, sound, and resilient banking system in Liberia.
