MONROVIA, Liberia – Euphemia Gbadee Swen-Monmia, nominee for Deputy Governor for Economic Policy at the Central Bank of Liberia (CBL), has outlined five strategic priorities focused on price stability, international reserves, financial market development, monetary-fiscal coordination, and financial inclusion.
Presenting at her confirmation hearing on October 22 before the Senate Committee on Banking and Currency, Madam Swen-Monmia said her priorities would build on the Central Bank’s mandate to preserve macroeconomic stability, strengthen the financial system, and support sustainable and inclusive economic growth.
“Price stability remains the Central Bank’s most important contribution to economic prosperity,” she told the Committee, emphasizing that keeping inflation low and stable is essential to protecting the purchasing power of Liberian households.
Five Priorities for Economic Stability
Madam Swen-Monmia identified preserving price stability as her first priority, pledging to support policies that strengthen monetary policy transmission and help maintain stable prices, with the ultimate goal of safeguarding household purchasing power.
She named safeguarding international reserves and external stability as her second priority, adding that she would work to strengthen foreign exchange governance to avoid external economic problems.
“I will continue to promote prudent reserve management, strengthen foreign exchange governance, and support initiatives that improve Liberia’s resilience to external economic shocks,” she stated.
On deepening financial markets and mobilizing savings, which she mentioned as the third priority, Madam Swen-Monmia committed to strengthening government securities markets, support pension sector development, and promoting financial markets that mobilize long-term capital for investment. She explained that stronger financial markets can help expand financing opportunities for both public and private sector development.
Her fourth priority is strengthening monetary-fiscal coordination while preserving Central Bank independence. To achieve this, she underscored the need for effective coordination between fiscal and monetary authorities while maintaining the Bank’s credibility and independence.
“Effective coordination between fiscal and monetary authorities is essential for macroeconomic stability. At the same time, maintaining the Central Bank’s independence and policy credibility remains indispensable,” she said.
The fifth priority focuses on promoting responsible access to credit and financial inclusion, particularly for small businesses and underserved populations.
“I will continue efforts to reduce barriers to finance, particularly for small businesses and underserved populations, while ensuring that financial inclusion advances alongside sound risk management and financial stability,” Madam Swen-Monmia stated.
Commitment to Independence and Accountability
Beyond her five priorities, Madam Swen-Monmia pledged to uphold the Central Bank of Liberia Act and other applicable laws if confirmed by the Senate.
She emphasized the importance of monetary discipline, evidence-based decision-making, transparency, and accountability to the Legislature.
“I will discharge my duties with professionalism, integrity, and fidelity to the law,” she stated, adding that she would provide objective and professional advice guided by the Bank’s mandate and Liberia’s long-term interests.
Her proposed agenda places emphasis on maintaining economic stability while strengthening the financial system’s capacity to support investment, expand access to finance, and improve economic opportunities for Liberians.
Professional Experience and Qualifications
Madam Swen-Monmia brings 16 years of experience at the Central Bank of Liberia, having joined the institution in 2010 as a management trainee in the Regulation and Supervision Department. She subsequently served as a bank examiner, senior bank examiner, Registrar of the Collateral Registry, Assistant Director, Deputy Director, and Director of the Financial Markets Department.
In these roles, she gained experience in banking supervision, financial regulation, monetary policy operations, reserve management, and financial market development.
Her professional contributions include supporting the development and implementation of Liberia’s Collateral Registry, strengthening reserve management practices, and advancing monetary policy and domestic financial market initiatives.
From 2023 to 2024, she served as a macroeconomist in the African Department of the International Monetary Fund in Washington, D.C., where she contributed to macroeconomic policy analysis and gained additional experience in assessing economic challenges and policy options.
Madam Swen-Monmia holds a Master of Science degree in Development Finance from the University of Reading in the United Kingdom and a bachelor’s degree in public administration from the African Methodist Episcopal University in Liberia. She also holds a Graduate Certificate in Capital Markets from George Washington University and has undertaken specialized training in monetary policy, central banking operations, and economic growth.
Following her return from the IMF, she resumed her duties at the CBL and subsequently assumed responsibilities as Acting Deputy Governor for Economic Policy.
Madam Swen-Monmia’s nomination for Deputy Governor for Economic Policy is subject to confirmation by the Liberian Senate.
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