Harbel Margibi County– Central Bank of Liberia Governor, Henry F. Saamoi, has assumed the Chairmanship of the Committee of Governors of the West African Monetary Zone (WAMZ), pledging to deepen regional monetary cooperation and accelerate the collective drive toward a unified West African monetary system.
By Jaheim T. [email protected]
WAMZ was established in 2000 under ECOWAS by six West African nations: Liberia, Sierra Leone, Ghana, Nigeria, The Gambia, and Guinea to pursue a common currency and harmonized monetary policies. Its top authority, the
Committee of Governors, directs and oversees all decisions on monetary cooperation among these countries.
In his acceptance remarks, delivered Friday, Saamoi said he took on the responsibility “with profound humility at the confidence reposed in me,” reaffirming Liberia’s commitment to advancing economic integration, financial stability, and shared prosperity across the subregion.
Saamoi’s chairmanship comes at a time of persistent global uncertainty, marked by inflationary pressures, financial market volatility, and external shocks. He warned that such conditions make “coordinated regional action more urgent than ever.”
Invoking the words of Ghana’s founding leader Kwame Nkrumah, Saamoi reminded member states that “the success of WAMZ rests on collective determination to transcend national borders in pursuit of a common economic destiny.”
Outlining his agenda, Saamoi highlighted four priority areas stressed on strengthening monetary cooperation and convergence, promoting financial sector stability through sound regulation and innovation, supporting regional integration to boost trade and investment and championing capacity building to ensure institutions remain “agile and future-ready.”
He pledged leadership rooted in dialogue, consensus-building, and an unwavering commitment to the ECOWAS Monetary Cooperation Programme and the Single Currency Roadmap.
While acknowledging the scale of the task ahead, Saamoi pointed to technological disruptions and the need for sustainable development.
He urged member states to “convert challenges into opportunities for deeper regional transformation,” encouraging policymakers to harness digital technologies, strengthen cross-border payment systems, and ensure monetary cooperation delivers tangible benefits for ordinary citizens.
stressed that decisions must directly support socioeconomic empowerment. “Credibility, pragmatism, and forward-looking action must guide the region’s journey toward monetary union,” he said.
Saamoi called for unity of purpose. “With sustained collaboration, the WAMZ can continue to be a beacon of regional integration, resilience, and progress,” he affirmed, urging member states to keep citizens at the heart of monetary cooperation.
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