The Acting Executive Governor of the Central Bank of Liberia (CBL), Henry F. Saamoi, has laid out his vision to transform the institution into a more dynamic and efficient entity.
During a meeting with the general staff on August 9, 2024, Saamoi emphasized the importance of developing talent, fostering a culture of teamwork, creating a new strategic plan, and upholding transparency and accountability as key pillars of his vision.
In his first address to the CBL staff, Acting Governor Saamoi highlighted the critical role of capacity building and collaboration in achieving the Bank’s core objectives, which include maintaining price and financial sector stability, promoting financial inclusion, enhancing operational efficiency, and supporting economic growth.
As a first step toward realizing these goals, Saamoi announced the immediate formation of a committee tasked with developing a comprehensive five-year strategic plan for the Bank.
“In the strategic plan we aim to develop, innovation and technology will be at the forefront,” he stated. “We will focus on decentralizing the Bank’s operations and ensuring efficiency to deliver value for money.”
Acting Governor Saamoi pledged to invest in advanced digital platforms and explore emerging financial technologies that could revolutionize the Bank’s administration, strengthen risk management, and enhance the effectiveness of monetary policy.
He also committed to addressing concerns raised in the General Auditing Commission’s (GAC) audit reports and other assessments, aiming to accelerate the Bank’s transformation and reform efforts.
While emphasizing the importance of collaboration and open communication, Saamoi made it clear that the CBL will maintain a strictly apolitical stance, adhering to the highest standards of integrity, accountability, and transparency. He underscored that these principles are non-negotiable as the Bank moves forward with its reform agenda.
The meeting also saw the Acting Board of Governors expressing their commitment to working closely with the staff to achieve the CBL’s mandate of formulating and implementing monetary policy, promoting financial stability, and driving economic growth.
The president of the CBL Staff Association, Madam Trokon Browne, echoed this sentiment, pledging the staff’s full support for the new management and its efforts to improve staff welfare and transform the Bank.
As part of their introductory engagements, Governor Saamoi and the Board of Governors held discussions with senior staff earlier in the day. These discussions focused on the importance of teamwork, mutual respect, and a collective commitment to rebranding and advancing the Bank.
The Central Bank of Liberia is the nation’s primary monetary authority, responsible for formulating and implementing monetary policy, regulating and supervising the financial system, and managing the country’s foreign exchange reserves.
Its three core objectives are to promote and maintain price stability, contribute to financial stability, and support the government’s economic policy within the scope of its mandate.
