Liberia is poised to gain significant economic and financial opportunities as a twelve-member delegation from the West African Monetary Institute (WAMI) Ghana’s Ministry of Finance engages with key stakeholders in the country to discuss the establishment of a Regional Financial Hub (RFH) for West Africa.
The delegation arrived in Liberia on Monday, December 16, following a press release issued on Sunday, December 15, and began its technical discussions, which are set to continue on Tuesday, December 17, 2024.
Led by Dr. Olerunsola E. Olowofeso, Director-General of WAMI, the visit is part of ongoing efforts to promote financial integration within the Economic Community of West African States (ECOWAS). The RFH, which will be based in Ghana, is intended to act as a central platform for regional financial services, facilitating cross-border economic activities, attracting international investments, and strengthening the financial infrastructure across West Africa.
During their visit, the delegation met on Tuesday with Liberia’s Minister of Finance and Development Planning, Augustine Kpehe Ngafuan, and the Acting Executive Governor of the Central Bank of Liberia, Hon. Henry F. Saamoi. Their discussions centered on how Liberia can benefit from the RFH, including enhanced access to regional and global financial markets, attracting foreign investment, and improving Liberia’s financial systems. These talks are part of Liberia’s broader engagement in regional monetary cooperation, positioning the country as a key player in West Africa’s economic future.
Minister Ngafuan emphasized the potential impact of the RFH on Liberia’s financial sector. He pointed out that the initiative would create new opportunities for businesses and investors in Liberia, particularly by improving access to international capital and boosting the efficiency of financial services. Additionally, the RFH is expected to foster stronger collaboration between Liberia and its ECOWAS neighbors, promoting regional economic stability.
A central theme of the discussions was the development of a comprehensive legal and regulatory framework to ensure the successful establishment and operation of the RFH. The delegation and Liberian officials discussed the importance of clear guidelines to govern the hub’s operations, enabling it to serve as a platform for international financial institutions and regional businesses.
The RFH also offers the potential to modernize Liberia’s financial systems, providing opportunities for new financial products and services that could enhance the country’s investment climate. Integrating the RFH framework will improve businesses’ access to capital, facilitate smoother cross-border transactions, and enable greater regional cooperation in economic activities.
In addition to their meetings in Liberia, the delegation will visit other key institutions across the West African Monetary Zone (WAMZ) countries, including Ministries of Finance, Central Banks, and Capital Market Regulators, to share insights and gather feedback on the RFH’s design.
The successful establishment of the RFH is expected to promote greater economic integration across West Africa, making the region a more attractive destination for investment. For Liberia, this initiative offers the potential to enhance financial stability, stimulate economic growth, and further integrate the country into the regional and global financial system.
