Monrovia, Liberia – The Central Bank of Liberia (CBL) has announced plans to print L$79 billion, pending approval from the National Legislature, as part of efforts to manage the country’s currency system and improve monetary operations.
The Bank is also requesting authorization to introduce L$2,000 banknotes as part of the proposed exercise.
Appearing before the plenary of the Liberian Senate, CBL Executive Governor Henry Saamoi disclosed that L$14.7 billion is expected to be printed this year, with the remaining L$64.3 billion to be produced over the next four years.
“The amount of L$14.7 billion is programmed for printing in the current fiscal year, while the balance will be spread over a four-year period,” Governor Saamoi told lawmakers. “This exercise is not only intended to inject additional liquidity into the economy, but also to replace old and unfit banknotes, strengthen the Liberian dollar, and improve the conduct of monetary policy.”
He emphasized that a significant portion of the proposed printing would focus on replacing worn-out currency currently in circulation.
Senators Urge Caution
Despite the proposal, several senators have expressed concern over the plan and cautioned against its swift approval.
Montserrado County Senator Abraham Darius Dillon called for transparency and broader consultation, warning that such a major financial decision requires careful consideration.
“We must proceed with caution,” Senator Dillon said. “Any decision to print money at this scale must be backed by clear data, transparency, and assurances that it will not negatively impact the economy.”
Gbarpolu County Senator Amara Konneh, who chairs the Senate’s Public Accounts and Audit Committee and previously served as Finance Minister under former President Ellen Johnson Sirleaf, also urged the joint committee reviewing the proposal to demand further justification.
“Every additional dollar printed has consequences for inflation and the overall stability of the economy,” Konneh stated in a Facebook post. “We need to fully understand the rationale, the cost implications, and the long-term effects before granting approval.”
He further stressed the importance of accountability, noting that past currency printing exercises have raised public concerns.
Past Currency Printing Concerns
If approved, this would mark the third major currency printing exercise in less than a decade, spanning three different administrations.
In 2017, the Legislature approved the controversial printing of L$16 billion, a move that later sparked widespread debate over accountability and transparency.
Similarly, in 2021, the CBL printed over L$48 billion following legislative authorization, an action that also drew mixed reactions from the public and economic observers.
Given this history, analysts believe the current proposal is likely to face heightened scrutiny.
“As lawmakers deliberate, the key issues will revolve around transparency, economic impact, and whether the proposed printing will stabilize or further strain the Liberian dollar,” one economic observer noted.
The Legislature is expected to continue its review of the proposal in the coming days before making a final determination.