Macpherson C. Marbiah writes/0886442881-0777250370
The joint Statutory Meetings of the ECOWAS’ specialized Monetary and financial institutions (ECOWS/WAMZ) on Wednesday, February 4, 2026, officially commenced in Monrovia.
It opening ceremony brought together senior policymakers, central bank officials and technical experts from the region.
It is the 56th Meeting of the College of Supervisors of the West African Monitory Zone (SWAMZ), with the sole purpose of working out modalities and undertaking technical preparations for the formulation of a West African Central Bank.
The bank consists of five English and French speaking countries, namely: The Gambia, Nigeria, Sierra Leone, Liberia, Ghana and the Republic of Guinea.
The meetings, which run from Wednesday, February 4-13, 2026, is expected to serve as a critical platform for assessing macroeconomic performance and advance regional economic integration.
It is also expected to review member states macroeconomic development and evaluate progress towards meeting the ECOWAS Macroeconomic Convergence Criteria benchmarks, which is essential to the successful launch of the region’s planned signal currency, (the ECO).
The event brought together the West African Monetary Agency (WAMA), West African Monetary Institute (WAMI), and the West African Institute for Financial and Economic Management (WAIFEM), to deliberate on monetary cooperation, macroeconomic convergence, and financial sector development, which is a key pillar for strengthening regional integration in the region.
At the start of the WAMZ meeting, Central Bank of Liberia Governor, Henry F. Saamoi, informed participants that their contributions underscored the spirit of corporation, solidarity and share purpose that underpin the WAMZ project and a broader ECOWAS vision.
Saamoi said, the event also reaffirmed their collective resolve to advance financial stability, macroeconomic convergence, monetary integration and inclusive economic transformation in the sub-region.
He said, supervisors are the guidance of financial stability as their works ensure that financial institutions and markets operate with integrity, transparency and resilience.
“Your role extends beyond national borders that harmonized standards, build trust across member states, and lay the foundation for a unified financial and monetary system.”
Saamoi continued: “When nations trade with confidence, it is because you harmonized standards across borders. In today’s deeply interconnected system, financial risk no longer respect national borders.”
The college of the Supervisors stand as a cornerstone of regional financial governance, providing a structure framework for cooperation, information sharing, joint risk assessment, supervisory convergence and coordinated intervention.
Through this platform, they enhance collective capacity to identify venerability, ensure consistent supervisory responses, conduct joint inspections, strengthen crisis preparedness and preserve stability across WAMZ.
For this, Mr. Saamoi said, Liberia remains fully committed to this share vision as the CBL has over the years carry out comprehensive reforms.
The reforms strengthened financial sector resilience, and deepened financial inclusion.
Saamoi said, those reforms were anchored in Liberia’s national development agenda; ECOWAS convergence benchmarks; the WAMZ framework, and international regulatory standard.
Liberia’s macroeconomic performance, he said, was strengthened in 2025, as real GDP growth reached 5.1 percent, and inflation declined to 4 percent at the end of 2025, with the fourth quarter averaged 4.4 percent, while foreign reserve buffered is improving.
Saamoi added: “Our self-assistant against the ECOWAS convergence benchmark, confirmed that Liberia met two primary and both secondary criteria, thus, reaffirming the country frame commitment to reform aimed to achieve full compliance over the medium term.”
The Officer-In-Charge, Madam Mahawa Koiie, said the event once again reinforced their collective commitment to direct engagement, stronger collaboration and deeper supervisory corporation in the region.
Madam Koiie meanwhile, commended all members states for their continued effort in the promotion of regional financial stability.
She stated that their work is essential in strengthening financial structure, particularly within the banking sector, which lies at the heart of their mandate as a college.
Madam Koiie also acknowledged the contributions of the various regional institutions that included WAMZ, WAMA, WAMI and WAIFEM for their continued support in capacity building and quality training across the region.
As they begin the meetings, she anticipates constructive discussion, and looked forward to productive engagements in the exchange of ideas and experiences, as well as best practices, which will strengthen their resolve and further advance their work through knowledge sharing in addressing existing challenges.
WAMI Director General, Dr. Abdulsalam Sikiru Abidemi said, the supervisors’ work remained indispensable to their collective ambition of achieving the convergence, as those positive trajectories reflect the impact of the decisive policy action taken by national authorities.
Several risks persist, including tired financial conditions, elevated debt serving cost, and persisting geo-political and trade tensions, all of which, posed significant challenges to the macroeconomic and financial activity in the Zone.
Dr. Abidemi said, the meeting provides a significant opportunity to review development in the banking sector, address regulatory and supervisory challenges, and identified emerging issues or risk across member states, in strengthening financial stability in the WAMZ.
The banking sector is a significant transformation driven by regulatory reforms, technological innovation and strategic investment in infrastructure.
These transformations are intended to enforce economic recovery, financial inclusion and advance regional integration agenda, which include the expansion of mobile banking and digital financial services that are sustainable in enhancing access to finance.
Abidemi wants the supervisors to strengthen technology capacity, enhance fraud monitoring, data driven tools, and enforce operational resilience to maintain confidence and safeguard financial stability.
He encouraged all member states to take the necessary steps to ensure effective integration and harmonization, thus commending all regulators, financial institutions, as well as development partners for their steadfast commitment to regional financial integration.
Macpherson C. Marbiah writes/0886442881-0777250370