Liberia has once again reechoed its commitment to deepen regional monetary integration, and achieve the West African single currency, the Eco.
Finance and Development Planning (MFDP) Augustine Kpehe Ngafuan, chaired the 56th Meeting of the Convergence Council of the West African Monetary Zone.
In his address to finance ministers, central bank governors, regional institutions development partners, and other delegates on Monday, September 7, Ngafuan recommitted Liberia to the reforms to strengthen macroeconomic stability, and advance the WAMZ integration agenda.
He provided an update on the economy.
Ngafuan reported that real GDP growth strengthened to an estimated 5.1 percent in 2025, compared with 4.0 percent in 2024, and it is projected to reach approximately 5.5 percent in 2026.
He attributed the growth largely to the mining sector, particularly iron ore, while highlighting expected improvements in manufacturing, construction, electricity, trade, and other services.
He also pointed to significant progress in containing inflation, stating: “The end-period inflation declined sharply from 10.7 percent in December 2024, to 4.0 percent in December 2025. Although inflation rose to 5.0 percent by June 2026, due largely to higher imported fuel costs, average inflation during the first half of 2026 fell to 4.5 percent, compared with 12.2 percent during the same period in 2025.”
On progress toward WAMZ Convergence, Minister Ngafuan disclosed how Liberia met three of the four WAMZ primary convergence criteria in 2025, namely: the fascial deficit, central bank financing of the budget deficit, and the revised external reserves benchmark of 3.2 months of import cover.
He said, inflation remains Liberia’s only outstanding primary convergence criterion, adding: “government is working to close the gap by the end of 2026.”
As the WAMZ continued preparations toward the targeted launch of the ‘Eco’ in 2027, Ngafuan called for sustained monetary, fiscal, and structural reforms in all member states.
He cautioned about how geopolitical tensions, commodity-price volatility, global trade uncertainties, and domestic structural constraints could continue to challenge the region’s convergence efforts.
Minister Ngafuan also reaffirmed Liberia’s commitment to the WAMZ work programs, and the ECOWAS Single Currency Program.
He stressed how sustained reforms, and collective action are essential to build a stable, prosperous, and inclusive monetary union for people of West Africa.
He expressed appreciation to WAMI, WAMA, WAIFEM, regional institutions, and development partners for their continued support to West Africa’s monetary integration agenda
