Financial policymakers and technical experts from across the subregion have converged in Monrovia, Liberia, for the Joint Statutory Meetings of Economic Community of West African States (ECOWAS), the West African Monetary Agency (WAMA), the West African Monetary Institute (WAMI), and the West African Institute for Financial and Economic Management (WAIFEM). The high-level meetings, which run from February 4 to 13, are focused on advancing regional economic integration, strengthening financial stability, and coordinating responses to emerging risks.
The sessions bring together central bank governors, senior regulators, and financial experts to deliberate on cross-border supervisory cooperation, risk assessment frameworks, and harmonized regulatory responses across West Africa’s financial system.
A key highlight was the meeting of the College of Supervisors of the West African Monetary Zone (CSWAMZ), where participants examined harmonized supervisory standards and regulatory frameworks. Speaking at the gathering, Hon. Henry F. Saamoi, Executive Governor of the Central Bank of Liberia, reaffirmed Liberia’s commitment to regional integration and to building a resilient and well-regulated financial sector.
Liberia’s role as host underscores the country’s growing engagement in advancing ECOWAS objectives and deepening regional collaboration. Officials noted that hosting the meetings reflects Liberia’s dedication to sustainable economic growth and long-term financial stability.
Discussions at the West African Institute for Financial and Economic Management (WAIFEM) meeting centered on capacity building, leadership development, and strategic partnerships. WAIFEM Director-General Dr. Baba Yusuf Musa emphasized the institute’s mandate to strengthen central banks and economic management institutions across the region.
WAIFEM also highlighted its strengthened collaborations with international partners, including the International Monetary Fund and the World Bank, aimed at improving program quality and expanding resource mobilization. Officials noted that the institute’s effectiveness is reflected in the tangible impact of its initiatives throughout West Africa.
Meanwhile, the 11th Meeting of the College of Insurance Supervisors of the West African Monetary Zone (CISWAMZ) focused on insurance supervision and its role in safeguarding financial stability. CISWAMZ Director Nathaniel Gbaba stressed the importance of harmonized and risk-based insurance supervision to address challenges such as low insurance penetration and uneven regulatory frameworks across member states.
Participants also discussed the implications of the proposed ECOWAS single currency, the ECO, noting that effective financial and insurance supervision will be critical to managing emerging risks and supporting monetary integration.
Liberia’s ongoing financial sector reforms, aimed at strengthening prudential oversight, modernizing financial infrastructure, and deepening financial inclusion, were highlighted as complementary to regional integration efforts.
As the meetings continue through February 13, outcomes are expected to influence regional economic policies and shape West Africa’s financial landscape. Observers say the Monrovia meetings have reinforced a shared commitment to cooperation, convergence, and growth, positioning the region to better respond to financial challenges and advance collective economic transformation.
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