Monrovia - Liberia, on Wednesday began hosting the Joint ECOWAS, WAMA, WAMI, and WAIFEM Statutory Meetings, which run until February 13.
These high-level meetings bring together the ECOWAS Commission and the monetary and financial bodies – the West African Monetary Agency (WAMA), West African Monetary Institute (WAMI), and the West African Institute for Financial and Economic Management (WAIFEM).
Leading policymakers, Central Bank Governors, Ministers of Finance, senior technical experts, and development partners from across West Africa are all attending these sessions.
Day one of the meetings witnessed the openings of three key sessions: the College of Supervisors of the West African Monetary Zone (CSWAMZ), the West African Institute for Financial and Economic Management (WAIFEM), and the College of Insurance Supervisors of the West African Monetary Zone (CISWAMZ).
During the start of the WAMZ College of Supervisors meeting held at the Bella Casa Hotel, Directors of Banking Supervision and senior financial regulators from across the sub-region discussed cross-border supervisory cooperation, information sharing, risk assessment, and coordinated responses to emerging financial sector challenges, reinforcing the importance of harmonized standards in an increasingly interconnected regional financial system.
The keynote address was delivered by Hon. Henry F. Saamoi, Executive Governor of the Central Bank of Liberia (CBL), who reaffirmed Liberia’s commitment to regional integration, financial sector resilience, and adherence to international best practices in banking supervision.
“Your participation in these meetings underscores the spirit of cooperation, solidarity, and shared purpose that underpins the WAMZ project and the broader ECOWAS vision. It also reaffirms our collective resolve to advance financial stability, macroeconomic convergence, monetary integration, and inclusive economic transformation in our sub-region.”
“In today’s deeply interconnected financial system, financial risks no longer respect national borders. Banking groups operate across jurisdictions, financial markets are increasingly integrated, and shocks transmit rapidly across economies.
In this context, isolated supervisory approaches are no longer sufficient. The College of Supervisors stand as a cornerstone of regional financial governance, providing a structured framework for cooperation, information sharing, joint risk assessment, supervisory convergence, and coordinated intervention.
Through this platform, we enhance our collective capacity to identify vulnerabilities early, ensure consistent supervisory responses, conduct joint inspections, strengthen crisis preparedness, and preserve systemic stability across the WAMZ. In essence, effective cross-border supervision is no longer a regulatory option; it is a financial stability imperative.”
“Liberia remains fully committed to this shared vision. Over recent years, the Central Bank of Liberia has implemented comprehensive reforms aimed at strengthening financial sector resilience, enhancing prudential oversight, modernizing financial infrastructure, and deepening financial inclusion. These reforms are firmly anchored in our national development agenda, ECOWAS convergence benchmarks, the WAMZ framework, and international regulatory standards, including the Basel Core Principles.
The strength of any monetary union ultimately rests not only on macroeconomic convergence, but also on the soundness, resilience, and integrity of its financial institutions. Liberia, therefore, remains steadfast in advancing supervisory convergence, regulatory harmonization, and institutional cooperation within the WAMZ framework.”
Liberia’s hosting of these high-level meetings underscores the country’s active role in advancing ECOWAS objectives and strengthening regional collaboration in support of sustainable economic growth and financial stability across West Africa.
At the opening of the 53rd Meeting of the West African Institute for Financial and Economic Management (WAIFEM) held at the Headquarters of the Central Bank of Liberia, key highlights of accelerated regional capacity building, strengthened strategic partnerships, and key leadership developments were disclosed by the Director-General of WAIFEM, Dr. Baba Yusuf Musa.
Dr. Musa made the remarks while reviewing the institution’s 2025 performance and priorities for the year ahead, currently taking place at the Central Bank of Liberia.
He identified regional training and capacity building, expanded program delivery and demand, and greater regional inclusivity as major focus areas of the Institute’s work and reported that in 2025, WAIFEM reinforced and expanded collaboration with several international and regional partners to enhance program quality and resource mobilization.
“Notable partners during the reporting period included the International Monetary Fund (IMF), the World Bank, the Commonwealth Secretariat, the African Legal Support Facility, and other African development institutions,” Dr. Musa said.
He reaffirmed WAIFEM’s mandate to strengthen the capacity of central banks, ministries of finance, and other economic management institutions across the region.
For his part, the Chair of the Technical Committee, Mr. Karamo Jawara, thanked member institutions and partners for their collaboration and commitment. He noted that the Institute’s success should be measured not only by the number of programs delivered, but by the lasting and positive impact these initiatives have across the region.
Meanwhile, the 11th Meeting of the College of Insurance Supervisors of the West African Monetary Zone (CISWAMZ) also opened at Bella Casa Hotel in Monrovia.
Delivering the keynote address, the Director of Insurance of the Central Bank of Liberia (CBL) underscored the critical role of insurance supervision in promoting financial stability, economic resilience, and confidence in the lead-up to the proposed ECOWAS single currency, the ECO.
Director Nathaniel Gbaba emphasized that effective, harmonized, and risk-based insurance supervision is essential to managing emerging risks, including climate change, cyber threats, and cross-border financial exposures.
He highlighted persistent challenges across the sub-region, including low insurance penetration, weak enforcement, uneven regulatory frameworks, and limited technical capacity, but also outlined significant progress.
“Despite these challenges, we remain hopeful and encouraged by the opportunities before us,” he said. “A harmonized and risk-based supervisory framework across the WAMZ that supports financial integration and prepares our markets for the ECO. Digitally enabled and inclusive insurance markets, capable of expanding access to micro-insurance, agricultural insurance, health insurance, and SME coverage. Stronger regional collaboration through CISWAMZ, serving as a platform for peer review, supervisory convergence, and institutional learning.”
He further reaffirmed Liberia’s commitment to working toward a clear and practical way forward to deepening regulatory cooperation and convergence, including alignment of prudential standards, solvency requirements, and supervisory reporting frameworks.
The start of these meetings set the stage for the week-long joint statutory meetings, which are convened twice annually on a rotational basis across Member States. The Statutory Meetings serve as a critical platform for assessing macroeconomic performance and advancing regional economic integration.