Ngafuan Stresses Urgency and Collaboration as CBL Holds Third Quarter Monetary Policy Briefing

Monrovia, Liberia – Liberia’s Finance and Development Planning Minister, Hon. Augustine Kpehe Ngafuan, has emphasized the importance of execution, collaboration, and financial sector reform during his remarks at the official reading of the Central Bank of Liberia’s (CBL) Monetary Policy Communiqué for the third quarter of 2025. The event was held at the CBL headquarters in Monrovia and presided over by Executive Governor Henry F. Saamoa.

The Monetary Policy Committee (MPC), led by Governor Saamoa, announced that it would maintain the monetary policy rate at 17.25% through the next assessment, citing improved inflation prospects and relative exchange rate stability. The Committee also decided to maintain the existing policy corridor and reserve requirement ratios for both Liberian and US dollar deposits.

Minister Ngafuan, addressing the gathering following the policy announcement, commended the Central Bank's efforts and called for intensified cooperation between fiscal and monetary authorities. “We must execute. We must deliver. And we must deliver on time,” he said, urging both government institutions and financial stakeholders to work with a sense of urgency to address economic challenges.
He acknowledged improvements in consumer prices and inflation moderation due to easing global pressures on food and fuel but also highlighted the risks posed by declining international prices for Liberia’s key exports—rubber, cocoa beans, and raw palm oil. “These are concerns we cannot ignore,” he added.

Hon. Ngafuan expressed support for recent developments in the banking sector, including the launch of the Pan-African Payment and Settlement System (PAPSS), which allows cross-border trade without the need for US dollars. He called it “quietly revolutionary,” noting its potential to reduce exchange rate pressure and eliminate risks associated with carrying physical cash.

“This is about the market women, the traders, the students. If someone in Liberia can pay for goods in Ghana without US dollars, that’s not just convenience—it’s transformation,” Hon. Ngafuan said.

He also hinted at follow-up meetings with the Bankers Association, aiming to deepen discussions on how commercial banks can better support national development goals. “We must make sure the banking system is not just watching us struggle. Their efficiency is our efficiency.”

In its communiqué, the MPC noted positive economic indicators, including a decline in consumer prices during the quarter and stable net inflows, which supported the Liberian dollar. However, the committee reiterated its commitment to vigilance amid uncertain global conditions.

“Maintaining macroeconomic stability is non-negotiable,” Governor Saamoa stated, assuring the public of the Bank’s readiness to act decisively in response to any economic shock.

The reading concluded with a unified message: sound policy, practical action, and cooperation across institutions are essential for delivering inclusive growth and tangible improvements in the lives of ordinary Liberians.