Monrovia, Liberia – A Memorandum of Understanding (MOU) has been signed between the Central Bank of Liberia and the Bank of Ghana with the goals of strengthening technical ability, improving financial sector resilience throughout the West African subregion, and extending institutional engagement.
Regional finance and central bank leaders witnessed the signing of the agreement on Friday, February 13, on the sidelines of the recently concluded joint ECOWAS, WAMA, WAMI, and WAIFEM statutory meetings in Harbel, Margibi County, Liberia. It creates a formal framework for information sharing, technical cooperation, and capacity building between the two organizations.
The alliance, which comes at a time when the regional and global financial systems are becoming more complex, was characterized by officials as timely and strategic. Speaking at the ceremony’s opening, Dr. Musa Dukuly, the Central Bank of Liberia’s Deputy Governor for Economic Policy, stated that the signing is a tangible step in enhancing the efficacy and efficiency of both organizations’ missions.
“We are about to witness the signing of a Memorandum of Understanding between the Bank of Ghana and the Central Bank of Liberia as part of efforts to improve efficient and effective delivery of their mandates,” Dukuly stated.
He revealed that staff exchanges aimed at strengthening institutional capacity on both sides will be made possible by the three-year agreement, which has a two-year non-binding extension option. Dukuly highlighted that timely information exchange and capacity building are still crucial for effective policymaking and financial stability, adding that the partnership will strengthen the two central banks’ mutual trust and cooperation.
“Today’s event marks an important milestone in strengthening institutional collaboration and deepening mutual trust. Capacity building and timely information sharing are essential pillars of effective policy formulation, sound regulation and financial system stability,” he said.
Henry F. Saamoi, Executive Governor of the Central Bank of Liberia, made an official statement on the bank’s behalf, characterizing the MOU as a major turning point in the country’s financial sector reform process. According to Saamoi, “today is a major turning point in our continuous efforts to improve the Central Bank of Liberia’s institutional capacities. Our capacity to develop a highly qualified, well-trained, and forward-thinking team is essential to carrying out our purpose as we traverse an increasingly complicated financial landscape.”
Noting that Liberia stands to benefit much from the relationship, he emphasized the Bank of Ghana’s reputation for robust regulatory frameworks, efficient supervision, and innovation in modernizing payment systems. In crucial areas like banking supervision, payment systems, monetary policy analysis, financial stability, cybersecurity, and central banking operations, Saamoi said the agreement will create chances for focused training, technical attachments, collaborative research, and peer-to-peer knowledge sharing.
“These capacity-building initiatives will not only enhance the technical proficiency of our team but will also contribute meaningfully to the broader strengthening of Liberia’s financial sector,” he said.
The CBL Governor further emphasized that the relationship shows what African institutions can accomplish through cooperation and highlights the spirit of regional cooperation within West Africa. He pointed out that this alliance is a reaffirmation of regional cooperation among African central banks and goes beyond a simple knowledge exchange. Saamoi described the partnership as a direct investment in institutional excellence and human capital, and urged CBL employees to seize all of the opportunities it presented.
