Monrovia, Liberia – Liberia’s Finance and Development Planning Minister, 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.
Citing better inflation predictions and relative exchange rate stability, the Monetary Policy Committee (MPC), headed by Governor Saamoa, declared that it will keep the monetary policy rate at 17.25% through the next review. The Committee also made the decision to keep the reserve requirement ratios and policy corridor for Liberian and US dollar deposits at their current levels.
Speaking to the gathering after the policy announcement, Minister Ngafuan praised the Central Bank’s work and urged more coordination between monetary and fiscal institutions. “We have to do it. We have to deliver.” He urged government agencies and financial stakeholders to work urgently to address economic challenges, adding that “we must deliver on time.”
While acknowledging that global constraints on food and fuel have caused consumer prices to improve and inflation to moderate, he also emphasized the dangers posed by the drop in international prices for Liberia’s main exports, raw palm oil, cocoa beans, and rubber. “We cannot ignore these concerns,” he stated.
The Pan-African Payment and Settlement System (PAPSS), which enables cross-border trading without the use of US dollars, is one of the latest developments in the banking industry that Ngafuan has voiced support for. Noting its potential to lessen exchange rate pressure and remove the hazards associated with carrying real currency, he referred to it as “quietly revolutionary.”
“This concerns the students, traders, and market women. It is not only convenient but transformative for someone in Liberia to be able to purchase items in Ghana without using US dollars”, Ngafuan maintained.
To further explore how commercial banks might better serve national development goals, he also alluded to future talks with the Bankers Association. “We need to ensure that the financial system is not only observing our difficulties. We are as efficient as they are.”
The MPC stated in its communiqué that the Liberian currency was supported by favorable economic indicators, such as a drop in consumer prices throughout the quarter and steady net inflows. Nonetheless, the committee reaffirmed its dedication to being vigilant in the face of unanticipated global circumstances.
Governor Saamoa assured the public that the Bank is prepared to take decisive action in the event of a financial crisis and declared that maintaining macroeconomic stability is non-negotiable.
The reading ended with a clear message: inclusive growth and real improvements in the lives of regular Liberians depend on sound policy, practical action, and inter-institutional cooperation
