Monrovia, Liberia – A delegation of twelve representatives from the Ministry of Finance, Republic of Ghana, and the West African Monetary Institute (WAMI) is scheduled to arrive in Liberia for an important technical working visit that will advance the creation of a Regional Financial Hub (RFH) and International Financial Services Center (IFSC) in Ghana.
A key component of initiatives to promote regional financial integration and strengthen economic cooperation throughout West Africa, the visit will concentrate on the creation of an International Financial Services Center (IFSC)/Regional Financial Hub (RFH).
The RFH is intended to facilitate cross-border financial transactions and promote regional integration by acting as a financial services hub for the member nations of the Economic Community of West African States (ECOWAS). The RFH will aid in luring foreign financial institutions, facilitating investment flows, and improving West Africa’s financial infrastructure by providing a strong platform for regional and international financing.
The delegation, led by Dr. Olerunsola E. Olowofeso, Director-General of WAMI, is scheduled to make a courtesy call on Augustine Kpehe Ngafuan, Minister of Finance and Development Planning of Liberia, and Hon. Henry F. Saamoi, Acting Executive Governor of the Central Bank of Liberia, on December 16, 2024.
Discussions will center on the proposed RFH structure, potential collaborations, and the process of creating an all-encompassing legislative and regulatory framework to enable the RFH’s creation and activities during this visit. The establishment of a Regional Taskforce to promote the effective execution of the RFH will also be address by the delegation.
On December 17, 2024, a technical discussion with senior experts from the Central Bank of Liberia, the Ministry of Finance and Development Planning, and some officials from other public institutions and the private sector will be a major highlight of the visit. During this discussion, stakeholders will have deeper conversations about the legal and regulatory frameworks of the RFH as well as the future of financial services in the region.
With the goal to obtain information and work together on the development of the RFH, the delegation will not only meet with important stakeholders in Liberia but also visit relevant organizations throughout the West African Monetary Zone (WAMZ), such as Ministries of Finance, Central Banks, Capital Market Regulators, Stock Exchanges, Tax Authorities, and other financial institutions.
The entire West African area stands to gain from this historic move, which has the potential to greatly improve regional economic integration, attract investment, and establish Ghana as a global leader in financial services.
