MONROVIA, LIBERIA-The Acting Executive Governor of the Central Bank of Liberia (CBL), Henry Samoa, says his administration has made significant progress to enhance operational effectiveness and efficiency at the Bank.

Speaking during his confirmation hearing on Wednesday, January 29, 2025, at the Liberian Senate, Mr. Samoa said:” Over the last few months, the CBL has identified several critical areas and challenges, including limited reserves, non-compliance with policies, procedures, and corporate governance.”

He said:” As part of my transformational strategies, the CBL has developed a new strategic plan in line with the ARREST Agenda with overarching goals of achieving operational efficiency, promoting macroeconomic stability, digitalization of the financial system and inclusion, as well as regional integration.”

He added that his team has managed to keep average inflation in a single digit from 8.5% at the end of July 2024 to 8% from August to December 2024 and increase the net international reserves to about 234.5 million USD from about 199 million USD as at the end of July 2024.

Mr. Henry Samoa maintained that the Acting CBL Leadership has resolved twenty of the GAC twenty-eight audit issues, with three ongoing and five unresolved as contained in the GAC Compliance Audit, and addressed more than 75% of the IMF safeguard assessment concerns.

Meanwhile, the CBL Executive Governor Designate has vowed to ensure the modernization of the Bank for effective service delivery, if confirmed.

He named the modernization of financial services through technology for a Digital Economy, financial stability, price stability, capacity building, and operational efficiency to narrow the operational deficit of the CBL as his administration’s focus areas.

Mr. Samoa also vowed to foster a culture of financial discipline and accountability within the Bank, ensuring that every financial resource of the Bank is spent to achieve value for money.

The CBL Acting Executive Governor made the statement during his confirmation hearing on Wednesday, January 29, 2025, at the Liberian Senate.

By: Sampson David