MONROVIA, LIBERIA-Liberia has been selected to chair the West African region of the Association of African Central Banks, following high-level deliberations at the body’s 47th Annual Meetings in Yaoundé, Cameroon.
The week-long event assembled central bank governors and technical experts at the Technical Expert Committee Meeting, Bureau Meeting, Governors’ Symposium, and the Assembly of Governors.
During the Bureau Meeting, the Central Bank of West African States, which served as outgoing Chair, nominated Liberia to assume the subregional leadership for 2025/2026.
According to a release from the Central Bank of Liberia (CBL), the nomination was unanimously endorsed, with Liberia subsequently naming Sierra Leone as the Alternate Chair.
At the Governors’ Symposium, CBL Governor Henry Saamoi stressed that climate change has shifted from being an environmental concern to a material financial-stability risk.
Governor Saamoi cited the growing impact of droughts, floods, and rising sea levels on inflation, fiscal balances, asset quality, and banking system resilience across Africa.
The CBL of Liberia Governor noted that over seventy percent of the workforce in Liberia depends on agriculture, exposing bank portfolios to climate variability.
Meanwhile, the CBL Governor has warned that coastal cities like Monrovia and Buchanan face severe risks from rising sea levels and flooding, with implications for real estate, infrastructure, and collateral values.
Governor Saamoi outlines the CBL’s initiatives, including a Climate Finance Roadmap, green housing finance exploration, and partnerships with the World Bank and Alliance for Financial Inclusion.
According to him, those partnerships are intended to integrate climate considerations into financial sector policies.
Speaking at the 47th Annual Meetings in Cameroon, Governor Saamoi stressed the need to strengthen cooperation among African central banks to advance monetary and financial integration.
The annual gathering serves as a platform to address emerging macroeconomic challenges, harmonize policy approaches, and coordinate Africa’s stance in global financial governance