Africa-Press – Liberia. The Central Bank of Liberia and the Bank of Ghana have signed a major Memorandum of Understanding (MOU) aimed at deepening institutional collaboration, strengthening technical capacity, and enhancing financial sector resilience across the West African sub-region.
The agreement, signed on Friday, February 13, on the sideline of the just ended joint ECOWAS, WAMA, WAMI and WAIFEM statutory meetings in Harbel, Margibi County, Liberia was graced by regional finance and central bank leaders, establishes a structured framework for capacity development, technical cooperation, and information sharing between the two institutions.
Officials described the partnership as both strategic and timely, coming at a period of increasing complexity in global and regional financial systems.
Speaking during the opening of the ceremony, Deputy Governor for Economic Policy at the Central Bank of Liberia, Dr. Musa Dukuly, said the signing represents a concrete step toward improving the efficiency and effectiveness of both institutions’ mandates.
“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 disclosed that the agreement is a three-year arrangement with a two-year non-binding extension option and will facilitate staff exchanges designed to strengthen institutional capacity on both sides.
Dukuly emphasized that capacity building and timely information sharing remain essential to sound policymaking and financial stability, noting that the collaboration will further deepen trust and cooperation between the two central banks.
“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.
Making an official statement on behalf of the bank, Executive Governor of the Central Bank of Liberia, Henry F. Saamoi, described the MOU as a significant milestone in Liberia’s financial sector reform journey.
“Today marks a significant milestone in our ongoing efforts to strengthen the institutional capabilities of the Central Bank of Liberia,” Saamoi said. “As we navigate an increasingly complex financial landscape, our ability to build a highly skilled, well-trained and forward-looking workforce is fundamental to fulfilling our mandate.”
He highlighted the Bank of Ghana’s reputation for strong regulatory frameworks, effective supervision, and innovation in payment systems modernization, noting that Liberia stands to gain immensely from the partnership.
According to Saamoi, the agreement will open opportunities for targeted training, technical attachments, joint research, and peer-to-peer knowledge sharing in critical areas such as banking supervision, payment systems, monetary policy analysis, financial stability, cybersecurity, and central banking operations.
“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 stressed that the partnership underscores the spirit of regional cooperation within West Africa and demonstrates what African institutions can achieve through collaboration.
“This partnership is more than an exchange of knowledge; it is a reaffirmation of regional cooperation among African central banks,” he noted.
Saamoi encouraged CBL staff to take full advantage of the opportunities created under the agreement, describing it as a direct investment in human capital and institutional excellence.
Also speaking, Second Deputy Governor of the Bank of Ghana, Matilda Asante-Asiedu, conveyed greetings from the Governor of the Bank of Ghana and reaffirmed her institution’s commitment to supporting Liberia through technical assistance and knowledge exchange.
“This is a historic milestone in our relationship as we formally deepen and strengthen it through the signing of this Memorandum of Understanding,” she said.
Asante-Asiedu outlined the broad scope of cooperation under the MOU, which spans macroeconomic forecasting, monetary policy operations, reserve management, banking supervision, anti-money laundering efforts, central bank communications, digital currencies, currency management, and the application of artificial intelligence in central banking.
“These areas reflect not only the traditional pillars of central banking but also the innovative frontiers that will define the future of our institutions and the economies we serve,” she added.
She emphasized that the partnership is rooted in the belief that collective strength surpasses individual efforts and will benefit both countries through mutual learning and institutional development.
“By formalizing our collaboration, we are establishing a structured framework for knowledge transfer and technical cooperation that will benefit not just Liberia but Ghana as well,” she said.
“With partners such as the Bank of Ghana, we are confident that we will continue to make meaningful progress toward a stable and inclusive financial system that supports sustainable economic development in Liberia,” Saamoi concluded.
The collaboration is expected to take effect immediately, with implementation activities—including staff exchanges and technical programs—set to roll out in phases over the life of the agreement.
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