Africa-Press – Liberia. By Othello B. Garblah
Monrovia, April 9, 2026: The Central Bank of Liberia (CBL) has announced plans to print additional banknotes to address cash shortages and replace worn-out currency, a move that comes amid broader efforts to stabilize the national economy.
The announcement follows President Joseph Boakai’s decision to summon the 55th Liberian Legislature to a special session to address urgent national concerns, including cash shortages and the passage of the 2026 supplementary budget.
Speaking to senior journalists on Wednesday, CBL Deputy Director for Research, Policy, and Planning, P. Mah Kruah, said the proposed printing exercise is intended to replace mutilated banknotes and respond to the expansion of the Liberian economy.
He also cited the purchase of gold reserves and an increase in Liberian dollar reserves as contributing factors to the decision.
According to Mr. Kruah, the Liberian economy grew by 5 percent in 2025 and is projected to grow at a similar rate in 2026. He explained that this economic expansion has increased transactional demand, thereby necessitating the printing of additional currency.
While he did not disclose the exact amount of money to be printed, Mr. Kruah said the volume would be determined by market demand and would require legislative approval.
He noted that the extent of mutilated banknotes in circulation could help guide lawmakers in authorizing the appropriate amount.
The proposed exercise follows the printing of LRD 48 billion in new banknotes between 2021 and 2024 under the Weah administration, largely to replace damaged banknotes.
Mr. Kruah emphasized that the 2026 proposal differs in scope, combining replacement and expansionary currency printing.
He added that the process is being coordinated with the International Monetary Fund (IMF) and Kroll, a firm hired by the U.S. Government.
Mr. Kruah also noted that Liberia’s heavy reliance on cash, despite ongoing digitization efforts, has accelerated the deterioration of banknotes. As a predominantly cash-based economy, hand-to-hand transactions cause Liberian banknotes to wear out faster than their estimated four-year lifespan.
Addressing concerns that printing additional money could fuel inflation, Mr. Kruah said the issuance would align strictly with economic fundamentals.
He stressed that the goal is to support economic growth while meeting transactional needs, not to overstimulate the economy.
To ensure transparency and accountability, he said the process would be subject to legislative approval, documented procurement procedures, independent audits, and detailed public reporting.
Meanwhile, CBL Senior Technical Advisor to the Executive Bank Governor, Mr. Musa Kamara, disclosed that the printing exercise is expected to begin within 12 to 24 months due to high global demand for currency printing and limited availability of specialized currency paper.
CBL Senior Director for Economic Policy, Chris Wallace, added that commercial banks currently hold sufficient cash. He explained that the central bank’s proposal is a proactive measure to prevent future shortages, not a response to an immediate crisis.
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