Africa-Press – Liberia. The Minister of Finance and Economic Development, Augustine Ngafuan, lauds the Central Bank of Liberia (CBL) for its effective Monetary Policy and growing role in stabilizing the country’s economy.
Finance and Development Planning Minister, Augustine Kpehe Ngafuan, has praised the Central Bank of Liberia (CBL) for its transparency and growing role in stabilizing the country’s economy, while pledging stronger collaboration between the fiscal and monetary authorities to accelerate development and improve lives of ordinary Liberians.
Speaking on Wednesday, July 23, 2025, during the official launch of the Central Bank’s Monetary Policy Communiqué reading, Minister Ngafuan recounted his professional roots at the Bank and called for deeper institutional coordination in tackling Liberia’s economic challenges.
“For me, coming here is always somber because it is like coming home,” Ngafuan began, reminiscing on his early days as a bank examiner in the Supervision Department under former Executive Governor Elie Saleeby.
“This place has always been a place of merit, a place of honor,” he said, noting that many professionals who have served at the Bank now occupy key roles in both government and the private sector.”
He also recalled working under late Governor Charles Green upon his return from graduate school in 2004, noting that sitting in Monetary Policy Committee meetings helped him gain deep insights into the country’s monetary operations.
He applauded the Central Bank’s decision to publicly communicate its monetary policy actions through an open forum—a practice he described as long overdue. “Let me congratulate you, Honorable Governor, and the team, the Board, for this.”
He noted this shows that “we recognize that we are not perfect men and women. We come in humility. We come to hear from our people.”
He emphasized that the Central Bank and the Ministry of Finance are like “Siamese twins,” whose successes are intrinsically linked, saying, “No matter how well we work, if we do not have the support of the Central Bank, we will fail. And no matter how well you work, if you do not have our support, you will fail.”
In his remarks, Minister Ngafuan extended glowing praise to Central Bank Executive Governor Henry F. Saamoi, whom he described as a long-time academic and professional standout.
He expressed admiration for Governor Saamoi’s seamless transition from the private banking sector to the often-chaotic realm of public service.
“Government”, he noted, “is a tough place. But I have been impressed by watching the seamless transition. I’ve seen his brilliance, his diplomacy, and the poignancy of his arguments helping us make a strong case for Liberia.”
Turning to the pressing issues impacting economic efficiency, Ngafuan highlighted the urgency of improving Liberia’s payment architecture, particularly the development of a 24-hour payment switch system to reduce delays at the port and across commerce.
.“Every time there are delays in clearing goods at the port, demurrage is charged, and importers pass those costs on to consumers”, he noted.
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