CBL Unveils US$63.32M Strategic Plan to Drive Economic Stability and Financial Inclusion

Monrovia, Liberia: Underscoring Liberia’s quest for economic resilience and financial stability, the Central Bank of Liberia (CBL) has unveiled its ambitious US$63.32 million 5-Year Strategic Plan (2025-2029), a comprehensive framework aimed at propelling the nation toward economic transformation through targeted financial interventions.

By: Abraham Sylvester Panto

Articulating the essence of the plan, CBL’s Executive Governor Henry Saamoi asserted that the strategy is a cohesive blueprint devised through extensive consultations across Liberia’s financial ecosystem to ensure inclusive economic growth and macroeconomic stability.

According to him, the CBL's strategic plan centered on domestic price stability, financial stability, financial inclusion, regional integration, and operational efficiency, yet a $41 million funding gap has prompted the bank to seek urgent support from development partners to implement key initiatives.

As Liberia grapples with systemic financial inefficiencies and currency instability, the CBL’s emphasis on domestic price stability is poised as the linchpin of its strategic agenda, aiming to curb inflation and anchor the Liberian dollar’s value through stringent monetary policies and enhanced financial sector oversight.

The CBL governor underscored that the success of the CBL’s strategic plan hinges not only on internal financial prudence but also on the robust participation of international partners, including the World Bank, the African Development Bank (AfDB), and the United Nations Development Program (UNDP), whose commitments are pivotal in financing critical infrastructure projects.

While the World Bank and AfDB have pledged initial funding for infrastructure and technology upgrades, the CBL is now focusing on mobilizing the remaining US$41 million, a sum that Governor Saamoi stressed is indispensable for the effective implementation of the strategic plan’s more transformative components, such as the interoperability of mobile money platforms and the launch of the National Retail Payment Switch.

Highlighting the theme “The Optimal Use of Technology for Macroeconomic Stability and Inclusive Economic Growth,” Governor Saamoi articulated that the plan seeks to leverage advanced digital financial services to promote financial inclusion, particularly targeting rural and underserved populations, a strategic move intended to mitigate economic disparities and foster nationwide economic integration.

According to CBL’s roadmap, the interoperability of mobile money platforms is slated for implementation by July 2025, a development that is expected to enhance the efficiency of financial transactions and reduce the cost of cross-platform financial transfers, thereby increasing consumer access to financial services.

Additionally, the National Retail Payment Switch, projected to be launched by December 2026, aims to centralize Liberia’s digital payment infrastructure, facilitating real-time settlements and promoting cashless transactions, a transformative initiative designed to modernize the nation’s financial landscape.

Governor Saamoi emphasized that the plan also prioritizes cybersecurity, innovation, and accountability, acknowledging the vulnerabilities exposed by the increasing digitization of financial services.

Echoing Saamoi’s sentiments, representatives from key development partners, including the UNDP, the U.S. Embassy Monrovia, and the European Union in Liberia, expressed their support for the strategic plan, with several indicating their willingness to explore financing pathways and technical assistance to bolster the CBL’s implementation efforts.

However, beneath the optimism of international partners looms the stark reality of Liberia’s economic fragility—a scenario that Governor Saamoi tactfully alluded to while calling for immediate and decisive financial interventions to prevent further economic slippage and maintain fiscal stability.

The strategic plan also underscores the imperative of regional integration, a strategic axis aimed at enhancing cross-border financial cooperation and aligning Liberia’s monetary policies with those of regional economic blocs, a move expected to foster trade and economic connectivity within the Mano River Union and the broader West African region.

Operational efficiency at the CBL, the fifth pillar of the strategic plan, focuses on modernizing the bank’s operational framework through capacity building, process optimization, and the adoption of cutting-edge financial technologies—a critical step in ensuring institutional readiness to manage Liberia’s evolving financial landscape effectively.