THE DIRECTOR GENERAL OF THE WEST AFRICAN MONETARY AGENCY (WAMA), MR. BOIMA S. KAMARA, VISIT TO THE EXECUTIVE GOVERNOR OF THE CENTRAL BANK OF LIBERIA, MR. HENRY F. SAAMOI
On 30 January 2025, the newly appointed Director General of the West African Monetary Agency (WAMA), Mr. Boima S. Kamara, paid a courtesy call on the Acting Executive Governor of the Central Bank of Liberia (CBL), Mr. Henry F. Saamoi. The meeting was also attended by the Deputy Governor in charge of economic policy, Dr. Musa Dukuly, Directors of departments and other senior officials of the CBL. DG Kamara was accompanied by Dr. Gradé Momèle Kipré and Dr. Mawuli Gaddah, the Directors respectively of Financial Integration Department and Multilateral Surveillance Department.
DG Kamara thanked Governor Saamoi and staff of the CBL for the warm reception accorded the WAMA delegation. DG WAMA indicated that his appointment coincided with the convergence phase, a critical juncture of the ECOWAS Roadmap for the launch of the ECO, which requires that Member States comply with the 4 primary convergence criteria on a sustainable basis. DG WAMA indicated that his vision for the Agency over the next 4 years will focus on (1) improving data quality and evidence generation, (2) promoting tailored-policy research consistent with ECOWAS regional specificities for policy decision-making, (3) building robust strategic communication system for awareness creation and enhanced visibility on the ECOWAS single currency programme, and (4) strengthening of WAMA’s capacities both human and infrastructure to deliver on its mandate bearing in mind the 2027 launch date of the ECO. He indicated that these objectives will be clearly outlined in the 4-Year strategic plan for the Agency that is being developed. DG WAMA also raised concern about Liberia’s dual currency within the context of the ECOWAS single currency programme and expressed the need to revisit the de-dollarisation programme to bring Liberia into alignment with the rest of the regional member countries that have a single currency regime. He called for a deeper collaboration between CBL and WAMA to address this issue.
Governor Saamoi, on his part, congratulated DG Kamara on his appointment as the Director General of WAMA. He noted that DG Kamara’s unique background both at the central bank and the Ministry of Finance makes him a suitable candidate for the high office of the Director General of WAMA. He assured DG Kamara of CBL’s full support to ensure a successful tenure. On regional integration, Governor Saamoi observed that in order to make progress, it is essential to ensure harmonisation of policies and removal of all barriers to intra-regional trade. He intimated that the process of de-dollarising the Liberian economy is ongoing as the payment of US-Liberian dollar salaries ratio of 70:30 US dollar to Liberian dollar has currently improved to 65:35 in 2025. To this end, he called for collaboration with WAMA for relevant studies to ensure a successful execution of the de-dollarisation programme. He touched on current reforms being undertaken to transform the Insurance Department of the CBL into an Insurance Commission. On capacity building, the governor noted that CBL in conjunction with WAMA could strengthen the capacities of the Research and the Supervision Departments.
