NATIONAL NEWS
HARBEL, MARGIBI COUNTY – As the West African sub-region approaches the anticipated launch of the Eco single currency in July 2027, Liberia’s Minister of Finance, Augustine K. Ngafuan, is calling for decisive and coordinated action among member states of the Economic Community of West African States (ECOWAS).
Ngafuan made the call at the opening session of the 55th End-Year Convergence Council Meeting held at the Farmington Hotel in Margibi County.
The Liberian Finance Minister described the region as being at a “critical juncture” in its monetary integration journey.
By: Trokon S. Wrepue – trokon1992seokin@gmail.com
“The Eco, the single currency our region has pursued with determination, has faced multiple postponements. But with July 2027 now set as the new horizon, we no longer have the luxury of drifting,” the minister stated.
He reminded West African financial leaders and administrators that the moment demands decisive action, rigorous implementation, and unwavering commitment from every member state.
Minister Ngafuan reported that Liberia had made substantial progress by the end of 2025 across all six ECOWAS convergence indicators, including inflation control, fiscal deficit management, central bank financing discipline, reserve accumulation, exchange-rate stability, and debt sustainability.
He added that broader regional performance has also improved, with four member states projected to satisfy the four primary convergence criteria by 2025—up from two in 2024—while eight member states are expected to meet at least three criteria.
Despite the progress, Ngafuan acknowledged persistent challenges, particularly inflation in some countries. He emphasized that meeting convergence benchmarks is not a ceremonial exercise but a test of discipline essential to building a stable monetary union.
He further underscored that the journey toward the Eco extends beyond technical targets, describing the single currency as a bridge that connects markets, reduces transaction costs, and brings communities closer together.
The Finance Minister called for accelerated reforms, policy harmonization, and strengthened cooperation among member states, while carefully navigating political and economic challenges to keep regional integration on course.
“The people of West Africa are counting on us,” he said. “They deserve a monetary union that lowers transaction costs, facilitates trade, attracts investment, and improves livelihoods.”
For his part, Liberia’s Minister of Justice, N. Oswald Tweh, issued a strong appeal for bold and coordinated regional action to safeguard macroeconomic stability and accelerate inclusive growth.
Speaking on behalf of President Joseph Nyuma Boakai, Tweh stressed that the region stands at a decisive moment requiring practical commitments and disciplined implementation. He noted that macroeconomic stability must translate into tangible improvements in citizens’ lives.
He emphasized that low inflation, prudent fiscal management, and sound financial systems are means to a broader goal—creating jobs, empowering entrepreneurs, expanding access to education and healthcare, and ensuring that growth is equitably shared.
The 55th Convergence Council Meeting brought together finance ministers, central bank governors, and regional institutions to assess macroeconomic performance and progress toward ECOWAS monetary integration.
The meeting formed part of the Joint ECOWAS/West African Monetary Agency (WAMA), West African Monetary Institute (WAMI), and West African Institute for Financial and Economic Management statutory meetings held in Liberia from February 4–13.
