ECOWAS central banks report resilience and integration progress
Henry F Saamoi, Executive Governor of the Central Bank of Liberia, welcomed central bank governors to Monrovia, emphasizing West Africa's collective commitment to regional cooperation and monetary union. He highlighted the region's resilience amidst global uncertainties and significant progress in macroeconomic stability and convergence.
West Africa's resilience amid global headwinds
Mr. Saamoi highlighted that global growth is steady at 3.3 percent in 2025, with global inflation trending downward from 5.8 percent in 2024 to a projected 4.1 percent in 2025 and 3.8 percent in 2026.
Despite this, advanced economies grapple with service sector inflation and wage pressures, while ECOWAS economies face currency depreciation and food price volatility.
However, the ECOWAS region demonstrated remarkable resilience, growing by 4.5 percent in 2025, stronger than 4.4 percent in 2024, and projected at 5.0 percent in 2026.
This performance reflects deliberate policy choices, improved coordination among central banks, and reform efforts by member states.
The dream of a unified monetary zone, though ambitious, is achievable with courage, discipline, and vision.
Progress in inflation, fiscal, and external balances
Coordinated monetary policies helped reduce regional average inflation from 23.3 percent in 2024 to 16.8 percent in 2025, while also improving exchange rate stability and strengthening external reserves.
Fiscal performance showed gains, with the consolidated fiscal deficit narrowing to 3.1 percent of GDP in 2025 from 4.8 percent in 2024, nearing the 3.0 percent convergence criteria.
The regional debt-to-GDP ratio is expected to decline to 42.3 percent.
Strong export growth contributed to a regional current account surplus of 3.5 percent of GDP.
Four member states were expected to meet all four primary convergence criteria in 2025, signaling tangible progress towards macroeconomic stability.
Liberia's strong showing, regional challenges persist
The address highlights commendable regional progress in macroeconomic stability and Liberia's strong performance.
Yet, persistent inflation above target and intense expenditure pressures across member states reveal significant hurdles for a unified monetary zone.
Achieving this ambitious goal will demand more profound, politically challenging reforms.