MONROVIA – June 24, 2026: The Executive Governor of the Central Bank of Liberia, Henry F. Saamoi, has emphasized the importance of the ECOWAS Exchange Rate Mechanism (ERM) as a key component of West Africa’s efforts toward monetary integration, trade facilitation, policy convergence, and macroeconomic stability in preparation for a single regional currency.
The statement was delivered by Jefferson Kambo, Director of the Central Bank of Liberia’s Research, Policy & Planning Department, at the opening of a five-day regional workshop on the ECOWAS Exchange Rate Mechanism and its operational framework.
The workshop, organized by the West African Monetary Agency and hosted by the Central Bank of Liberia, is taking place at the bank’s auditorium in Monrovia from June 22 to 26. It brings together experts from ECOWAS central banks to finalize technical modalities for the ERM and to review proposals for the ECOWAS Monetary Cooperation Fund.
Saamoi stated that exchange rate stability and macroeconomic convergence are essential for the successful introduction of the Eco, the proposed ECOWAS single currency.
He outlined four functions of the ERM: facilitating trade and payments, promoting convergence, strengthening monetary discipline, and laying the groundwork for harmonized monetary policy across different exchange rate regimes.
He noted that while all ECOWAS member states currently comply with the exchange rate criterion of plus or minus 10 percent, some have previously faced volatility and external balance challenges.
The workshop aims to equip participants with analytical tools to address issues such as exchange rate crises, early warning systems, and the impact of geopolitical conflicts on monetary stability.
Saamoi said the ERM is expected to reduce dependence on external anchors such as the Euro and US dollar, enhance regional stability by curbing exchange rate volatility, and serve as the operational backbone of the ECOWAS Monetary Cooperation Programme.
The workshop will also address the proposed ECOWAS Monetary Cooperation Fund, which is intended to strengthen the financial and operational framework supporting the ERM and deepen regional monetary cooperation.
Saamoi concluded by expressing confidence that participants will develop an action plan to advance ECOWAS toward a stable and sustainable monetary union.
