The Central Bank of Liberia says plans are far advance to digitalize Liberia’s economy.
By: Emmanuel Wise Jipoh
Monrovia, May 15, 2025: As part of efforts on Tuesday, May 13, CBL presented its ambitious five-year Strategic Plan, covering 2025-2029, worth USD$ 63.32 million before partners in the sector.
The plan aimed at fostering financial inclusion, addressing instability and increasing public trust in the banking sector.
The Bank’s Executive Governor Henry F. Samoi unveiling the plan mentioned fifty-five projects, seven of which have received funding commitments from donor partners in the sum of 16.01 million, while US$47.3 million stands as a gap amount to completing the project.
Making the presentation before partners and the media in the Bank’s Board Room, Mr. Samoa stated that the CBL’s five years strategic plan aligns with the Government’s ARREST Agenda, which aimed to address the needs of the entire Ecosystem and take Liberia to Digital Economic.
“Our Plan in the next five years is to digitalize the Liberian economy, that is while we are currently working and soon, we will be launching the National electronic Payment Switch, and to do that we have already targeted the GSM companies,” Governor Samoi said.
He highlighted the five critical pillars of the Strategic Plan (SP), as Domestic Price Stability, Regional Integration, Operational Efficiency, Financial Stability, Financial Inclusion and Digital Financial Services.
According to him, these five strategic pillars serve as the cornerstone of the CBL’s Strategic Plan for 2025-2029.
Giving the overview of the project, Mr. Jay Gbleh Brown II, Director for Development Finance at the Central Bank, stressed that the Five-years Strategic Plan, will serves as a comprehensive roadmap, guiding the bank’s actions and priorities as it strives to foster macroeconomic stability, promote financial inclusion, and support sustainable development throughout Liberia.
Explaining the plan further, Mr. Brown said a Strategic Plan Committee (SPC), reached out to wide range of stakeholders, including international partners, marketers, rural population, credit unions, among others to rebrand the Bank’s image and increase Financial Public Trust and Confidence.
He said the (SP), is developed at a time Liberia has signed a new four year (4yr) Extended Credit Facility (ECF), program with the International Monetary Funds (IMF).
Also in remarks, Dimitri De Pues, Private Sector Development of the European Union, commending the Central Bank for the launched of the Five Year- Strategy Plan, said the strategic will create the enabling environment for the private sector to grow.
Pues stressed the critical role of the private sector in reducing poverty and its commitment to the Bank’s initiative.
He and other partners, including the African Development Bank (AfDB), UNDP, U.S. Embassy, pledged their supports towards the (CBL) Five Year Strategic Plan.
Meanwhile, the themed of the CBL Strategic Plan 2025-2029, is “Optimal Use of Technology for Macroeconomic Stability and Inclusive Economic Growth.” -Edited by Othello B. Garblah.
