Liberia Central Bank (CBL) Executive Governor Henry F. Thermoy is calling for stronger trade and economic integration between West African countries, highlighting the urgent need for a strategy that is coordinated with coordinated policies to fully utilize the benefits of regional trade agreements such as the African Continental Free Trade Area (AFCFTA).
Governor Saamoi called on Monday, April 7, 2025 during the official opening of the West African Institute for Financial and Economic Management (WAIFEM) Regional Course on Economic Issues in Regional Integration (Continued in Monrovia.
The Regional Course on Economic Issues in Regional Integration covers important topics such as macroeconomic convergence standards, trade liberalization, regional financial cooperation, the role of infrastructure in integration, and the institutional framework for managing integration processes.
The week-long training attracted participants from ECOWAS member states to focus on deeper understanding and collaboration on regional integration, economic convergence and trade facilitation.
“I think this is a great privilege to give this keynote at the opening ceremony of a regional course on economic issues in regional integration,” Governor Thermoy said. “This course is essential for regional integration and impact on intra-Africa trade. To strengthen the institutions and policies that advance Africa is to call for all of us to take action.”
Governor Saamoi highlights the potential benefits of the African Continental Free Trade Area (AFCFTA), which Liberia is signed by, calling it a transformative opportunity to diversify the economy and reduce the continent’s dependence on commodity exports.
“The AFCFTA presents a historic opportunity to create the world’s largest single trading block with a total GDP of $2.5 trillion,” he explained. “However, countries like Liberia need to fully benefit from infrastructure gaps, production inefficiencies and improve the trade policy environment.”
He recognized the continued opportunities in Liberia’s mining sector and encouraged policy measures to expand trade capabilities and reduce bureaucratic bottlenecks. He also recommended that accountability mechanisms be incorporated into the Waifem course, including improving ratings and tracking performance.
“Central banks and financial institutions rely heavily on the outcomes of these programs for staff development and institutional growth,” he added. “It is important that participants meet performance standards.”
With Africa’s global trade proportion still below 3% and intra-African trade is only 18%, the speaker agreed that deeper integration, adjustments to the financial sector and removal of trade barriers would be necessary to improve the outcome.
Governor Saamoi pointed out that Africa must go beyond exporting raw materials and instead invest in adding value, infrastructure and streamlining regulations.
“Implementing reforms that harmonize the financial system, increase currency conversion and integrate cross-border payment platforms will help realize AFCFTA’s promise,” he said.
He emphasized that while the dream of a unified African market is within reach, realizing its vision requires intentional and strategic cooperation between member states, particularly in the areas of policy harmony, infrastructure development and institutional coordination.
“Our government must ensure that policy and institutional frameworks are harmonized, infrastructure development is coordinated and cross-border trade promotion is improved,” Governor Saamoi said. “These are building blocks essential for sustainable local growth.”
Saamoi further noted that regional integration has great potential to stimulate job creation, boost intra-regional trade, attract investment and increase macroeconomic stability across the continent. He praised Waifem for playing an important role in building the technical capabilities of experts in the region’s financial and economic sectors.
“I have to praise Wyfem for my unwavering commitment to building technical capabilities in our region,” he said. “This initiative is consistent with the objectives of the Liberian Central Bank itself, ensuring a strong, stable and comprehensive financial system.”
The CBL Governor also highlighted the importance of accountability and outcome-based learning, urging participants to apply lessons from their respective institutions and national courses.
“We need to ensure that the knowledge we acquire here goes beyond the certificate and contributes directly to the national and regional policy framework,” he said. “Capacity building must be practical and impactful.”
According to him, Liberia is proud to be able to hold this important gathering. Take advantage of this opportunity to renew your commitment to a thriving, integrated Africa.
He closed the ceremony by officially declaring the Waifem Regional Course on Economic Issues in Regional Integration and encouraging participants to explore Monrovia’s history, culture and hospitality during their stay.
Dr. Gabriel Y. Asante, director of Wyfem, Wyfem Senior Program Manager for Fiscal Policy, Debt Management and Regional Integration, provided a welcome address. He reaffirmed the Institute’s mission to build a critical group of experts skilled in the macroeconomic and financial management of West Africa.
“On behalf of Wyfem, I would like to extend my sincere gratitude to Henry F. Thermoy, executive governor of Liberia Central Bank, for his unwavering support to make our mission come to fruition,” Dr. Asante said. “Your personal and institutional commitment has continually strengthened our efforts.”
He acknowledged the presence of world-renowned facilitators, including Professor Jonathan Alem, ECOWAS Common Investment Market, Dr. John Hawkins Asidu, Ministry of Trade and Industry, Ghana, Dr. Baba N. Yaba, Central Bank of Nigeria, Ilyas M. Bobbo, Ecowas Ilyas M. Bobbo, and Baba N. Yaba.
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Dr. Asante emphasized that the course equips participants with both theoretical and empirical knowledge of the roles of local economic integration, trade promotion, financial sector reforms, and institutional roles such as ECOWAS and AFCFTA.
“Regional economic integration has long been seen as a tool for prosperity and growth. The AFCFTA presents an unusual opportunity to competitively integrate Africa into the global economy, increase income and reduce poverty,” he said. “This training explores the implications of trade liberalization dynamics, macroeconomic convergence, and integration of FDI, labor markets, and income distributions.”
He further encouraged policymakers to explore innovative policy options that could maximize income, and encouraged better welfare from trade liberalization.
Wyfem was founded in 1996 by the central banks of the Gambia, Ghana, Liberia, Nigeria and Sierra Leone. Over the past 30 years it has emerged as the premier institution for West Africa’s capacity building focused on macroeconomic policy, financial sector development, debt management and regional integration.
Dr. Asante invited participants to explore Wyfem’s achievements and ongoing programme through the official website www.waifem-cbp.org.
“Waifem has stood out as a leader in capacity development over the years and is pleased to trust Liberia to host this important course and that participants return to the institution with viable knowledge,” he concluded.
