The Executive Governor of the Central Bank of Liberia, Henry F. Saamoi, has stated that the ECOWAS Exchange Rate Mechanism (ERM) represents a critical institutional pillar of West Africa’s monetary integration agenda, supporting trade facilitation, policy convergence, and microeconomic stability in preparation for a unified regional currency.
The statement was delivered on his behalf by Mr. Jefferson Kambo, Director of the CBL’s Research, Policy & Planning Department at the opening of a five-day Regional Workshop on the Establishment of the ECOWAS Exchange Rate Mechanism (ERM) and its operational framework.
The workshop, organized by the West African Monetary Agency (WAMA) and hosted by the CBL, is being held at the CBL Auditorium in Monrovia from June 22–26, 2026. It brings together experts from ECOWAS central banks to finalize technical modalities for operationalizing the ERM and to review proposals for the ECOWAS Monetary Cooperation Fund.
In his keynote, Governor Saamoi emphasized that exchange rate stability and macroeconomic convergence are essential prerequisites for the successful introduction of the Eco, the proposed ECOWAS single currency. He outlined the ERM’s He outlined the ERM’s four critical functions: facilitating trade and payments, promoting convergence, strengthening monetary discipline, and laying the groundwork for harmonized monetary policy across diverse exchange regimes.
He noted that while all ECOWAS member states currently comply with the exchange rate criterion of +/-10 percent, some in the past have faced volatility and external balance challenges. The workshop, he said, provides a timely platform to equip participants with modern analytical tools to address emerging issues such as exchange rate crises, early warning systems, and the impact of geopolitical conflicts on monetary stability.
Governor Saamoi further highlighted that the ERM will reduce dependence on external anchors like the Euro and USD, enhance regional stability by curbing exchange rate volatility, and serve as the operational backbone of the ECOWAS Monetary Cooperation Programme.
Deliberations during the workshop will also cover the proposed ECOWAS Monetary Cooperation Fund (EcMCF), designed to strengthen the financial and operational framework supporting the ERM and deepen regional monetary cooperation.
Concluding his remarks, Governor Saamoi expressed confidence that the collective expertise of participants will yield a credible action plan to advance ECOWAS toward a stable and sustainable monetary union.
