Monrovia, Liberia – The Central Bank of Liberia (CBL) is advancing plans to diversify the nation’s reserves through gold, a strategic step aimed at strengthening financial stability while safeguarding its operational independence. Executive Governor Henry F. Saamoi made the disclosure today during a courtesy visit by the US Embassy’s Charge d’Affaires, Joseph E. Zadrozny.
Governor Saamoi explained that the Central Bank is leading study tours in Ghana with the Bank of Ghana and a gold refinery in Dubai to benchmark best practices in gold reserve management, emphasizing that the move is central to ensuring resilience and confidence in Liberia’s financial system.
“Diversifying our reserves with gold provides both stability and security for Liberia’s economy. But equally important, these efforts underscore our independence as a Central Bank—free from interference, transparent, and accountable to the Liberian people,” Governor Saamoi stated.
The Charge d’Affaires reaffirmed the United States Government’s strong support for Liberia, announcing the resumption of the US Treasury’s Office of Technical Assistance (OTA) support to the Central Bank of Liberia and a planned visit of the OTA to Liberia this September. He also highlighted renewed assistance to strengthen Liberia’s insurance sector, including support for the establishment of an Insurance Commission that will ultimately serve as the sole regulator of the Insurance Sector.
Both sides reflected on the Federal Reserve Bank of New York’s recent visit to the Central Bank of Liberia, which noted substantial progress in Liberia’s financial sector since its last review three years ago.
Governor Saamoi further outlined other priorities under the Bank’s strategic plan, including the launch of the Liberia Payment and Interbank Settlement System and the establishment of a state-of-the-art training center. He stressed that while cooperation with partners is essential, the Bank’s independence remains paramount.
“The Central Bank of Liberia will continue to welcome external collaboration, but our autonomy is non-negotiable. It is the foundation for sound monetary policy and sustainable economic growth,” he affirmed.
Charge d’Affaires Zadrozny commended the CBL’s initiatives and pledged continued US partnership, reinforcing America’s long-standing commitment to Liberia’s economic development.
This visit marks a further strengthening of bilateral ties, with a shared focus on good governance, financial stability, and a diversified future for Liberia’s economy.