Central Bank of Liberia Unveils $63.32M Plan to Digitalize Economy
By: Emmanuel Wise Jipoh | Monrovia, May 15, 2025
Ambitious Five-Year Strategic Plan Targets Financial Inclusion and Digital Transformation
The Central Bank of Liberia (CBL) has announced advanced plans to digitalize Liberia’s economy through a $63.32 million five-year Strategic Plan (2025-2029). The initiative aims to foster financial inclusion, address banking instability, and enhance public trust in the financial sector.
Key Projects and Funding Commitments
During the presentation on May 13, CBL Executive Governor Henry F. Samoi revealed that the plan includes 55 projects, with seven already securing $16.01 million in donor funding. However, a $47.3 million gap remains to fully implement the strategy.
“Our goal is to digitalize Liberia’s economy,” Governor Samoi stated. “We are preparing to launch a National Electronic Payment Switch and have already engaged GSM companies to support this transition.”
Five Strategic Pillars
The plan rests on five critical pillars:
- Domestic Price Stability
- Regional Integration
- Operational Efficiency
- Financial Stability
- Financial Inclusion and Digital Financial Services
Jay Gbleh Brown II, CBL’s Director for Development Finance, emphasized that the strategy aligns with Liberia’s Extended Credit Facility program with the IMF and will guide macroeconomic stability efforts.
International Support and Private Sector Engagement
Dimitri De Pues of the European Union praised the initiative, noting its potential to create an enabling environment for private sector growth. The African Development Bank, UNDP, and U.S. Embassy also pledged support for the digital transformation plan.
The strategy’s theme, “Optimal Use of Technology for Macroeconomic Stability and Inclusive Economic Growth,” reflects Liberia’s commitment to leveraging digital solutions for national development.
Edited by Othello B. Garblah
This article summarizes an original report. Full credit to the source.