Liberia has been appointed Chair of the West African sub-region for the Association of African Central Banks (AACB) following deliberations at the body’s 47th Annual Meetings, held from November 23 to 28 at the Hilton Hotel in Yaoundé, Cameroon. The meetings convened central bank governors and technical experts for a series of sessions, including the Technical Experts Committee Meeting, Bureau Meeting, Governors’ Symposium, and the Assembly of Governors.
During the Bureau Meeting, the Central Bank of West African States (BCEAO), the outgoing Chair, nominated Liberia to assume subregional leadership for 2025/2026. The nomination was unanimously endorsed, with Liberia naming Sierra Leone as Alternate Chair.
A central feature of the meetings was the Governors’ Symposium, themed “Climate Change and Macroeconomic Stability: The Role of Central Banks.” Liberia’s Executive Governor, J. Emmanuel Saamoi, chaired Session 3, which examined how central banks integrate climate risks into financial stability assessments and policies. The session featured presentations and discussions with governors from Botswana, Comoros, and Kenya.
Governor Saamoi emphasized that climate change has evolved from an environmental concern into a material financial-stability risk, affecting inflation, fiscal balances, asset quality, and banking system resilience across Africa. “Despite contributing less than 4 percent of global emissions, African economies remain highly vulnerable to climate shocks, which continue to drive food inflation, weaken export revenues, and increase credit risks, particularly in agriculture and MSMEs,” he said.
Highlighting Liberia’s context, Saamoi noted that over 70 percent of the workforce depends on agriculture, leaving bank portfolios exposed to climate variability. He warned that coastal cities, including Monrovia and Buchanan, face severe risks from rising sea levels and flooding, with implications for real estate, infrastructure, and collateral values.
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To address these challenges, the Central Bank of Liberia (CBL) has developed a Climate Finance Roadmap and is exploring green housing finance initiatives. The bank is also partnering with the World Bank and the Alliance for Financial Inclusion (AFI) to integrate climate considerations into financial sector policies and regulatory frameworks.
The 47th AACB Annual Meetings concluded with the Assembly of Governors on November 28, reaffirming the association’s commitment to strengthening cooperation among African central banks, advancing monetary and financial integration, and addressing emerging macroeconomic challenges. The meetings provide a platform for harmonizing policy approaches and coordinating Africa’s position in global financial governance.
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