Liberia’s Minister of Finance and Development Planning, Augustine Kpehe Ngafuan, has called for intensified fiscal discipline, infrastructure investment, digital transformation, and stronger institutional reforms across the ECOWAS region as West Africa pushes toward the long-anticipated single currency, the Eco. Minister Ngafuan made the assertions during his address at the Opening Session of the 2025 End-Year 55th Convergence Council Meeting held at the Farmington Hotel in Harbel City on February 13, 2026. The high-level gathering brought together Finance Ministers, Central Bank Governors, and representatives of regional monetary institutions under the umbrella of the Economic Community of West African States (ECOWAS).
Describing the moment as a “defining chapter” in West Africa’s integration journey, Ngafuan stressed that with July 2027 now set as the new target for the launch of the Eco single currency, member states must move beyond rhetoric to decisive implementation. “The tide is rising,” he told delegates. We no longer have the luxury of drifting.” The Minister acknowledged that the Eco initiative has suffered multiple postponements over the years, but emphasized that renewed political commitment and macroeconomic discipline could restore momentum. He noted that convergence toward a single currency is not merely a technical exercise, but a shared economic vision aimed at reducing transaction costs, boosting trade, and attracting investment across the sub-region.
Highlighting Liberia’s recent economic gains, Ngafuan reported that the country recorded an estimated real GDP growth of 5.1 percent in 2025, up from 4.0 percent in 2024. The expansion was largely driven by strong performance in the mining sector, alongside steady growth in agriculture and services. Inflation, he said, has declined significantly, while exchange rate stability has been maintained. Projections for 2026 indicate further growth of 5.4 percent, with inflation expected to moderate further. One of Liberia’s most notable achievements, according to the Minister, was domestic revenue mobilization. Government revenue reached an unprecedented US$849.5 million in 2025, exceeding the target by over US$44.9 million despite declining donor support.
“This demonstrates that with sound policy and firm commitment, our nations can mobilize domestic resources to finance development,” Ngafuan asserted. The Convergence Council meeting reviewed performance against ECOWAS’ primary macroeconomic benchmarks: single-digit inflation, fiscal deficit not exceeding three percent of GDP, limits on central bank financing of deficits, and adequate external reserves. While regional progress has improved compared to previous years, Ngafuan admitted that meeting all criteria simultaneously remains a challenge for many member states.
Inflation management continues to be a major hurdle in several countries. However, he pointed to encouraging signs. More member states are projected to meet at least three of the four primary convergence criteria by 2025 and 2026, signaling gradual improvement in policy alignment. Liberia, he disclosed, is expected to satisfy at least three of the four primary criteria and both secondary criteria by the end of 2026. “Meeting convergence benchmarks is not ceremonial,” he said. “It is a test of discipline.” Ngafuan outlined several key recommendations aimed at strengthening economic resilience and accelerating integration across ECOWAS: He emphasized the need for sustained fiscal responsibility and prudent debt management.
Liberia, he revealed, is implementing aggressive debt management reforms to responsibly manage its US$2.8 billion debt portfolio while restoring investor confidence. On revenue mobilization, he called for greater transparency and improved collection systems across member states. Strengthening governance and tackling corruption, he noted, are essential to building investor trust. Digital transformation was another major pillar of his address. According to the Minister, digital public infrastructure, fintech innovation, and modern payment systems can expand financial inclusion and improve efficiency across West African economies.
“Infrastructure is not a luxury; it is the backbone of transformation,” Ngafuan declared, urging greater investment in roads, energy, and digital connectivity to stimulate private sector growth and enhance regional trade. He further underscored the importance of institutional strengthening, including judicial reform, anti-corruption measures, and enhanced oversight of public projects to ensure accountability. Beyond economic indicators, Ngafuan acknowledged the political complexities surrounding regional integration. Recent developments involving some member states, he said, require careful navigation to preserve the integrity of ECOWAS’ integration agenda while respecting national sovereignty.
He likened the Eco to a bridge connecting markets and communities, but cautioned that strong pillars—policy harmonization, macroeconomic discipline, and political will—are necessary to sustain it. Concluding his address, Ngafuan reminded delegates that the convergence criteria represent principles of sound economic management that will benefit countries regardless of the timeline for monetary union. “The people of West Africa are counting on us,” he said. “History will judge us not by our intentions, but by our actions.”
Author: Zac T. Sherman
