MONROVIA, LIBERIA – Finance and Development Planning Minister Augustine Kpehe Ngafuan has hailed the appointment of former Finance Minister Boima S. Kamara as Director General of the West African Monetary Agency (WAMA), calling it a significant milestone for Liberia.
During a visit to his office by Kamara and a delegation from WAMA on Friday, January 31, 2025, Ngafuan expressed pride in Liberia’s growing influence in regional financial institutions. He described Kamara’s selection as a reflection of the country’s growing credibility in economic leadership, marking the first time a Liberian has ascended to such a position.
Ngafuan assured Kamara of the government’s full backing and underscored the importance of continuity in public service. He emphasized that strong collaboration between past and present officials is key to advancing national interests. He noted that Kamara’s appointment is a clear demonstration of Liberia’s ability to produce high-caliber professionals capable of serving beyond the country’s borders.
Kamara, in response, extended gratitude to President Joseph Nyuma Boakai and former President Ellen Johnson Sirleaf, crediting their support and confidence in his leadership. He acknowledged that his years in various financial positions in Liberia played a pivotal role in his selection and pledged to represent the nation with distinction.
He highlighted the need for innovative approaches to tackling economic challenges in West Africa, emphasizing that regional solutions must come from within. He pointed to high inflation and fiscal constraints as major concerns, urging policymakers to adopt new strategies to ensure economic stability.
Kamara argued that inflation in the region is driven by structural weaknesses rather than monetary policy alone. He called for deeper collaboration between central banks and finance ministries across the Economic Community of West African States (ECOWAS) to address these issues comprehensively.
As he assumes leadership at WAMA, Kamara vowed to push for greater economic convergence within ECOWAS, strengthening financial cooperation among member states. He expressed confidence that his tenure would contribute to meaningful progress in the region’s monetary integration efforts.
