A Ghanaian delegation to visit Liberia for the establishment of an International Financial Services Centre Regional Financial Hub.

By: Lawrence D. Kawala

Monrovia – A twelve-man delegation from the West African Monetary Institute (WAMI) and the Ministry of Finance, Republic of Ghana are set to arrive in Liberia for a crucial, technical working visit.

The visit aimed at advancing the establishment of an International Financial Services Centre (IFSC), Regional Financial Hub (RFH) in Ghana, which is an integral part of efforts to foster regional financial integration and enhance economic collaboration across West Africa.

According to the Ministry of Finance and Development Planning release, the Regional Financial Hub (RFH) will serve as a financial services hub for the Economic Community of West African States (ECOWAS) member countries, which is designed to support cross-border financial activities and stimulate regional integration, by offering a robust platform for international and regional finance,

Further more, the Regional Financial Hub will also help attract global financial institutions, facilitate investment flows, and enhance the financial infrastructure of West Africa.

The delegation is led by Dr. Olerunsola E. Olowofeso, Director-General of the West African Monetary Institute (WAMI), which they are expected to pay a courtesy call on Liberia’s Minister of Finance and Development Planning, Augustine Kpehe Ngafuan and the Acting Executive Governor of the Central Bank of Liberia, Hon. Henry F. Saamoi on December 16, 2024.

“During this visit, discussions will focus on the proposed RFH framework, partnership opportunities, and the process of developing a comprehensive legal and regulatory framework to support the establishment and operations of the RFH.” The Ministry of Finance and Development Planning disclosed.

Meanwhile, the visit seems to highlight a technical discussion with senior experts of the Ministry of Finance and Development Planning, the Central Bank of Liberia, including some official form other public and private institutions.
The Ministry further disclosed that on December 17, there will be stakeholders engagement in deeper discussions about the Regional Financial Hub (RFH) legal and regulatory frameworks and the future of financial services in the region.

In addition, the delegation will also visit relevant institutions across the West African Monetary Zone (WAMZ) countries, including Ministries of Finance, Central Banks, Capital Market Regulators, Stock Exchanges, Tax Authorities, and other financial institutions to gather insights and collaborate on the RFH’s development.

The visit is a huge landmark initiative poised to significantly enhance regional economic integration, drive investment, and position Ghana as a global leader in financial services, ultimately benefiting the entire West African region.

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