CBL Governor Saamoi: Improved Roads, Electricity Critical To Economic Growth

MONROVIA–In a meeting with senior staff of Millennium Challenge Corporation (MCC) of the United States, Central Bank of Liberia (CBL) Executive Governor, Mr. Henry F. Saamoi underscored the urgent need for improved roads and electricity infrastructure as critical to unlocking Liberia’s economic growth.

The MCC team was in country recently to assess Liberia’s development priorities.

Governor Saamoi told the MCC mission that poor road networks and limited electricity remained major barriers to national progress, holding back the growth of small businesses, hindering access to financial services in rural counties, and slowing private sector growth. He noted that where maintenance had been carried out recently, farmers had been able to bring produce to market, helping moderate food prices and curbing inflation.

He applauded MCC’s past contributions under its first compact, which supported electricity expansion, partial financing of the Mt. Coffee Hydro Plant, and road maintenance planning. But he emphasized that infrastructure gaps continue to constrain the private sector—the real driver of jobs and economic empowerment.

“Liberia’s economy must be in the hands of Liberians,” Governor Saamoi said. “We need stronger infrastructure and inclusive financing so that our businesses—not just foreigners—create jobs and drive growth,” he added.

Governor Saamoi highlighted progress under the Liberia Investment Finance and Trade (LIFT) Project, a US$40 million initiative jointly implemented by CBL and the Ministry of Commerce & Industry with World Bank support.

Alphonso Toweh

Has been in the profession for over twenty years. He has worked for many international media outlets  including: West Africa Magazine, Africa Week Magazine, African Observer and  did occasional reporting for CNN, BBC World Service, Sunday Times, NPR, Radio Deutchewells, Radio Netherlands. He is the current correspondent for Reuters 
 He holds first  MA with honors in International  Relations and a  candidate for second master in International Peace studies and Conflict  Resolution from the University of Liberia.