CBL, Judiciary, Strengthen Judicial Capacity on New Banking Law

Ganta, Nimba County — The Central Bank of Liberia (CBL), in collaboration with the James A. A. Pierre Judicial Institute and the United Nations Development Programme (UNDP), has concluded a one-day training program for judges across Liberia, including magistrates, commercial court judges, debt court judges, and circuit court judges, on Liberia’s new Banking and Financial Institutions Act (BFIA).

The training was designed to strengthen judicial understanding of the new banking law, which enhances corporate governance standards, strengthens supervisory and enforcement powers, and establishes clearer mechanisms for addressing distressed financial institutions.

Addressing participants through a statement delivered on his behalf, CBL Executive Governor Henry F. Saamoi described the training as a critical investment in institutional strength, financial stability, and the rule of law. He noted that the BFIA represents a landmark reform that modernizes Liberia’s banking regulatory framework and aligns it with regional and international standards.

Governor Saamoi emphasized that the effectiveness of any law depends not only on its provisions but also on its proper interpretation and application by the courts. He noted that a strong understanding of banking and financial laws will enable judges to adjudicate disputes within the appropriate legal and regulatory context, thereby reinforcing confidence in Liberia’s financial system.

“Investors commit capital where contracts are respected, businesses can grow, and disputes are resolved fairly and efficiently,” Governor Saamoi stated. “A strong and credible financial system cannot flourish without the rule of law.”

The Governor’s remarks were delivered by Acting Deputy Governor for Economic Policy, Euphemia G.T. Swen-Monmia, who commended Chief Justice Yamie Quiqui Gbeisay, Sr., the Supreme Court of Liberia, and the broader Judiciary for their commitment to continuous professional development and judicial excellence.

Acting Deputy Governor Swen-Monmia noted that the partnership between the Judiciary and the Central Bank reflects a shared commitment to building strong institutions that promote economic growth, attract investment, safeguard financial stability, and strengthen public confidence in Liberia’s governance framework.

Speaking on behalf of the participants, President of the National Association of Trial Judges of Liberia, Judge Ousman Feika, welcomed the initiative and described it as an important contribution to enhancing the capacity of judges across Liberia to effectively address matters involving banking and financial sector legislation.

The training forms part of the Central Bank’s broader efforts to strengthen financial sector governance and support the effective implementation of key reforms aimed at promoting a safe, sound, and resilient banking system in Liberia.

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