Monrovia, Liberia – Joseph Nyuma Boakai has formally requested the Liberian Legislature to authorize the printing of additional Liberian dollar banknotes for the period 2026 to 2030, citing mounting liquidity pressures and the need to sustain economic stability—though the proposal notably omits the total amount to be printed.
In a communication to the Speaker of the House of Representatives, President Boakai said the request is consistent with the 2020 amended Act establishing the Central Bank of Liberia (CBL), which mandates the Bank to issue and manage the country’s currency.
According to the President, the proposal aims to ensure an adequate supply of Liberian dollar banknotes, including provisions for emergency printing, to support monetary stability and national economic policies.
Declining Reserves Raise Alarm
Boakai revealed that as of December 31, 2025, only 7.06 percent of Liberia’s banknotes remain in reserve—a level he described as critically low and insufficient to meet liquidity demands in the coming years.
He noted that despite the recent currency replacement exercise (LS3) conducted between 2021 and 2024—which saw the printing of L$48.734 billion—key challenges persist. These include an increasing volume of mutilated banknotes, dwindling reserves, and continued heavy reliance on cash transactions despite efforts to promote digital payments.
Demand Pressures Mount
The President attributed the growing strain on cash supply to economic expansion and ongoing efforts to reduce dependence on foreign currencies. He added that printing additional banknotes would also support initiatives such as the government’s Gold Purchase Program and efforts to strengthen foreign exchange reserves.
“The measure is essential to safeguarding monetary stability, sustaining economic growth, and reinforcing public trust in the domestic currency,” Boakai stated.
Missing Figures Draw Scrutiny
However, the proposal has already sparked concern among some lawmakers, who say a critical detail is missing—the exact volume of money the government intends to print.
Neither the President’s communication nor statements from the Central Bank specify the total value of banknotes being requested.
While the CBL has acknowledged the need for additional printing, it too has not disclosed any figures.
Legislature Set for Tough Questions
As lawmakers begin deliberations, the absence of a clear monetary target is expected to dominate discussions, with legislators likely to demand specifics on how much currency will be injected into the economy and under what safeguards.
The proposal also aligns with Liberia’s broader push toward de-dollarization and its long-term goal of participating in the Economic Community of West African States (ECOWAS) single currency framework.
Assurance of Oversight
President Boakai has assured the Legislature that the process will be transparent, with the Central Bank expected to provide periodic updates on the printing exercise.
The request now awaits legislative action, as policymakers weigh the benefits of increased liquidity against concerns over inflation and economic stability—while pressing for clarity on one key question: how much money will actually be printed?
