By: Julius Konton
President Joseph Nyuma Boakai Sr. has declared that Africa’s economic transformation must be driven by Africans, urging greater intra-African investment as he officially commissioned First Atlantic Bank Liberia, describing the institution’s arrival as a strong endorsement of Liberia’s improving investment climate and a milestone for regional economic integration.
Speaking during the inauguration of the bank’s headquarters on 9th Street, Sinkor, President Boakai emphasized that sustainable development across the continent depends on Africans investing in Africa rather than relying solely on foreign capital.
“If Africa is going to be built, it has to be built by Africans,” President Boakai declared. “If you don’t have confidence in your own economies, who do you expect to have that confidence?”
The launch of First Atlantic Bank, backed by Ghanaian investors, marks another chapter in Liberia’s expanding financial services sector, which has continued to attract regional and international interest amid ongoing economic reforms under the Boakai administration.
Liberia’s banking industry currently comprises more than 10 licensed commercial banks, supervised by the Central Bank of Liberia (CBL), serving an economy with an estimated GDP of approximately US$5 billion and a population of about 5.6 million people.
Financial inclusion has also improved in recent years through expanding mobile money services, digital banking, and regulatory reforms designed to strengthen confidence in the country’s financial system.
President Boakai praised the Ghanaian shareholders for demonstrating confidence in Liberia through tangible investment rather than rhetoric, describing the move as evidence that African investors recognize the country’s growing economic potential.
“The successful establishment of this bank proves that serious African investors are prepared to support Liberia’s economic recovery,” the President said.
“Africans can trust one another to come and do business, and we want to assure you that our government will work with you to make sure that you succeed.”
He reaffirmed his administration’s commitment to maintaining national security, strengthening the rule of law, and implementing business-friendly reforms aimed at creating a stable environment for both domestic and foreign investors.
According to the President, the increasing number of investors entering Liberia reflects growing international confidence in his government’s economic agenda.
He cited encouraging assessments from the Central Bank of Liberia and the Ministry of Finance and Development Planning, noting that ongoing reforms are steadily improving the country’s investment outlook.
“Liberia is now moving in a very serious way,” Boakai stated.
“We are opening up the country and putting in place the conditions that make this environment conducive and attractive for investment.”
The commissioning of First Atlantic Bank also underscores the deepening economic partnership between Liberia and Ghana, two founding members of the Economic Community of West African States (ECOWAS).
Established in 1975, ECOWAS comprises 12 active member states with a combined population exceeding 430 million people and a regional economy valued at more than US$800 billion, making cross-border financial institutions increasingly important in facilitating trade, investment, and economic integration.
President Boakai said stronger collaboration among African nations is essential to unlocking the continent’s vast economic potential, adding that African-owned financial institutions can play a critical role in mobilizing capital, supporting businesses, and financing infrastructure across the region.
The arrival of First Atlantic Bank comes as Liberia continues implementing fiscal and structural reforms aimed at accelerating economic growth, improving governance, and expanding private-sector participation.
The government has intensified efforts to attract investment across banking, agriculture, mining, energy, manufacturing, and infrastructure as part of its broader development agenda.
Economic forecasts by international financial institutions have projected continued growth for Liberia, supported by reforms, infrastructure investment, and increasing regional trade.
Analysts say the entry of new financial institutions is expected to enhance competition, broaden access to banking services, support small and medium-sized enterprises (SMEs), and deepen financial inclusion.
With First Atlantic Bank officially joining Liberia’s financial landscape, the government views the development not merely as the opening of another commercial bank but as a powerful symbol of growing African confidence in African markets, reinforcing President Boakai’s vision that the continent’s future prosperity should be built through African enterprise, African investment, and African partnerships.
