Euphemia Gbadee Swen-Monmia, President Joseph Nyuma Boakai's nominee for Deputy Governor for Economic Policy of the Central Bank of Liberia (CBL), has asked the Senate Committee on Banking and Currency to weigh her nomination based on her qualifications and the results she has delivered over 16 years at the Bank. Swen-Monmia, a Liberian from Sinoe County, told lawmakers she would work closely with the Executive Governor, the Board, Management, and the Bank's staff to advance the CBL's mandate in support of President Boakai's ARREST Agenda, building "a stable, resilient, and prosperous Liberia."
Swen-Monmia expressed gratitude to President Boakai for the confidence reposed in her through the nomination, saying she was deeply humbled and honored by the trust. She also commended the committee and the Senate for carrying out their constitutional responsibility with diligence and dedication. The nominee paid special tribute to her late father, Emmanuel S. Swen, and her mother, Catherine B. Swen, whose values of faith, integrity, excellence, and hard work shaped the person she is today.
Swen-Monmia joined the CBL in 2010 as a Management Trainee in the Regulation and Supervision Department and progressed through positions of increasing responsibility, including Bank Examiner, Senior Bank Examiner, Registrar of the Collateral Registry, and Assistant Director. In 2017, she was entrusted with joining the newly established Financial Markets Department to support its development and operationalization, rising to Deputy Director and ultimately Director of the department.
Between 2023 and 2024, Swen-Monmia worked at the International Monetary Fund (IMF) in Washington, D.C., as a Macroeconomist in the African Department, broadening her understanding of regional and global macroeconomic policy challenges. Upon her return to Liberia, she resumed her duties as Director of Financial Markets and subsequently assumed the responsibilities of Acting Deputy Governor for Economic Policy, helping to lead policy discussions on key macroeconomic issues.
Swen-Monmia currently chairs the Pre-Monetary Policy Committee and the interagency Liquidity Working Group, serving as a member of the Monetary Policy Committee and leading the technical National Non-Performing Loan Resolution team. Her experience has equipped her to contribute directly to some of the institution's most important reforms and policy initiatives while developing the leadership, technical expertise, and strategic perspective needed to serve at the highest levels of the Central Bank.
Academically, Swen-Monmia holds a Master of Science degree in Development Finance from the University of Reading in the United Kingdom and a bachelor's degree in Public Administration from the African Methodist Episcopal University (AMEU) in Liberia. She also holds various certifications, including a Graduate Certificate in Capital Markets from George Washington University in the United States and executive education in Leading Economic Growth from the Harvard Kennedy School of Harvard University.
Swen-Monmia's pledge to guard CBL independence while coordinating with fiscal authorities will be the real test before lawmakers. Her pitch to the Senate Committee on Banking and Currency is unusual, as she asks to be judged on results, not résumé alone, claiming a hand in pushing inflation to single digits and building reserves near US$1 billion. However, her own testimony exposes the paradox at the heart of the economy, where banks are flush with liquidity, but bad loans still choke credit to Liberian businesses.
Key points
- Euphemia Swen-Monmia, nominee for Deputy Governor for Economic Policy, vows to prioritize price stability and economic growth.
- Swen-Monmia has 16 years of experience at the Central Bank of Liberia, with a background in economic policy and monetary operations.
- The nominee's confirmation will be crucial in addressing Liberia's economic challenges, including high inflation and non-performing loans.
