The Central Bank of Liberia (CBL) recognizes “communications, not just as a facilitator for central bank monetary policies, but as a monetary policy tool in and of itself” critical to the success of the Bank’s monetary policy transmission. The CBL adopted a strategic communications plan as a key engagement vehicle to rebuild a new brand of an image and maintain public confidence. The Section believes the formulation and implementation of an overarching and all-encompassing strategy is key to the success of the Bank’s reform pillar.

CBL Communications and Strategic Plan

The communications plan is built on the outcomes of CBL`s 2021-2023 Strategic Plan (SP). The SP calls for “developing and implementing a comprehensive brand strategy to build and improve CBL reputation and manage stakeholder perception.” The strategy is to effectively disseminate public interest information through communications and stakeholder engagement activities and track feedback about CBL`s efforts to make (1) Prices and Financial System Stable; (2) Integrate Payment System and (3) Digitize the Economy.

Part of the efforts is to forecast key communication risks and vulnerabilities affecting the financial system, especially the banking sector and propose mitigation measures to address the risks through effective public engagement.

Principles governing CBL Communications

The new leadership of the CBL emphasizes communications as a monetary policy tool that guarantees transparency and public participation in CBL activities. This builds public confidence. CBL understands that transparent and accountable dealings in the implementation of the country`s monetary policy builds public trust. Nowhere else is trust so essential than in the banking sector.  

Monetary Policy and Financial System Stability Communication

Effective communications helps put the CBL and financial markets on the same wavelength, so that financial markets, other institutions, and private citizens can anticipate, rather than simply react to, interest rate decisions.

If markets understand the objective of policy and the tools to achieve it, and if they have a clear reading of the central bank’s view of the economy, then the transmission mechanism should work more smoothly, leading to responses in the exchange rate and in the term structure of interest rates that are more consistent with the Bank’s intentions.

 Monetary policy will also be more effective if the public, too, understands the factors affecting inflation and CBL’s assessment of, and response, to those factors.

In all of this, the critical task is clearly to promote public understanding of what the central bank is trying to accomplish and to shape the expectations and behavior of economic agents, thus helping the authorities to achieve the inflation target and keep the economy growing at a solid pace.


CBL communication coordination for effective and efficient messaging is at two broader levels: Internally and externally.  Internally, Communications works with the Executive Governor, Deputy Governors, Directors, and other senior staff of the Bank to plan and execute outlined communication activities and opportunities. The section participates in meetings where possible, gathers, packages relevant information, and disseminates. Externally, the Corporate Communications Section coordinates with stakeholders, including the media, commercial banks and financial institutions and communities to organize events to advance CBL stakeholder engagements.

The level of efforts required to communicate effectively and efficiently, the rationale and benefits of reform measures to stakeholders and beneficiaries is quite extensive. The work involves a regular update of the CBL website to make it more interactive with integrated social media platforms to advance outreach.  As part of the efforts, the communication section provides graphic design and drafting support of promotional materials, including description and benefits of reform measures. Success stories highlighted. Factsheets, flyers, news releases, blogs and articles written to explain and promote the policy objective of the CBL reform measures.


CBL audience is at internal and external levels that inform its engagements. CBL leadership, including its board of governors, management, directors, and support staff constitute legitimate target groups for the Bank`s communications strategy. Implementation begins with understanding the rationale and institutional objectives, activities, timelines, and the mechanisms for delivery. In an environment of building synergies, CBL Corporate Communications Section provides regular stakeholder feedback and media update to inform the leadership and senior staff of related developments taking place in the monetary, financial, and fiscal environments to inform collaboration and/or action.

The external audience consists of stakeholders (identified and mapped out in detail in the stakeholder engagement), including institutions, groups, and individuals with interest in the Bank’s activities. There is long list: government, legislators, donor partners, Bankers’ Association, money exchangers, importers, Liberia Business Association, Liberia Marketing Association, Chambers of Commerce, commercial bank customers, vulnerable groups, civil society, media, specific expert groups, think tanks, etc.