MONROVIA – The Central Bank of Liberia’s farewell to Deputy Governor Dr. Musa Dukuly doubled as a referendum on seven turbulent years. Appointed in 2019 amid institutional strain, Dukuly briefly steered the entire Bank as Officer-in-Charge after Governor Nathaniel Patray’s resignation. His tenure’s headline numbers tell the story he wants remembered. Inflation fell from roughly 30 percent to below 10 percent, alongside a steadier exchange rate. Speakers from Executive Governor Henry Saamoi downward framed the ceremony as institutional reflection rather than mere send-off. That he served under two rival presidencies without interruption is itself notable in Liberia’s politicized public sector. The open question now is whether the monetary stability he championed outlasts him. THE ANALYST’s H. Matthew Turry reports.
The Central Bank of Liberia (CBL) on Thursday, July 30, 2026, honored outgoing Deputy Governor for Economic Policy Dr. Musa Dukuly, capping a well-attended farewell ceremony that drew former governors, financial experts, professors, family members, bank staff and representatives of local banks to celebrate his seven-year tenure at the helm of the country’s economic policy apparatus.
The event, held at the Central Bank of Liberia, was organized to recognize Dr. Dukuly’s exemplary service, visionary leadership and contributions to both the Bank and the Republic of Liberia during a term that ran from July 11, 2019, to July 15, 2026.
Speakers throughout the ceremony described the occasion as more than a send-off, characterizing it instead as a moment of institutional reflection on nearly a decade of economic reform. Dr. Dukuly was appointed to the post by former President George Weah and went on to play a pivotal role in the Bank’s affairs beyond his formal title.
Following the resignation of then-Governor Nathaniel R. Patray II, the accomplished economist stepped in as Officer-in-Charge of the Central Bank from October to December 2019. He steered the institution through a period officials described as critical to its history and requiring steady, reassuring leadership.
Reflecting on a Turbulent Tenure
Addressing the gathering, Dukuly reflected candidly on the circumstances he inherited when he assumed office in 2019, a moment he described as one of significant economic and institutional strain for the country.
He recalled that the Central Bank at the time was tasked with a demanding set of priorities: strengthening monetary operations, restoring public confidence in the financial system, improving institutional capacity and supporting broader macroeconomic stability.
Looking back on what was achieved, he pointed to two headline indicators of progress. Inflation, he noted, had fallen from roughly 30 percent to below 10 percent over the course of his tenure, a decline he framed as one of the clearest signs of the Bank’s success in stabilizing the economy, while he also highlighted greater stability in the Liberian dollar’s exchange rate as a further marker of the institution’s improved footing.
The former Deputy Governor used much of his remarks to express gratitude rather than dwell on the challenges of the job. He thanked former President Weah for the original appointment that brought him into the role in July 2019, and separately credited President Joseph Nyuma Boakai for allowing him the space to complete his term without interruption, which officially concluded on July 15, 2026.
He also extended thanks to both the former and current Governors of the Central Bank for their collaboration and support throughout his years of service, telling the audience he was leaving the institution with a deep sense of pride in the progress made during his time there.
Tributes From the Governor
Executive Governor Henry Saamoi led the tributes to Dr. Dukuly, framing the ceremony as an occasion for both farewell and celebration. Saamoi told attendees the gathering was meant to reflect on a period of meaningful institutional progress and to honor a distinguished public servant whose leadership helped shape the modern trajectory of the Central Bank of Liberia.
In his remarks, Saamoi credited Dukuly with providing steady leadership through periods of complex economic challenges and difficult policy decisions, crediting his analytical rigor with reinforcing public confidence in the institution.
He added that Dukuly’s contributions went well beyond the narrow formation of economic policy, extending into the strengthening of the Bank’s research and policy framework, the advancement of evidence-based decision-making, and reforms aimed at safeguarding macroeconomic stability and strengthening the financial sector more broadly.
Saamoi went on to describe the seven years in office as defined by professionalism and commitment, telling the gathering that Dukuly leaves behind a legacy that will continue to inspire the institution. The Governor said he was confident Dukuly would go on to make meaningful contributions in whatever role came next.
Deputy Governor for Operations James B. Wilfred echoed that sentiment in his own farewell remarks, calling the ceremony an occasion for reflection, gratitude and the celebration of a legacy that has shaped both the institution and the country’s broader economic and financial development.
Wilfred noted that Dr. Dukuly’s seven years in office spanned a period of both significant opportunity and considerable challenge for Liberia’s economy and financial system, and that throughout it he demonstrated unwavering commitment to the Bank’s mission and to the national goal of building a stable, resilient and inclusive economy.
Wilfred also detailed the scope of departments that fell under Dukuly’s stewardship as Deputy Governor for Economic Policy, including the research, policy and planning department; the regulation and supervision department; the financial markets department; and the insurance department.
Through his strategic guidance and technical expertise, Wilfred said, those functions were strengthened and better positioned to support the Bank’s mandate of maintaining financial stability, while under Dr. Dukuly’s leadership the Central Bank enhanced its analytical and policy capabilities, elevating the quality of economic intelligence it produces and cementing its standing as a trusted voice on economic and financial matters in Liberia.
Citation Highlights Reform Record
Reading the official citation on behalf of CBL management, Chief of Staff to the Executive Governor Bushanda C. George offered the most detailed account of Dr. Dukuly’s contributions. George said Dr. Dukuly’s tenure was marked by an unwavering commitment to sound economic governance, policy excellence, institutional strengthening and the advancement of Liberia’s financial sector, and credited his expertise and strategic leadership with enhancing the Bank’s capacity to design and implement policies supporting macroeconomic stability.
George specifically pointed to Dr. Dukuly’s stint as Officer-in-Charge between October and December 2019, describing his calm leadership and sound judgment as a source of reassurance during a critical juncture in the Bank’s history.
In his substantive role as Deputy Governor, George said, Dr. Dukuly provided exceptional leadership in strengthening research and analysis, guiding monetary and fiscal policy, fostering stakeholder engagement and advancing institutional reforms, contributions that helped reinforce the Bank’s credibility and strengthen coordination between fiscal and monetary authorities.
Beyond the technical record, George also praised Dr. Dukuly’s personal conduct in the role, describing him as a respected mentor and colleague whose integrity, humility and dedication inspired those who worked alongside him. That combination of professional accomplishment and personal character, George said, earned Dr. Dukuly the admiration of colleagues, partners and stakeholders across Liberia and the wider region.
A Legacy in Institutional Reform
In closing the citation, George said the impact of Dr. Dukuly’s service extends well beyond the accomplishments tied to his office, predicting that his legacy would endure through strengthened institutions, improved policy frameworks and elevated professional standards that continue to support the Central Bank’s mandate and the country’s broader economic development.
As he closed this chapter of public service, the Board of Governors, management and staff of the Central Bank of Liberia expressed gratitude for his contributions and wished him success in his future endeavors.
The ceremony’s large turnout, spanning former governors, financial experts, academics and representatives of Liberia’s banking sector, underscored the extent to which Dr. Dukuly’s seven-year tenure is seen within Liberia’s financial community as a formative chapter in the Central Bank’s modern history.
His departure now shifts attention to how the institution sustains the reform momentum built during his years of service.