Liberia: Looming Money Shortage At Banks Sparks Anxiety

Monrovia, 12 Dec 2018: Stern refusal  by commercial banks in the Liberian capital to fully honor withdrawal requests from customers in two consecutive days this week citing shortage of money supply at those banks is arousing arouses anxiety among Liberians during the ensuing festive holiday season.
Liberian Bank For Development and Investment
Liberian Bank For Development and Investment

Local media Wednesday quoted many customers who are complaining that commercial banks they visited failed to disburse the amounts the customers wanted to withdraw.

Customers complained that tellers just gave out 5000 Liberian dollars to some who wanted LD25,000, while many others returned home empty handed after embarrassed tellers remarked: “We, cannot give out what is not available.”
One frustrated customer said, “I walked home  Wednesday empty handed because I paid my last (money) to go  in town to the bank”
But Central Bank Executive Governor Nathaniel Patray denied liquidity shortage at the banks without citing explicit assurances. The parity rate between the US dollar to Liberian dollar is $1USD to $157 LD.
Commercial banks giving customers with this bad news when conclusive investigation into the reported “missing of LD15.5 billion” remains a pipe dream.
Local Monery Changer In Liberia
Local Monery Changer In Liberia

Accountability campaigners are also up in arms and demanding judicious explanation about what Finance Minister Samuel Tweah did with the US$25 million stimulus package that President George Weah announced was infused into the economy to stabilize the Liberian dollar against the rising US currency.

Minister Tweah reportedly said he directly exchanged $15 million of the amount with forex bureau operators outside of the official banking system. He has yet to identity, let alone, explain what happened to the balance $10 million USD.
Liberians on various social media platforms have been venting anger frustration at the deteriorating economic condition and hard times they are experiencing.
By Tepitapia Sannah
Bureau Chief
West Africa

Published by

West African Journal Magazine

The West African Journal was a major magazine publication in the United States with a focus on the Mano River region and West Africa sub-region during the civil crises in Liberia and neighboring countries during the decades of the 1990s. This was the period when many citizens and others in the sub-region were fleeing their homeland due to conflicts, and the magazine was a reliable source of information covering developments in the region and in the Diaspora.  However, the magazine suspended publication several years ago but is now back. It is, therefore, delightful that The West African Journal has been reactivated. The print edition of the magazine, to be published monthly and distributed in the United States, West Africa, and other parts of the world, will provide analysis of the major events of the period under review. Due to challenges relating to availability of reading materials in the sub-region, a few hundred copies of every edition of the magazine will be distributed free of charge to libraries and reading rooms at schools and institutions of higher learning in the sub-West Africa sub-region. The Journal covers government/politics, economics/international trade/investment and partnerships, women's issues, showcase of tourism and historic attractions in West Africa in particular, and Africa in general, as well as cover the Diaspora, entrepreneurship, among others. The Journal also taps into growing interest in the Unites States regarding resource-rich Africa as the next frontier for global economic progress amid an increasing global competition for access to the continent’s abundant natural resources. The magazine will regularly cover bilateral and multilateral partnerships between the US/multinational agencies and Africa/individual African countries. More importantly, in considering the danger of Climate Change and Global Warming, The Journal serves as a strong and unrelenting advocate to create international awareness regarding Climate Change, especially how West African countries and the African Continent as a whole are being negatively impacted. Through its environmental coverage, The Journal promotes education and awareness for people to be empowered. Our experienced team of editors, reporters and feature writers are excited to bring the stories that impact politics, finance, economy, arts, health, education, climate change, women and youth issues in Africa today. Contact The West African Journal is registered and published in Washington, D.C., U.S.A. Plans are underway to open a bureau office in Liberia, from which operations in other West African countries will be coordinated. Our journalists, who bring decades of high engagement of news and reportage, include former BBC veteran correspondent Isaac D.E. Bantu, former Daily Observer Features Editor and publisher of the West African Journal Joe S. Kappia, and Pana Press Editor Tepitapia K. Sannah, and respected Photo journalist and editor Gregory Stemn. These experienced and internationally-respected journalists ensure a high standard of professional journalism. Information and inquiries for The West African Journal should be directed to the following: Editor-in-Chief; Email: WestAfricanJournalMagazine@gmail.com Isaac D.E. Bantu: Publishing Partner; Email: WestAfricanJournalMagazine@gmail.com Mailing Address: P.O. Box 55053, Washington, D.C. 20040-5053 USA Thank you. Managing Editor