Many businesses and even families are facing financial crisis as more banks claim they have run out of cash in Liberia. What started as a rumour few days ago has become a reality as Liberian commercial banks announce they are running out of cash due to shortages of bank notes across the country. This is not the first time this is happening according to the banks, sometime in 2018; the country faced similar challenge as a result of claims that there was missing money at the country’s apex bank. However, this present shortage according to reports have seen the emergence of long queues at cash machines, and many banking halls with the banks saying they are also short of cash to dispense. The Ministry of Finance of Liberia has confirmed that there is not sufficient money in the vaults of commercial banks to meet customers’ needs.

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Officials say that the shortage is as a result of growing concern by customers and loss of confidence in the banking sector and by extension, the Liberian economy. To this end, even the banked have resorted to keeping their money at home.  This is as a result of the economic challenges facing the country and the flattening the confidence people have in the local currency.

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It could be recalled that protests broke out of the country in 2018 over claims that over $104 million worth of bank notes printed in China and Sweden disappeared from the central bank. And when officials were unable to account for the missing consignments containing the banknotes, the people took to the streets.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.