Depositors At Various Banks Disappointed, Suffers ‘No Enough Money’ Syndrome

The President of the Liberian Bankers Association and President of LBDI, John Davies

Depositors are various banking institutions in the country whose sole intent to withdraw their money whenever it is needed are being left in the cold, as their respective banks informed them of efficient funds to meeting up with their required amount for withdrawal.

GNN staff who visited many of the banking institutions, including Liberia’s owned Liberia Bank for Development and Investment (LBDI), saw long queues of depositors disappointingly wearing of delay in getting the money from their accounts.

Our reporter who spoke to some of the depositors exhausted in a long queue expressed displeasure over the situation, noting that bank tellers have confided in them that there is no money, “I came to withdraw only ten thousand Liberian Dollars (Equivalent to Fifty United States Dollars), but I am told only five thousand dollars will be given instead of the ten thousand dollars being requested for,” Johnson Tort, one of the frustrated depositors in a rather disappointing state in a chat with the GNN said.

Johnson is among dozens of others depositors who are facing such unbearable situation, arguably contemplating on saving their monies at home, instead of the bank, “I regretted ever saving my money at the bank, just imagine, my money deposited cannot be withdrawn to pay my children school fees. It is very terrible for me at this point,” Charlyn Cooper, a mother of eight who appeared in tears during this interview said.

This latest dilemma at various commercial banking institutions has also crippled lots of business people who at most time withdraw from their accounts before starting a day’s operations, many have now resolved to keep their monies at home instead of the bank, “I rather keep my money under my mattress which I believed is not safe, but what to do,” Aaron Swam, a petty trader of central Monrovia who was also in queue at one of the local banks in a chat with the GNN vowed.

Some financial experts who spoke to the GNN said what is currently taken place is a result of the steady decline  of the economic mismanagement, and further warned that if the government fails to address this issue before the holidays, it would be worse than what it is currently.

World Bank report puts at Liberia Poverty Rate Stands at 54 Percent, the World Bank Report also has announced that about 54 percent of the population of Liberia is living below the poverty line. This means they live on less than $US2.00 a day.

Some Liberians who also spoke to our staff hoped the incoming new Governor of the Central Bank of Liberia, Jolue Aloysius Tarlue will help to address some of these economic challenges being faced with, and further prayed that things will be improved.

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About Cholo Brooks 11089 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists, and is currently contributing to the South Africa Broadcasting Corporation as Liberia Correspondent.