The Central Bank of Liberia has debunked reports of bankruptcy regarding two leading commercial banks operating in the country’s capital, Monrovia.

One of the banks, known was SIB Liberia Limited, which is owned by Ghanaian millionaire, Dr. Papa Kwesi Nduom, was cited in a report published by frontpageafricaonline.com, with the caption “Broke Banks?” which prompted panic withdrawals from customers following its release.

In the rejoinder issued by Liberia’s apex bank on August 8, 2024, it described the report and claims as categorically untrue.

"CBL considers these impulsive claims as not only misleading, unfounded, and damaging for the existing confidence in the economy, but they are completely unsupportive of relevant financial statistics published by the CBL regarding the soundness of the banks.

"The CBL hereby informs the public that the financial position of banks remains robust with their liquidity and capital reserves above the regulatory requirements of the CBL, implying that the banks are in full compliance with regulatory thresholds of capital and liquidity under the supervision of the CBL," it noted.

The Central Bank of Liberia emphasized that it remains very cognizant about the importance of safeguarding depositors’ funds with the aim of maintaining public confidence in the banking sector.

It also encouraged the media to remain professional by engaging with the CBL directly for clarification and verification to balance their reporting in the interest of safeguarding the financial sector.

“The Bank urges the public to disregard the misinformation published by the newspaper and rely on verified and accurate sources of information. The Bank reassures the public of its commitment and transparency in support of the core objectives of price and financial sector stability,” the statement concluded.

See the statement below:



MA/AE

Meanwhile, GhanaWeb is set to premiere a documentary on playwright Uncle Ebo Whyte on Monday, August 19, 2024. Watch the trailer below: