Liberia: U.S.$100m Locked in Bad Loans As Boakai Demands Urgent Action

MONROVIA – More than US$100 million in Liberian bank credit is tied up in loans that are not being repaid, starving farmers, traders and small businesses of financing while banks sit on deposits they will not lend, according to documents prepared for a national conference that opened Wednesday.

President Joseph Nyuma Boakai told bankers, lawmakers, judges and regulators at the opening of the three-day conference that the country cannot grow out of that freeze and that the cost falls on people, not…