Published: April 23, 2025
Monrovia — The Central Bank of Liberia (CBL) has issued a formal clarification regarding a graphical error in its recently released 2024 Annual Report, stressing that the Liberian banking sector remains stable, resilient, and profitable despite misconceptions sparked by media interpretations of the data.
In a statement released Tuesday, the CBL addressed what it described as an inadvertent error in the graphical presentation of balance sheet data for 2022 and 2024, which appeared on page 10 of the report. According to the Bank, the labels for the years 2022 and 2024 were mistakenly switched, giving the false impression of a contraction in the banking sector’s performance.
“This labeling issue created a visual impression of a contraction in the banking sector’s performance, which does not accurately reflect the actual financial position of the banking industry,” the Bank stated.
The clarification further pointed to Table 19 on page 53, noting discrepancies in the Financial Soundness Indicators that compounded the confusion. However, the Bank emphasized that the narrative analysis presented on pages 50 and 51 is accurate and consistent with the financial health and growth trajectory of the sector.
“The statistics highlight a robust expansion across all major indicators, including total assets, deposits, capital, credit to the private sector, and net income,” the CBL stated.
According to the Bank, the total assets of Liberia’s banking sector grew from L$206 billion in 2022 to L$293.7 billion in 2023, L$314.4 billion in 2024, and surpassed L$340 billion by the first quarter of 2025.
Customer deposits, a key indicator of public confidence, also climbed significantly—from L$135 billion in 2022 to L$198.7 billion in 2023, L$228.77 billion in 2024, and L$251 billion by March 2025.
Commercial banks’ capital rose steadily as well, growing from L$31.44 billion in 2022 to L$38.97 billion in 2023, L$45.15 billion in 2024, and L$47.6 billion in the first quarter of this year.
On credit to the private sector—an important engine for job creation and economic growth—the Bank reported an increase from L$76.22 billion in 2022 to L$91.96 billion in 2023 and more than L$100 billion in 2024. This, it said, accounts for over 95 percent of the entire credit portfolio of the banking sector.
Profitability has also remained strong, with net income increasing from L$4.20 billion in 2022 to L$6.77 billion in 2023 and L$10.6 billion in 2024.
Additionally, the Bank reported a liquidity ratio of 49.29 percent and a capital adequacy ratio of 33.8 percent—figures that exceed regulatory thresholds by more than 34.29 and 23.8 percentage points, respectively.
“These are clear manifestations that Liberia’s banking sector remains stable, liquid, and well-positioned to support inclusive medium-term growth,” the Bank noted.
The CBL has pledged to correct the visual error by publishing a revised graph on its official website. It also announced plans to implement internal safeguards to ensure such discrepancies do not recur in future reports.
“The CBL appreciates the expertise of stakeholders who analyzed the report and sincerely regrets the unintentional misrepresentation,” the statement read.
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