By Edwin M. Fayia, III, fayiaedwin@gmail.com
Hundreds of depositors with commercial banks and other financial entities on Tuesday and Wednesday stormed facilities of the financial institutions in Monrovia, in what analysts describe as panic withdrawals of funds, owing to the outbreak of the coronavirus (COVID19) in this West African nation.
Visibly panic stricken depositors could be seen at doors commercial of banks early Tuesday and Wednesday making apparent preparations for a probable shut down of their communities.
Liberia on Monday March 16, 2020, recorded its first COVID19 case, causing government to introduce several restrictions including bans on mass gatherings, flights from countries highly plagued by the outbreak, suspension of the activities of learning institutions, among others.
That is despite President George M. Weah assuring Liberians, partners and foreign residents that there is no need to panic as the appropriate steps have been instituted to combat the disease now declared by the World Health Organization as a global pandemic.
At some of the commercial banks, some of the customers spoke of taking every necessary precautionary measures to prevent recurrence of the hardship they endured during the recent petroleum crisis which almost completely paralysed normal activities in the country.
In a related development, very reliable reports gathered by this news outlet reveals that the country’s staple, rice, could soon run out of stock, evident by the sudden increase in the price of the commodity.
Previously sold at LD 2,600, the price of the 25kg bag of imported rice has climbed to LD 3,500 in just few days, a survey of the country’s largest food market in Paynesville has shown. The Commerce Ministry’s stipulated price for a 25kg bag of rice is LD 2,600.
Several consumers said in separate interviews with this news organ that the issue of rice shortage should have by now been a thing of the past due to the fact that the market was now opened to Liberians that have the financial capacity to import rice.
Besides, the prices of flour and onion and other food items have also skyrocketed, causing those baking bread for local consumption to reduce the sizes of their dough.
A regular consumer of bread at the Red-Light Market in Paynesville Philip George Sr. remarked, “Beginning next week, I will decide to cut down my family bread consumption owing to the hike in the price of the commodity at the moment”.
Rice retailer Mrs. Martha B. Duncan told this paper on Tuesday that as of next week Monday, she going to design new measurement cups in order to generate profit as the prices of major commodities were now becoming unbearable especially for Liberians.
But she expressed optimism that there would be some divine intervention to save the Liberian people from another round of hardship.
Prominent Monrovia businessman Harrison B. Morgan, for his part, threatened what he terms extensive legal battle against any commercial bank that denies him cash withdrawal.
Mr. Morgan described the COVID19 as a grave menace that needs the collective efforts of all Liberians and not the government alone and the frontline health workers.
Besides the rush to withdraw funds, a panic petroleum purchase is also being noticed, as consumers fear an imminent shortage of fuel and gas.
On Wednesday hundreds of commercial and private vehicle owners were also seen in long lines at gas stations making frantic efforts to secure petroleum products due to the shocking announcement by President Weah that COVID19 virus had hit the country.
In Monrovia itself, it is now widely speculated that major petroleum importers have been hinting customers there might soon be shortage of the precious commodity.
Scores of commercial motorcyclists and private vehicle owners were seen Tuesday and Wednesday in Monrovia and parts of rural Montserrado making frantic attempts to secure petroleum in order to be on the safe side.
In Paynesville and Duala commercial hubs in the suburb of Monrovia, there were similar endeavours marked by scrambling with one competing to be served ahead of the other.