May 30, 2009

Liberia is reeling in poverty today because its resources are undercapitalized, or worst, because its resources were pillaged in the last 50 years by rogue investments since the introduction of government’s caution in the wind “Open Door Policy”. Clear cut. Some say though that there is more – that corruption and the poor banking system had undermined domestic investment, leading to slow economic growth rate and citizens’ general despair.

But all that is on the way out and financial progress is stepping in – that is if the words of the managing director of Liberia’s newest commercial bank, the Guaranty Trust Bank-Liberia (GTBANK-Liberia), and the governor of the Central Bank of Liberia (CBL) are any guarantors. The Analyst Staff Writer, reports.The Nigeria-based Guaranty Trust Bank, Inc. has opened a subsidiary branch in Liberia with an initial investment capital of US $10.0 million.