The Ministry of Commerce and Industry has announced a significant increase in the price of rice, Liberia’s staple food, sparking concerns among citizens.
As Liberia aims to progress in its business sector, the ministry disclosed an addition of $1.50 to the current price of rice.
During a press briefing held by the Ministry of Information, Cultural Affairs, and Tourism, the Minister of Commerce and Industry, Mr. Amin Modad, publicized the increase, emphasizing that the new price takes effect on May 21, 2024. The cost of rice will rise from $17 to $18.50, or its equivalent in Liberian dollars.
“We have discussed with our suppliers and partners regarding the price of rice. Today, we are announcing that rice will not be sold at $20 as speculated. Instead, it will be sold for $18.50 on the Liberian market starting tomorrow,” Minister Modad confirmed.
Minister Modad also called on business owners to adhere strictly to the new price increase, warning against any further unauthorized hikes. He expressed deep concern over the situation, attributing the price increment to lobbying within the rice industry in India. He noted the government’s limited ability to prevent such increases in the short term but assured the public that measures are being implemented to address the situation soon.
The announcement comes amid growing worries over food security and affordability, prompting calls for swift action from authorities to stabilize rice prices. Mr. Modad emphasized the critical nature of the issue, highlighting the government’s ongoing efforts to mitigate the impact on Liberian families.
“We understand the challenges this price increase poses to Liberian households. The government is committed to finding long-term solutions to ensure the affordability and availability of rice,” Minister Modad stated.
The Ministry of Commerce and Industry urges all stakeholders to comply with the new pricing to avoid market distortions and ensure fair access to rice for all Liberians. The government also plans to engage further with international partners to explore additional ways to stabilize and reduce the cost of rice imports.
As the new price takes effect, Liberians are encouraged to remain patient and supportive of the government’s efforts to manage the situation. The Ministry of Commerce and Industry reassures the public of its dedication to safeguarding the interests of consumers and maintaining the stability of essential commodities in the market.
The increase in rice prices reflects broader challenges in global supply chains and underscores the need for robust domestic policies to enhance food security in Liberia. The government’s commitment to addressing these issues is crucial for the well-being of its citizens and the overall stability of the nation’s economy.
