A heated debate flared in Tuesday’s Senate session as lawmakers grappled with a troubling communication from Grand Kru County Lawmaker Numene T.H. Bartekwa, advocating for special privileges to be granted to Sethi Steel Company, effectively monopolizing the steel market.
This move has sparked an outcry among senators, who fear the detrimental effects of monopolistic practices on market dynamics.
The surge in steel prices across Liberia has raised concerns among legislators, prompting a closer examination of the situation.
As Chair of the Senate Committee on Investment and Concession, Senator Barteqwa, along with his colleagues, embarked on an on-site inspection to assess the situation firsthand and provide a comprehensive report to the Senate.
However, the report presented to the Senate Plenary failed to offer tangible solutions to address the escalating cost of steel products.
Sethi Steel Manufacturing Company stands as the sole entity producing and distributing steel materials within Liberia, amplifying concerns about market manipulation and price gouging.
Senators lamented the steady rise in steel prices since the company’s establishment, questioning the quality of the steel products being supplied, which they deem unsuitable for construction purposes. Despite claims of quality assurance through an equipped laboratory, Senator Barteqwa’s report left many unanswered questions regarding the efficacy of the quality control measures in place.
In defense of his stance, Senator Barteqwa argued passionately for the protection and incentivization of Sethi Steel Company, citing its substantial investment and role in providing employment opportunities for thousands of Liberians.
He stressed the importance of safeguarding investments to foster a conducive environment for future investors.
However, skepticism looms over the senator’s assertions, with concerns raised about the potential ramifications of granting monopolistic leverage to a single entity.
Critics argue that such a move could stifle competition, hinder market access for other players, and ultimately lead to higher prices for consumers.
Amidst the heated debate, calls for transparency and accountability echo throughout the Senate chamber, with senators urging for a thorough investigation into the matter.
The future of Liberia’s steel market hangs in the balance as lawmakers grapple with the complex task of balancing economic growth with fair market practices and consumer welfare.
