The Senate has summoned officials from the Ministry of Commerce, the Central Bank of Liberia (CBL), and the Liberia Business Association (LIBA) to explain the persistent increase in commodity prices nationwide. The decision was reached following a formal request from Senator Crayton O. Duncan during the Senate’s 12th Day Sitting on Thursday, February 27, 2025.
The summoned officials are expected to appear before the Senate Joint Committee on Commerce and Ways, Means, and Finance within two weeks to address concerns over the soaring cost of goods. In a communication read by Senate Secretary Nanborlor Singbeh, Senator Duncan stressed the urgency of their appearance, emphasizing the Ministry of Commerce and Industry’s failure to implement effective price control mechanisms.
Duncan accused the ministry of neglecting its responsibility to stabilize the market and allowing businesses to violate the “Liberianization Policy repeatedly.” He insisted that the Minister of Commerce and Industry and the Commerce Inspector-General explain the ongoing price hikes and propose solutions to mitigate the crisis.
“The people we serve are struggling under the weight of these escalating prices,” Duncan asserted. “We need clear answers and immediate action.”
The Sinoe County Senator, who chairs the Senate Committee on Autonomous Agencies and serves as co-chair on the Committee on Ways, Means, and Finance, expressed frustration over the slow economic progress under Commerce Minister Magdalene Ellen Dagoseh. He reminded the Senate of her previous commitments to revamp the economy. He described Liberia’s financial climate as fragile, citing inadequate investments, deteriorating living conditions, and rising operational costs for local businesses.
“The economic hardship is worsening, and what concerns me most is that basic goods are more affordable in neighboring countries than in Liberia,” Duncan lamented.
He further called on the Commerce Inspector-General to clarify the country’s wage bill and explain the dramatic price increase once goods arrive in Liberia. Duncan noted that lawmakers face growing pressure from constituents struggling with the high cost of living.
“Our people assume we have financial power to resolve this crisis, but we do not,” he said. “Businesspeople must stop exploiting our citizens.”
Following a motion from Bomi County Senator Edwin Melvin Snowe, the Senate confirmed that the summoned officials would appear before the Joint Committee within two weeks to discuss the matter in detail.
