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Thursday, April 18, 2024

GOVERNMENT FINALLY INCREASES THE PRICE OF RICE

Date:

The Liberian Government has finally increased the price of a 25kg bag of rice.

According to a press release issued yesterday by the Ministry of Commerce, the wholesale price of a 25kg bag of rice is increased to US$17.00, from US$13.00, while the retail price now stands at US$17.50  from US$13.50 or the equivalent in Liberian Dollars.

The press release says the government of Liberia over the last five years has continuously worked with the importers of rice to ensure that the price remains affordable for the Liberian people and available on the local market.

It notes that as a result of the current global challenges faced with the sourcing of the commodity, President  Dr. George M. Weah constituted a Rice Stabilization Taskforce, with the mandate to assess the sustainability of the current intervention, explore all options and propose new measures necessary to keep rice affordable and available on the Liberian market.

According to the release, following extensive consultations with all relevant stakeholders, including major rice importers and the Liberia Marketing Association coupled with recommendations from the Rice Stabilization Taskforce, a decision was reached to adjust the price of rice in order to increase the importation volume, increase the availability of the commodity on the market, eliminate unauthorized price hikes, and deter black market sales.

The government of Liberia states that effective December 3, 2022, it adjusted the price for a 25kg bag of rice: Wholesale price $17.00 USD or Liberian Dollars Equivalent and  retail price to $17.50 USD or Liberian Dollars Equivalent

“We want to assure the public that the current stock of rice in the country can sufficiently serve the market up to the arrival of subsequent scheduled vessels. We, therefore, encourage businesses to continue to carry out the unrestricted sales of rice, void of price hiking and profiteering at the expense of the ordinary people.

“The Ministry of Commerce and Industry through its inspectors will ensure straight compliance with this decision and call on the public to report anyone found selling above the government-regulated price”, the press release declares.

The government of Liberia, the release notes, remains committed to its Pro-Poor Agenda by ensuring rice and other essential commodities remain available and affordable.

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