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Thursday, June 20, 2024

MOC ENFORCES $16.75 PRICE CAP ON 5% INDIAN PARBOILED RICE, WARNS AGAINST HOARDING AND PRICE HIKES

Date:

MONROVIA, LIBERIA – Following President Joseph Nyuma Boakai’s disapproval of any increase in rice prices, the Ministry of Commerce and Industry has issued a press statement addressing recent developments. Two days ago, the Ministry had announced a pending rise in rice prices due to various factors, citing ongoing discussions with importers and stakeholders.

The initial announcement from the Ministry of Commerce and Industry mentioned that adjustments would be considered after a thorough review of cost drivers, necessitating further engagements with stakeholders. However, in a decisive meeting yesterday, President Boakai convened with rice importers and other key stakeholders. After evaluating the situation, he determined that there would be no increase in the price of rice.

The government and rice importers continue to collaborate, addressing concerns about rising business costs and logistical challenges highlighted by the importers. Despite these issues, the Ministry of Commerce and Industry reassured the public that there is no shortage of rice in the market and no impending price hike, contrary to speculation.

The Ministry has also urged the business community to adhere to the stipulated price of USD 16.75 per bag for 5% Indian Parboiled rice. Any entity or individual caught hoarding, price hiking, or creating artificial shortages will face strict legal consequences. The Ministry’s Inspectorate will rigorously monitor and inspect warehouses and business establishments to ensure compliance.

Minister Amin Modad signed off the statement, underscoring the government’s commitment to maintaining rice price stability and market availability.

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