Liberia: Government Finalizes Slight Reduction in Rice Price

Raymond Weil
Bags of imported rice.
19 February 2024
FrontPageAfrica (Monrovia)
By Jaheim T. Tumu

Congo Town — The government of Liberia, through the Ministry of Commerce, has swiftly intervened to slightly reduce the price of Liberia's staple food, rice, to $16.75 after the Association of Rice Importers communicated to the Weah-led government a potential increase from USD 17 to USD 20 last October.

Rice is a staple food for Liberians, but its price remains unstable on the market. Currently, in some areas, a 25kg bag of rice is sold for LD $3,600, equivalent to USD $18.94, while in other areas, it is sold for between LD $3500 to 3,450, which translates to USD $18.42 to $18.15.

The Minister of Commerce, Amin Modad, addressed a press conference, stating that the importers cited several genuine reasons for the proposed increase, including disruptions to shipping routes through the Suez Canal due to the Ukrainian and Russian crisis, conflicts in the Middle East, and specifically, a 20 percent increment in export tariffs imposed by the government of India.

Modad emphasized that after a series of negotiations with the importers, they agreed to reduce the wholesale ceiling price of the 25kg bag of Indian parboiled rice.

He mentioned that importers have decided to halt the increment but confirmed that there are 120,000 metric tons of 25kg bags of rice available from now until June.

Modad stated, "In addition to reducing the price, we have agreed that they will also provide an alternative rice variety so that when there is an increase in rice prices globally, the Liberian people have more affordable options on the market."

The Commerce Minister, further emphasizing that the price reduction will take effect on Monday, February 19, revealed that importers have also assured the government that they will invest in local production as an additional measure to ensure a constant supply of rice.

He added, "The rice importers will collectively invest in local production to support local farmers through the 'Ministry Value Addition Program,' reduce dependence on imported rice, and boost the national rice reserve as a buffer against external shocks."

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