Reports of an increase in the price of rice have stirred anger among Liberians, and many have been reminding the government that the nation's staple food is recorded as one of the causes of the past civil conflict.
Liberian Commerce Minister Mr. Amin Modad has urged rice dealers to sell the 5% Indian Parboiled rice at USS16.75 per bag, warning against any price hike or hoarding.
"The Ministry of Commerce & Industry is cautioning the general business community to sell the 5% Indian Parboiled rice at the stipulated price of USS16.75 per bag," a statement signed by Minister Modad on Wednesday, 22 May 2024, said.
His latest decision on Wednesday changes his previous announcement on Tuesday, suggesting that the government had made the hard decision to increase the price of a 25kg bag of rice to US$18.50 starting Wednesday.
His justification on Tuesday for the increase in the price of rice included the continuation of the duty imposed on the commodity by the Indian government, among other things.
However, President Joseph Nyumah Boakai subsequently met with rice importers and other stakeholders on Tuesday, and a decision was taken that the price of rice on the market would not increase.
"Any entity or individual found hoarding, hiking, or creating other forms of artificial shortage of the commodity on the market will face the full weight of the law," the Minister of Commerce warned.
"Two days ago, the Ministry of Commerce & Industry announced a pending increase in the price of rice due to several factors," Mr. Modad recalled.
Based on continued discussion with the importers and other stakeholders, Mr. Modad agreed that adjustments would be made after reviewing other cost drivers necessitating further engagements.
"Subsequently, the President, His Excellency Joseph N. Boakai, met with the rice importers and other stakeholders; predicated upon evolving possibilities, he decided that there will be no increase in the price of rice on the market," the release said.
Meanwhile, Minister Modad disclosed that the Government and rice importers remain engaged in addressing their concerns, particularly regarding the increasing costs of doing business and the bottlenecks they have raised.
The Ministry of Commerce & Industry has reassured the public that there is no shortage of rice on the market or further increase in the commodity's price as is being speculated.
He detailed that the Inspectorate of the Ministry of Commerce & Industry will be vigilant in monitoring and inspecting warehouses and business entities for compliance.
