“I Will Prioritize Price Control, Economic Stability”
Monrovia, Liberia – In the event that she is approved, Madam Magdalene Ellen Dagoseh, the minister-designate for commerce and industry, has promised to implement important price control and stabilization measures to preserve economic stability and shield consumers from market instability and inflation.
During her confirmation hearing on Friday, November 17, 2024, before the Senate committee on Commerce and Industry, which was chaired by Senator J. Alex Tyler of Bomi County, the nominee informed the senators that the ministry will, under her direction, keep an eye on the costs of necessities and put regulations in place to prevent price gouging. She will also work with local suppliers and international partners to ensure a stable supply chain in order to prevent shortages.
Minister-designate Dagoseh also stated that one of her top goals would be to implement anti-profiteering legislation to stop unfair pricing practices, particularly in sectors like building materials, rice, and petroleum.
Under her direction, the Ministry of Commerce and Industry would frequently conduct market surveys and evaluate economic data to modify policies that protect against inflation, she said, if confirmed by the Senate.
In addition, the candidate promised to help local manufacturers achieve export requirements and gain access to global markets while enacting policies that promote trade variety and lessen dependency on imports from a single source.
Madam Dagoseh also promised that the Ministry will create trade partnerships and agreements that will place Liberian products in international markets, as well as open competition among importers to guarantee better prices and quality of goods. She added: “These strategies are intended to enhance Liberia’s trade balance, generate foreign exchange, and stimulate economic growth.”
Madam Dagoseh pledged to invest in ongoing training and development initiatives to improve staff competencies, specifically in trade regulation, industrial policy, and business support. She also made sure that staff members have access to the data and technology they need to carry out their jobs efficiently.
“As we move forward, we are committed to carefully reviewing these plans, identifying the ones that align with our vision and mission and we are committed to implement those that offer greatest opportunities for success,” concluded Commerce Minister-designate Dagoseh, who also praised former Minister Amin Modad for his roles at the Ministry and acknowledged that he established a number of plans with short- and long-term targets aimed at achieving measurable progress.
Because of her prior positions in government as an Assistant Minister, the Committee’s Chairman, J. Alex Tyler, advised the candidate to collaborate for the benefit of the Ministry and the nation’s economy.
At the conclusion of the hearing, Senator Tyler told the candidate that the Committee members will return to the committee room and then present their conclusions and suggestions to the Senate Plenary for consideration.
