Monrovia, Liberia – The price of a 25 kilogram bag of rice has been lowered by 25 cents by the Liberian government through the Ministry of Commerce and Industry, and this reduction will apply for the next three months.
As per the records, the Rice Importers Association wrote to the previous administration in October 2023, demanding a 20% increase in tariff imposed by the Indian government and a price hike of $17.00 to $20.00 for 25kg of rice.
The Ministry of Commerce and the Rice Importers Association had a discussion, and it was decided that the 25 kg bag of Indian parboiled rice would now cost $16.75 instead of $17.00 starting on February 19, 2024, according to Minister of Commerce Amin Modad, who made this revelation at a press briefing on Friday, February 16, 2024.
As per the Minister’s statement, an agreement was reached whereby the Rice Importers Association would import and distribute the 25kg bag of rice, guarantee a substitute variety of rice for a lower price in the event of a worldwide increase, and carry out a regular evaluation to ascertain the commodity’s price.
“We have agreed that they will also provide an alternative rice variety, so when there’s increase in the price of rice globally, the Liberian people will have more affordable options on the market.”
According to Minister Modad, it was decided during the talks with the rice importers that starting in early March of this year, they will invest in local rice production to support local farmers in an effort to guarantee that there is never a shortage of rice in a time of crisis.
“We have also agreed that the Importers will invest into local production as an additional measure to ensure the constant supply of rice and we have reserved as part of our domestic stock incase of any shock.”
“The rice importers will collectively invest in local rice production to support local farmers through the Ministry of Commerce and Industry value additional programs, reduce the independence on imported rice and boost the national rice reserve as a buffer against external shocks.”
Minister Modad has given the public assurances that he will establish a business-friendly atmosphere that will encourage investments, assist international peers, and, most importantly, provide Liberian entrepreneurs the ability to lead in every industry.
Reported by: Jennet Borbor
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