Monrovia, Liberia – Despite rumors of rising rice prices in Liberia; the chief executive officer of the Saah Young Business Center in Waterside, a Liberian businessman, anticipates bringing hundreds of metric tons of rice into the nation.
In an interview with reporters over the weekend, Saah Young Kinsley stated that the metric tons of rice were valued at over a million US dollars. He mentioned that the rice was an Indian parboiled variety that was meant to alleviate the nation’s rice problem.
In contrast to other rates that have been projected in the press, he claimed that the rice will be supplied to the public for a reasonable price.
Businessman Kinsley alleged that the then-commence Minister opposed him from importing twenty containers of the rice, which was widely loved by Liberians, during the administration of former president George Manneh Weah.
In order to reduce the possibility of rice shortages on the market, he commended Amin Modad, the current minister of commerce, for granting him permission to import the fifty containers of rice into the nation.
In addition, Mr. Kinsley disclosed that the residents of any country suffer when there is a scarcity of their stable food. According to Kinsley, this could result in higher costs for rice and related goods, which could put pressure on inflation and possibly drive away customers who mostly depend on rice as a steady food source.
However, he stated that a scarcity of rice in the Liberian market or any other economy might have an impact on trade balances, food security, and overall economic stability, particularly in areas like Liberia where rice is a basic food.
The Liberian businessman continued that one of his possible strategies for alleviating the shortfall would be to import this metric ton of rice by the end of next month in order to support alternative.
The Liberian businessman said that the importation of rice will help stabilize prices and relieve acute supply concerns.
He clarified, although, that importing a lot of rice might also have more general effects, such affecting nearby rice growers and the agriculture industry.
Kinsley also urged decision-makers to manage these importation initiatives in a way that strikes a balance between immediate alleviation and long-term sustainability.
Mr. Kingsley’s immediate impact followed an increase in importers’ prices for rice. The price of rice increased last week from 16.50 to 18.50 USD as a result of new taxes and the procedures involved in importing rice into the nation, according to the ministry of commerce.
As the government and importer sat down at a table to debate the future of the rice price, the Liberian president refuted the statement from the commerce ministry and insisted that the price of rice be the same, and find a way to solve the problem.
