The Liberian government, through the Ministry of Commerce, has quickly intervened to modestly cut the price of Liberia’s staple food, rice, to $16.75, after the Association of Rice Importers informed the Weah-led administration of a probable increase from $17 to $ 20 in October.
Rice is a staple food for Liberians, but its price remains unstable on the market. Currently, in certain locations, a 25kg bag of rice costs LD $3,600, or $18.94, but in others, it costs between LD $3500 and 3,450, or $18.42 to $18.15.
Amin Modad, Minister of Commerce, addressed a press conference and stated 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 crises, Middle Eastern conflicts, and, specifically, a 20% increase in export tariffs imposed by the Indian government.
Modad emphasised that after several rounds of negotiations with importers, they decided to lower the wholesale limit price of a 25kg bag of Indian parboiled rice.
He stated that importers have opted to suspend the increase, but acknowledged that there are 120,000 metric tonnes of 25kg bags of rice available from now until June.
Modad went on to say, “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 emphasised that the price drop will take effect on Monday, February 19 and that importers have promised the government that they will invest in local production as an extra measure to maintain a consistent supply of rice.
He went on to say, “The rice importers will collectively invest in local production to support local farmers through the ‘Ministry Value Addition Programme,’ reduce dependence on imported rice, and boost the national rice reserve as a buffer against external shocks.”
