OK FM
Local NewsTop News

GoL Lowers Rice Prices by USD25 cents

Monrovia, Liberia – The government of Liberia through the Ministry of Commerce and Industry has reduced the price of 25kg bag of rice by 25cent and will last for the next three months.

It can be recorded in October of last year the Rice Importers Association submitted a communication to the past administration requesting the increase in price of 25kg rices from $17.00 to $20.00 due to the ongoing Ukraine crisis and the 20% increase tariff imposed by the Indian Government.

In a press briefing on Friday, February 16, 2024, the Minister of Commerce, Amin Modad, disclosed that, there was a discussion between the Ministry of Commerce and the Rice Importers Association, and it was agreed upon that the 25-kg bag of Indian parboiled rice be reduced from $17.00 to $16.75 beginning February 19, 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, along with offering a substitute variety to be sold at a reduced price in the event of a worldwide increase. Additionally, the association would carry out regular reviews 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, during the meetings with the rice importers, it was decided that starting in early March of this year, they would invest in local rice production to support local farmers. This would help to ensure that there is never a shortage of rice in times of need.

“We have also agreed that the importers will invest in local production as an additional measure to ensure a constant supply of rice, which we have reserved as part of our domestic stock in case 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 of imported rice, and boost the national rice reserve as a buffer against external shocks.”

Minister Modad promised Liberians to support a business environment that will encourage investments, assist foreign counterparts, and, most importantly, enable Liberian-owned enterprises to lead in every industry.



Related posts

IREDD, ECC brainstorm with political parties on the need for electoral reform

OK FM 99.5

President Boakai Declares Assets at LACC

Godfred Badu Quansah

Foreign Minister Nyanti Attends AU 44th Ordinary Session in Addis Ababa, Ethiopia

Godfred Badu Quansah

Gender Minister Rallies Women

Godfred Badu Quansah

Liberia Labor Congress Urges Members to Unite

Godfred Badu Quansah

House probes staffers over use of the Rotunda to endorse Dillon

OK FM 99.5
OKAY COMMUNICATION INC.