MoCI & Rice Importers Say No To Price Increment

In the wake of the current Iran- US conflict which has led to the rise in the prices of essential commodities across the globe, the Ministry of Commerce & Industry has scored a resounding success in preserving the price of rice on the Liberian market. During an emergency meeting with the country’s leading rice importers today, a consensus was reached that the wholesale price of the 25kg bag of  rice should  remain at US$14.00, while the retail price remains atUS$14.50 or its value in Liberian Dollar.

Members of Senior Management Team-led by Commerce & Industry Minister, Magdalene Dagoseh, observed that once the current quantity of rice in country was brought in prior to the ongoing Iran-US crisis, there is no justification for importers to increase rice price on the Liberian market. The six major rice importers- including Fouta Corporation, UCI,  K&K, SWAT, Founi Brothers & A-Z  agreed to not  carry up the price of  the current quantity of  rice on the local  market. They however pleaded with the government to assure them of increasing rice price once the current crisis that is already having negative impact on their businesses persists, most especially when they are bringing in new shipments.

The Ministry of Commerce & Industry took note of rice importers’ concern and assured them that the two parties will return to the discussions table if there will be new market variables that warrant upward adjustment in future. Meanwhile Minister Dagoseh and team admonished the rice importers to keep their words by living up to the outcome of the meeting in the interest of the Liberian people and as part of the collaboration existing between the Ministry and the business community. The Ministry has also announced that it would step up the number of inspectors on the field to ensure effective enforcement and monitoring of the country’s business environment, warning that unwholesome business practices will be greeted with appropriate legal actions.