The Acting Minister of the Ministry of Commerce and Industry Hon. Cyril A. Allen II on Monday, September 29, 2014 hosted a meeting with the Central Bank of Liberia represented by Deputy Governor Boima Kamara, the Senate Chair on Commerce Hon. Abel Massaley, and Rice Retailers.

The meeting focused on the increase of prices of basic commodities on the market especially Liberia's staple food, rice. Speaking on behalf of the rice retailers present, Mr. Abdulla Diallo of the Paynesville Business Association emphasize the increase of the exchange rate has played a major role to the increment of prices on basic commodities. He also suggested that distributors are compelling the retailers to purchase rice in United States Dollars.

Deputy Central Bank Governor, Mr. Kamara said the CBL is now assisting recognized retail rice sellers, to facilitate the exchange of local currency to foreign exchange. He also encourages businesses to form an organization like the Paynesville Business Association in order to easily work with the Bank. The Central Bank of Liberia also agreed to provide special Liberian Dollar Mop-up service for retail rice dealers through its research department and weekly United States Dollars auction.

The Senate Chair on Commerce Senator Abel Massaley told businesses at the meeting that plenary has mandated him to conduct a hearing with the Ministry of Commerce and Industry, the Liberia Chamber of Commerce and the Central Bank of Liberia on the issue of high prices of rice and other essential commodities on the Liberian market. He welcomed the Ministry of Commerce & Industry initiative in engaging the retailers on the internal rice price. The Senator also encouraged the rice dealers to be more open in their discussions with the Ministry of Commerce & Industry on all issues of price and stock of rice.

The Acting Minister of Commerce Hon. Cyril A. Allen II also asked all businesses to make use of the Ministry’s Consumer Complaints division in order to resolve any problem they encounter and thanked the private sector for their usual cooperation in this critical time.