Minister Amin Modad Initiates Moves to Steady Rice Market

Capitol Hill - In a bold move to ensure economic stability amidst global challenges, Minister Amin Modad of the Ministry of Commerce and Industry has implemented strategic measures to manage rice importation and pricing in Liberia. Addressing the Plenary of the House of Representatives during its 2nd day special sitting, Minister Modad outlined the complexities of the rice importation process and emphasized the need for careful management to prevent market disruption.

Highlighting the dominance of a few major importers in the rice market, Minister Modad underscored the importance of opening opportunities for Liberian businesses while ensuring they have the capacity to meet demand. As part of the new agenda, the Ministry has already begun allocating a minimum of 20% to Liberian-owned enterprises, aiming to foster economic growth and empower local entrepreneurs.

Crucially, Minister Modad addressed the global increase in rice prices, particularly driven by a 24% surge imposed by India. Without intervention, Liberia could face rapid price hikes, threatening food security and exacerbating economic pressures. Minister Modad revealed that shortly after assuming office, he received requests from rice importers to raise prices to unprecedented levels.

However, through strategic negotiations and measures of control, Minister Modad successfully prevented the proposed price hikes, even managing to secure a reduction in prices by 25 cents. This decisive action demonstrates Minister Modad's commitment to balancing market forces while safeguarding the interests of consumers and local Businesses.