By Bill W. Cooper
The Liberian Senate has confirmed Magdalene Dagoseh as the new Minister of Commerce and Industry (MOCI), replacing former Minister Amin Modad who resigned this year.
The confirmation, which took place during session yesterday, December 5, 2024, comes at a critical time when the country is struggling with soaring prices of basic commodities, exacerbated by fluctuating exchange rates and inflationary pressures.
Madam Dagoseh, who once served as Assistant Gender Minister for Administration during the Administration of former President Ellen Johnson Sirleaf, was nominated by President Joseph Boakai to replace Modad, who resigned amid growing public discontent over his involvement into the controversy purchase of a SUV jeep at US$90,000.
However, 20 senators voted in favor of her confirmation following a comprehensive and detailed report from the Senate Committee on Commerce and Industry, recommending that she be confirmed.
Liberia’s economy has been under severe strain in recent years, with the COVID-19 pandemic, global supply chain disruptions, and the ongoing effects of the civil war contributing to economic instability.
The country has also seen a significant depreciation of its currency, the Liberian dollar, against major foreign currencies, especially the US dollars, thus leading to increased prices for imported goods.
As it stands, the country’s basic commodities such as rice, cooking oil, and sugar, coupled with dry goods have all seen price skyrocketing in the past year alone, putting immense pressure on households.
But prior to being confirmed, Madam Dagoseh, during her hearing emphasized her commitment to reducing the prices of essential goods and services, and assured, “I understand the struggles that our people are facing.”
And on this note, my primary goal and objective is to ensure that the prices of basic commodities are aligned with the prevailing exchange rates, making them affordable for every Liberian,” she vowed.
The new Commerce boss also outlined a comprehensive plan to address the economic challenges facing the country, thereby proposing a multi-faceted approach, coupled with building on the gains made by her predecessor, Modad.
One of the first steps to be taken by Minister Dagoseh is ensuring price monitoring and regulation, which she pledged to establish a robust price monitoring system to track the prices of essential commodities.
This system, according to the newly confirmed Minister will involve collaboration with local businesses, Liberia Businesses Association (LIBA), Liberia Marketing Association (LMA) and market vendors to ensure compliance with fair pricing practices.
She at the same time emphasized the need to support local producers, with a plan to implement policies that encourage investment in local industries, thereby reducing reliance on imports and stabilizing prices.
“We also intend to foster a collaborative relationship with the private sector to address supply chain issues and improve distribution networks, and with this, we believe that businesses can find innovative solutions to reduce costs.
“We also aim to engage with our international and development partners to secure funding and technical assistance for programs aimed at stabilizing the economy a d empowering our local businesses,” she added.
Meanwhile, ahead of her official takeover ceremony, the success of Madam Dagoseh tenure will depend not only on her ability to implement her vision, but also on her capacity to inspire confidence among the public and foster collaboration across various sectors.
