The Minister of Commerce and Industry, Amin Modad, has implemented strategic measures to manage rice importation and pricing in Liberia.
Minister Modad visit was based on a communications by the District 7 Nimba County Representative Musa Bility requesting plenary to invite the Minister of Commerce about the enforcement of the Small Business Empowerment Act (SBEA).
Addressing the plenary yesterday Minister Modad outlined the complexities of the rice importation process and emphasized the need for careful management to prevent market disruptions.
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.
Minister Modad addressed the global increase in rice prices, particularly driven by a 24% surge imposed by India and 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.
