Looming Crisis Averted …As President Boakai Says no increase in rice price

A swift intervention by President Joseph Nyuma Boakai gets a standing ovation as it stands out to avert what was believed to be a looming crisis on the nation following announcement for increase in the prices of various grades of the nation’s staple food, rice.

While appearing at the Ministry of Information, Cultural Affairs and Tourism (MICAT) press briefing on Monday, May 20, 2024, Liberia’s Commerce and Industry Minister, Mr. Amin Modad announced that the government has agreed to a request from importers to increase the price of a specific brand of rice on the local market, describing the rice industry as a “cartel.”

Minister Modad recalled that in February this year, the government received a communication from rice importers citing several previous communications addressed to the past government, requesting an increase in the price of rice on the local market from US$17 to US$20.

According to him, the importers claimed that a 20% surcharge is being levied on the commodity by the Indian government.

 “India imposed a 20% surcharge on parboiled rice, which has impacted the price of rice. Additionally, they (rice importers) cited the war in Ukraine and issues in the Middle East that also impacted freight, insurance, and timing.”

But his pronouncement has since received serious public mixed reaction with some recounting the infamous 1979 rice riot that wiped away scores of lives as a result of increase in the price of rice on the Liberian market.

However, in a bid to avert any future trouble, President Boakai on Tuesday, May 21, 2024 rejected the request from the rice importers association of Liberia to increase the price of rice on the Liberian market following the global economic crises rice importers are facing.

The Liberian leader and the commerce minister, Amin Modad met and held discussions with the rice importers today at the Executive Mansion on the global rice crises and the request from the importers to increase the price of rice from $ 17.50 to $18.50, . The meeting ended in deadlock as the Liberian leader rejected the request from the importers to increase the price of rice. The Liberian leader further urged the minister of commerce and the rice importers association to continue to negotiate on a better solution to address the situation... Meanwhile the minister of commerce and the importers association are expected to continue with the negotiations on Wednesday, May 22, 2024