— Says Commerce Minister Modad
Liberia’s Minister of Commerce and Industry, Amin Modad, has underscored the importance of prioritizing domestic rice production over imports for sustainable pricing and availability.
“Rice importation is not the solution to the issue of sustainable rice pricing and availability,” Minister Modad said. “The solution lies in empowering Liberian entrepreneurs and fostering a private sector-led approach to rice production. While partnerships with foreign counterparts are encouraged, it is imperative for Liberians to take the lead in this vital sector.”
He made these remarks recently at his office at the EJS Ministerial Complex in Congo Town, in an interview with journalists following the launch of a new Petty Trade Registration Center in Monrovia.
However, Minister Modad expressed his firm belief in building Liberian entrepreneurship and fostering a private sector capable of leading rice production efforts.
Highlighting recent efforts to empower local businesses, the Commerce Minister noted, “In the last three months, we have issued Import Permit Declarations (IPDs) to three Liberian companies, with five additional applications under consideration. This marks a significant departure from the previous administration’s neglect of Liberian businesses.”
He also addressed concerns about the dominance of foreign importers in the rice market, stating, “We inherited six foreign business people who are trying to do business, make a profit, and bring value to our economy. But Liberians also need to be at that table.”
On Monday, May 20, 2024, Rep. Saah Foko sent a letter to the Speaker of the House of Representatives, Cllr. J. Fonati Koffa, expressing his alarm over the sharp increase in the price of a bag of rice. In his letter, Rep. Foko highlighted the troubling decision announced by the Minister of Commerce and Industry to raise the price from US$16.50 to US$18.50.
“This new price increase is troubling for our people, both far and near,” wrote Rep. Foko. “The harsh realities of this exercise have the proclivity to push other commodities higher as well and cause havoc in our nation.” He emphasized the additional burden this price hike would place on those living in rural areas with poor road conditions, leading to further price escalations due to transportation difficulties.
Rep. Foko underscored the importance of rice as a staple food and a political commodity in Liberia, warning of the potential instability such a price increase could provoke. He drew historical parallels to the April 14, 1979 rice riots, which had severe consequences and ultimately contributed to the political upheaval and conflict in the country.
To address the challenges of rice availability and pricing, Minister Modad outlined strategic measures being considered by the government. “We are developing a proposal to create a buffer stock of rice, ensuring a supply of at least one to two months at any given time. This will strengthen our negotiating position with rice importers and mitigate the impact of external shocks,” he explained.
Regarding the implementation of buffer stocks, he elaborated, “we are exploring options such as importing rice with a percentage reserved for the buffer stock, which the government can control and distribute as needed to stabilize prices.”
Minister Modad urged patience from the public, assuring them of the government’s commitment to implementing long-term strategies.
“We are not here for quick fixes. We are implementing medium to long-term strategic plans to ensure a constant and reasonable rice supply in the market,” he affirmed.
In closing, the commerce Minister reaffirmed his dedication to public service. “I am not here for personal gain. I am here to serve the people of Liberia and ensure a better future for all,” he declared.
As Liberia navigates the challenges of rice production and pricing, Minister Modad’s vision for a self-sufficient and thriving rice sector offers hope for a brighter economic future.
Source: Daily Observer
