Minister Amin Modad Takes Action to Stabilize Rice Market amid Global Challenges
Capitol Hill: In an effort to maintain economic stability amidst global uncertainties, the Minister of Commerce and Industry has initiated strategic measures to regulate rice importation and pricing in Liberia.
Speaking before the Plenary of the House of Representatives during its special sitting, Minister Amin Modad emphasized the complexities of the rice importation process and stressed the importance of managing it carefully to prevent disruptions in the market.
Pointing out the dominance of a few major importers in the rice market, Minister Modad highlighted the necessity of creating opportunities for Liberian businesses while ensuring their capability to meet the demand.
As part of the new strategy, the Ministry has already begun allocating a minimum of 20% to Liberian-owned enterprises, aiming to spur economic growth and empower local entrepreneurs.
Of paramount concern is the global surge in rice prices, particularly driven by a 24% increase imposed by India.
Left unchecked, Liberia could face rapid price hikes, posing threats to food security.
Minister Modad disclosed that shortly after taking office, he received requests from rice importers to raise prices to unprecedented levels.
However, through skillful negotiations and strict control measures, Minister Modad successfully averted the proposed price hikes, even managing to secure a reduction in prices by 25 cents.
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