The attention of the of the Ministry of Commerce and Industry has immediately been drawn increasing speculations, pointing to shortage of Liberia’s staple food, rice, when the Country’s current rice inventory shows that such speculations are far from the reality. The Ministry of Commerce and Industry says based on current inventory, there are 40,000 (forty thousand) Metric Tons of rice in the country, accounting for 1.6 million bags of the 25Kg rice.
It says the available quantity has the capacity to supply the local rice market for approximately three months, and that besides, a consignment of 30,000 Metric Tons, equivalent to 1.2 million bags of rice is expected in Liberia this July that will sustain the local market for two months. The Ministry also notes that out of this quantity (thirty thousand Metric Tons) expected, 18,000 Metric Tons are due in between July 12 and 18, 2020.
An additional supply of 55,000 (fifty five thousand) Metric Tons are expected in the country in August this year, accounting for 2.2 million, equivalent to about four months’ supply.
“We would also like to make it emphatically clear that the approved retail price for the 25Kg bag of Rice is US$13.50 (thirty United States Dollars and fifty cents).”
Against this backdrop, the Commerce Ministry is warning against unwholesome practices in the Liberian business sector, including but not limited to hoarding of any commodity for that matter or arbitrary stepping up of its price, adding that it will not relent to apply the appropriate laws in going after those whose inordinate desire is to profiteer at the expense of the public, especially during these testing days of the Coronavirus Pandemic in Liberia.
“At the same time, we admonish the public to work along with the Ministry’s Inspectorate by reporting any unhealthy practices in the Liberian business sector as collaboration plays a pivotal role in curtailing such unwholesome activities.” Press Release