–-MOCI Initiates Consultation With Stakeholders
As India has announced a reduction in export duty on parboiled non-basmati rice by 10% effective September 27, 2024, the Ministry of Commerce and Industry, headed by Amin Modad, has initiated consultations with rice importers, as well as the Rice Committee established by President Joseph Nyema Boakai, to ensure that the commodity remains sustainably available at affordable prices on the Liberian market.
Rice is the staple food for the vast majority of Liberians, and the Ministry of Commerce and Industry says it is fully aware of the critical role the commodity plays in ensuring food security in the country, observing that the reduction of the export duty by India brings a significant opportunity to stabilize the price of rice in Liberia and allay fears of potential price increase due to the earlier 20 percent export duty.
According to a press release, the Ministry of Commerce and Industry, in collaboration with key stakeholders, is committed to assessing how this reduction in export duty will impact the price of rice on the Liberian market.
The ministry assured the public that every effort is being made to ensure that the reduction in India’s export duty leads to the sustained availability of rice at affordable prices for all Liberians, observing that the ministry will continue to engage with all stakeholders and provide timely updates on the outcomes of these discussions.
The MOCI release pointed out that the discussions will focus on ensuring that the benefits of the reduction are passed on to the Liberian people in the form of stable rice prices. “The Ministry would like to assure the public that it is taking every necessary step to work closely with all relevant actors in the rice importation and distribution chains to monitor and assess the impact of the price,” the release noted.
The reduction in export duty, according to the release, is expected to ease cost pressures on rice importers, thereby contributing to the stabilization of rice prices across the country, and positively translates into tangible benefits for the population.
At present, a price of 25kg bag of rice is sold at L$3,500 on the Liberian market, even though the Commerce Ministry claims that it is sold for US$16.75 (L$3,250), with several rice importers threatening to increase the price if they cannot come to terms with the Government of Liberia (GOL).
However, with the reduction in the export duty of the Indian parboiled rice, and with the intervention with Minister Amin Modad with rice importers and other stakeholders, it is expected that the fear of looming rice shortage and the hike in the price of rice would be resolved and better alternatives provided for the Liberian people.