The Ministry of Information and Civic Education, in its weekly press briefing on Tuesday 14 January 2024, announced critical measures to tackle the escalating costs of rice and fuel, key commodities affecting households nationwide.
Minister of Trade and Industry, Alpha Ibrahim Sesay, outlined the government’s interventions aimed at alleviating the burden of high rice prices.
Following eight months of negotiations with rice importers and Oil Marketing Companies, a new pricing formula has been finalized. The wholesale price of rice has been reduced to Le800, with a retail pricing guide expected soon, pending discussions with the Ministry of Transport. Efforts are also underway to lower the cost of Jasmine rice while maintaining a focus on affordable parboiled rice.
Boosting Local Rice Production
Minister of Agriculture and Food Security, Dr. Henry Musa Kpaka, emphasized that the price reduction for imported rice is a temporary measure.
The government aims to achieve self-sufficiency in rice production through its Feed Salone initiative. He revealed that over 600,000 hectares of rice were cultivated in 2024, supported by public-private partnerships. Irrigation projects and a state-of-the-art milling facility at Tormabum are expected to further enhance local production.
Dr. Kpaka highlighted the need for $2.8 billion to implement the Feed Salone strategy and called on stakeholders for support.
Private Sector Perspective
Confidence Trading Company (CTC) Manager Hicham El Zein applauded the government for stabilizing the exchange rate, which has contributed to the reduction in rice prices.
He also expressed interest in investing in local rice production but urged the government to make local rice more affordable to ensure competitiveness in the market.
Market Women Raise Concerns
Haja Marie Bob Kandeh, President of the Market Women’s Association, urged the government to address pricing discrepancies among different rice brands and qualities. She noted that some retailers are selling rice at wholesale prices and highlighted the need to consider operational costs such as labor and rent when determining retail prices.
Haja Kandeh called for stronger engagement with business stakeholders and stricter monitoring mechanisms to ensure consumers benefit from the price reductions.
The government’s coordinated efforts demonstrate a commitment to alleviating economic hardships while laying the groundwork for long-term solutions through local production and market stability.
The price reduction on rice is not working at all, since we have heard about it, we are still buying at the same old price.
The government really need to work hard to see that the new price have reflected all over the country.