By Justice Salone
In an honest effort to address a stable price control of food and non food commodities in Sierra Leone.
The Minister of Trade and industry, Mr. Ibrahim Alpha Sesay, has reviled that the government through the ministry of Trade and Finance will at anytime release the pricing formula especially for imported commodities such as Rice, Cement, Gas and IRON RODS following the finance Act of 2024.
According to the minister, the pricing formula for these commodities will definitely elevate government effort and role in addressing and ensuring affordability, availability and stability of essential commodities in the country. He also highlighted some significants part/provisions in the finance Act of 2024. One of which is the introduction of 5% import duty on rice in 2024 increasing to 10% in 2025. The increase in other imports duties for cement 20%, Cooking gas 5% and iron rods 10%
The minister however, stated that the pricing formula will guide and help government stabilize the petroleum sector and also protect new established regulatory agency set to work with important and other relevant partners to determine the price of imported commodities.
The minister further outlined some impactful benefits of the Pricing Formula, as that it will help maintain Economic Stability, regulating the price of imported commodities. It ensure that all prices remain within the stipulated range. It addresses the sudden increase, shock or inflationary burden on the people, and also creat a stable market/trade system in the country.
This is all part of government continuous efforts, supports and commitments to ensure that basic commodities are affordable and accessable by the general populace, he said.
