By George M.O. Williams
Freetown, Sierra Leone- In a decisive move to regulate the price of rice, the Government of Sierra Leone (GoSL) has announced the implementation of a new pricing formula. This decision was made following a meeting with major rice importers in the country, according to a statement which was put out by the government on Monday.
During the meeting, it was agreed that the Government would support rice importers through various policies and incentives, aligning with the ‘Feed Salone’ agenda.
Effective January 7, 2025, the wholesale price for parboil rice will be reduced to NLe 840 per 50 kg bag. Additionally, starting February 14, 2025, the wholesale price will decrease to NLe 799 per 50 kg bag, according to the sgtatement.
This agreement was reached to alleviate the global economic challenges faced by citizens.
The Ministry of Trade and Industry will collaborate with all rice retailers to ensure that these adjusted prices are reflected in the unit cost of rice (per cup) in the market.
Furthermore, the press release indicated that similar pricing formulas will be established for other essential commodities. This initiative aims to develop macro and microeconomic policies that promote productivity, equity, and growth across all sectors.
The meeting saw the participation of key government representatives including the Chief Minister, the Ministries of Finance, Agriculture and Food Security, Trade and Industry, and the Majority Leader in Parliament. Their collective resolution marks a significant step toward supporting the local population during challenging economic times.