April 6, 2021
Albert Baron Ansu
Sierra Leone Trade Minister Dr. Edward Hingha Sandy has said that there is huge stock of rice in the country at a price level that is comparatively better to permit haulage of the staple food to neighboring Liberia. He was speaking at the weekly Ministry of Information and Communications press briefing, Youyi Building where he said that the gains recorded in market stability under the Bio government is unmatched anywhere in the sub region.
He said the available stock of rice will last till September when new consignment will be further shipped in the country to ensure price stability and supply chain.
He refused to accept the suggestion that huge supplies of rice to Liberia constitutes smuggling, saying there are regional trade integration policies that justify back and forth flow of goods between countries.
He said it also about being a good neighbor that comes to rescue, saying at the moment cost of rice in Liberia is high and business people are seeing the need to come to Sierra Leone to buy huge quantity with a view to making profit.
He said Liberia is also reciprocating the cross border trade with containers of iron rod coming from the neighboring countries that are sold at relatively cheaper rates in cities of Bo and Kenema.
He spoke about planned engagement with Ministry of Finance and National Revenue Authority to see how policy actions will be considered in protecting revenue earnings and other regulatory measures to accommodate the prevailing dicey situation.
He provided figures of rice sales per month, being forty thousand bags and it is expected to rise six hundred thousand in the coming month.
He argued that COVID 19 has not affected the market in terms availability of consumer goods that are available and sold at comparatively better prices in the sub region. He made mention of sugar, onions, cements, among other goods that are seen falling prices.
He spoke about the government quick impact credit facility of 500 billion leones that was introduced as credit facility with low interest that ensured that traders were able to buy and stock goods without creating scarcity.
He said nobody should have fears about shortage of fuel in the country as there is a huge stock, warning those that want to hoard the product in anticipation of price rise that they will be disappointed.
He said what is sold in pump price here is better than what is sold in neighboring countries and “one can understand why there are few vehicle in Kambia but you can see more fuel stations, because Guinea is buying more of the product from here.”
The exogenous factors to price of goods in the unpredictability of freights, the minister noted as something the government has no control over. He spoke of natural disasters in typhoon that have affected grain producing nations in eastern Europe, which knock on effect must be felt across the globe. He also alluded to the Green Ship blockade of the Suez Canal limiting the movement of ships to affect importers deliver of consignments.
Khalil Halloway of the Commodity Trading Company providing stock levels of rice at the moment six hundred thousand bags; one millions six hundred bags underway, six hundred thousand bags to come in July and three hundred and forty thousand l bags landing in October.
It has also been disclosed that the stock of sugar in the country will last up to September.