By: Thaimu Bai Sesay
In a significant move to address the rising cost of living, the Government of Sierra Leone (GoSL) has announced a reduction in the wholesale price of parboiled rice. Effective January 7, 2025, the price for a 50-kilogram bag of rice would drop to New Leones 840, with a further reduction to New Leones 799 set for February 14, 2025.
The announcement was made following a high-level meeting held on January 6, 2025, between the Chief Minister, key government ministries, and major rice importers. The initiative, spearheaded by the Office of the Chief Minister, is aimed at softening the global economic challenges impacting Sierra Leonean households.
To ensure sustainability, the government has introduced a new pricing formula for rice, which will be periodically reviewed and agreed upon in collaboration with major stakeholders. This formula will guide the determination of regular wholesale prices, ensuring consistency and predictability in the market.
As part of the initiative, the government will also provide policies and incentives to support rice importers. This support aligns with the “Feed Salone” agenda, which focuses on improving food security and fostering economic growth through targeted interventions.
The Ministry of Trade and Industry has been tasked with ensuring that the reduced wholesale prices are reflected in retail prices to benefit consumers directly. Citizens are encouraged to hold retailers accountable to ensure that these price reductions reach their households.
In the press release, the Government emphasized the importance of this initiative, noting that “the reduction in rice prices demonstrates the government’s commitment to prioritizing the welfare of its people while addressing the broader economic challenges facing the nation.”
This agreement with rice importers is the result of ongoing technical engagements aimed at creating sustainable solutions for essential commodities. The GoSL has also indicated that similar pricing formulas will soon be developed for other essential goods, as part of its efforts to promote economic equity and stability.
The announcement has been met with cautious optimism, with many Sierra Leoneans welcoming the reduction in rice prices as a step in the right direction. As rice remains a staple in the country, this policy is expected to provide much-needed relief to households grappling with the rising cost of living.
The GoSL has reassured citizens that it remains committed to implementing macro- and micro-economic policies that drive productivity, equity, and growth across all sectors. The Office of the Chief Minister continues to lead efforts to ensure that these interventions translate into meaningful improvements for the people of Sierra Leone.