The Liberian Commerce Minister has reassured the public that the Ministry is working diligently and focused on establishing a predictable, vibrant, and enabling business environment.
Monrovia, October 4, 2024: Liberia’s Commerce Minister Amin Modad says the Ministry has improved revenue significantly and is poised to surpass $2.5m as it has commenced an aggressive assessment of rural services and a robust business registration exercise.
Mr. Modad addressed the Ministry of Information, Cultural Affairs and Tourism (MICAT) regular press briefing on Thursday, October 3, 2024, outlining the progress made so far since he took over this year.
“Last year, the MOCI (Ministry of Commerce and Industry) projected $3M in revenue, but achieved only $1.9.”
“To date, we have generated about $1.9M and are poised to surpass $2.5 as we have commenced an aggressive assessment of our rural services and a robust business registration exercise,” said Minister Modad.
He reassured the public that the Ministry works diligently and focuses on establishing a predictable, vibrant, and enabling business environment.
“I remain committed fully to empowering Liberian businesses. Coming from the private sector, I KNOW what it means, and I understand the challenges Liberian entrepreneurs face,” he noted.
Further, he noted that the MOCI has begun engaging stakeholders on the 25% Procurement Law, which mandates that 25% of public procurement must go to Liberian Businesses, with 5% specifically for women-owned MSMEs.
In collaboration with the Public Procurement and Concession Commission (PPCC), Modad disclosed that the Ministry has reprioritized this and will solicit reports from each government agency to ensure compliance.
Upon assuming office as Commerce Minister, Modad said his leadership grounded the Inspectorate for a while.
He stated that the intent was to reorient the Inspectorate on its functions and responsibilities and address the numerous public complaints.
“We have relaunched the inspectorate with proper uniforms and a predictable inspection mandate. We have purchased a new pickup truck and appropriated other vehicles to improve its outreach.”
According to him, the inspectorate has been active in monitoring pricing, the quality of products on the market, the safety of manufacturing facilities, and cross-border trade.
“We have curtailed cross border outward smuggling of rice, flour, and other commodities as well as inward smuggling of unhealthy foods, pharmaceuticals, and other commodities.”
Additionally, Modad reported that the MOCI has surpassed prior revenue collection on fines due to the vigilance of the Inspectorate in identifying malpractices.
Additionally, Mr. Modad disclosed that the Ministry has completed a Made in Liberia Store at the ministry to properly showcase and market Made in Liberia products supporting Liberian manufacturers and Agro processors.
He said they will be visiting the Roberts International Airport (RIA) this week to replicate this — targeting travelers.
“These are proud establishments to provide market access and showcase Liberian products and culture,” he noted.
Mr. Modad detailed that the Ministry has secured funding to renovate the Farmers Market at the Jorkpentown Market to revive it for selling Liberian agricultural produce.
He said the top floor of the market was managed by the MOCI but was neglected over the years. The roofing system is totally damaged, and rain is now pouring down to the market hall.
“We also contributed $2000 to LMA (Liberia Marketing Association) to support the renovation of the Rally-Time Market Roof which was causing a lot of distress for the marketers,” he explained.
To address the growing concern regarding the quality and safety of products sold on the market, Minister Modad said the Ministry collected random samples of products such as zinc, steel, electric wires, and nails and sent them to its Standard Facility and the Ghana Standards Authority for testing.
He stated that the Ministry recently released new Administrative Regulations on the importation of Electronics, Rice, and Frozen Foods aimed at opening the market in a more efficient (managed) manner with a focus on ensuring quality, fair pricing, increased government revenue, and empowering Liberians.
Out of alarming concern about the prices of commodities and basic necessities on the market (as inherited), he said the Ministry announced the reduction of the prices of key commodities and items beginning with Flour, Steel Rods, and Eggs.
“We have had several meetings with Importers and Supermarkets over the last two months and this list will be expanded shortly to cooking oils and other essentials.”
Despite the propaganda detractors continue to spew, Modad said the Ministry has managed the rice trade strategically — Liberia has not experienced any shortage of rice and prices have remained stable.
He announced that on September 27, India reduced its 20% tariff on rice by 10%, and this will have a positive impact on stabilizing the price of rice on the market.
“With the leadership of the President, the strategy we employed over the last 9 months worked,” he noted.
“We have gone beyond rice. Our strategy and focus are more on food security. In collaboration with the Ministry of Agriculture and the NIC, we are focusing on the diversification of local food production.”
