By: Kadijatu Bangura, Reporter D.S
The Government of Sierra Leone (GoSL) has unveiled a new pricing formula for rice in a strategic effort to combat rising prices and provide relief amid global economic challenges. This decision was finalized on January 6, 2025, during a high-level meeting that included the Chief Minister, various ministries—including Finance, Agriculture and Food Security, Trade and Industry—the Majority Leader in Parliament, and leading rice importers.
The new pricing structure will take effect on January 7, 2025, featuring an initial wholesale price reduction to NLe 840 per 50-kilogram bag, with a further reduction to NLe 799 per 50-kilogram bag scheduled for February 14, 2025. This pricing formula, developed through ongoing technical engagements, will be periodically reviewed and updated with input from both the GoSL and major importers. The Ministry of Trade and Industry has committed to collaborating with rice retailers to ensure these reductions are accurately reflected in consumer prices.
This initiative aligns with the Feed Salone agenda, which aims to enhance food security and affordability for citizens. Additionally, the GoSL plans to implement supportive policies and incentives for rice importers to stabilize the market and improve affordability. Similar agreements are also being negotiated for other essential commodities to address the economic difficulties faced by the population.
Public response to the new pricing formula has been mixed but generally positive. Mariama Bangura, a mother of four and rice trader at the Congo market, emphasized the critical need for price reductions, noting that the cost of a cup of parboiled rice has soared to between 5 and 6 leones. She acknowledged the government’s effort to reduce prices by 50 leones, but pointed out that actual market prices often exceed this reduction.
John Kanu, a wholesale supplier at Krootown Road market, recognized the government’s commitment but stressed the importance of effective implementation. “A reduction of 50 leones from the price of rice might seem small, but it’s a positive move to start the year,” Kanu stated. He further urged the government to bolster local rice farming initiatives to achieve more substantial and sustainable price reductions.
The Government of Sierra Leone is dedicated to fostering productivity, equity, and growth across all sectors. As rice remains a staple food for many, these measures are essential in ensuring its affordability for all Sierra Leoneans, contributing to the overall goal of enhancing food security in the nation.
