In a move to address rice pricing and provide relief amid global economic challenges, the Government of Sierra Leone (GoSL) has established a new pricing formula for rice.
The agreement was reached on January 6, 2025, during a high-level meeting involving the Chief Minister, Ministries of Finance, Agriculture and Food Security, Trade and Industry, and the Majority Leader in Parliament, alongside prominent rice importers.
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Effective January 7, 2025, the wholesale price of parboiled rice will be reduced to NLe 840 per 50-kilogram bag, with a further reduction to NLe 799 per 50-kilogram bag set to take effect on February 14, 2025. The new pricing formula, developed through on-going technical engagements, will be updated periodically with input from the GoSL and major importers.
The Ministry of Trade and Industry has committed to working with rice retailers to ensure the price adjustments are reflected in the unit cost of rice sold to consumers. This initiative aligns with the Feed Salone agenda, aimed at boosting food security and affordability.
The GoSL also announced plans to support rice importers through policies and incentives designed to stabilize the market and enhance affordability. Similar agreements are being finalized for other essential commodities to address the economic challenges facing citizens.
“The Government remains committed to promoting productivity, equity, and growth across all sectors,” the statement said.
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