| In my findings and reviewed of our economy, I was | | | | check with customers in one of the busiest market |
| able to realised the problems and the reason for the | | | | (Dovecot), I asked one of them to comment on the |
| high prices of basic commodities. Prices have | | | | prices of basic commodities. She said goods are very |
| escalated tremendously over the past years. This | | | | expensive these days. I asked her, what type of policy |
| applies to both locally produced and imported items. A | | | | she thinks could be put in place in order to normalise |
| bag of cement is about Le32, 000. A Bundle of Zinc is | | | | prices. She said, “The only thing government should |
| about Le250, 000, whilst a bag of rice which is our | | | | do is to reactivate the price control system because in |
| staple food ranges from Le110,000 to Le120,000 and | | | | the past it used to work effectively. |
| so are many other items. It appears as if there is an | | | | As for shortage of foreign exchange and |
| increase in Prices for every commodity. | | | | unfavourable exchange rates, businessmen |
| In my researched, I noticed that Sierra Leone | | | | experience acute shortage of foreign exchange, and |
| Economic status is better than its neighbour’s | | | | when available it is at prohibitive high exchange rates. |
| irrespective of the high increase in the prices of basic | | | | The Leone has depreciated tremendously against |
| commodities. See an example of prices of | | | | other foreign currencies. |
| commodities of one of our neighbouring country: | | | | Well as a patriot Sierra Leonean and a Research |
| In Liberia a bag of cement was sold between LD | | | | Fellow, I will recommend the provision of urgent |
| 280-300 during Taylor’s administration but is | | | | assistance to farmers. Meaning to provide financial |
| currently sold at LD 600 in present day Liberia. A 50Kg | | | | assistance to farmers in major agricultural areas to |
| bag of Rice was sold between LD 800-850 during | | | | clear their farmlands and rehabilitate their plantations. |
| Taylor’s administration but is now sold at LD 1,750 | | | | The improvement of feeder roads is also another |
| in present day Liberia. A gallon of gasoline was sold | | | | factor to be urgently addressed to enable farmers to |
| between LD 140-150 during Taylor’s administration | | | | transport their goods in big towns. Improving feeder |
| but is now sold at LD 280 in present day Liberia. A | | | | roads will facilitate the marketing of agricultural |
| pack of candle was sold between LD 25-30 during | | | | products by local farmers in remote areas. Although |
| Taylor’s administration but it is currently sold | | | | there are on going programmes, the government |
| between LD 80 in present day Liberia. A gallon of | | | | should consider giving priority to certain agricultural |
| Argo oil was sold between LD 275-300 in Taylor’s | | | | areas by providing much-needed funds directly from |
| administration but it is now sold for LD 650. | | | | the government budget. |
| The high prices of items are affecting households and | | | | In addition, it will be good for the Government to |
| businesses in various spheres of life. In many cases, | | | | address some specific factors responsible for the high |
| prices have so prohibitive that people cannot afford to | | | | costs of doing business. There are several of these |
| purchase essential items. I spoke with some business | | | | but I particularly concerned about the following: |
| people, and these were their responses. Aminata | | | | - The inefficiencies at the sea port relating to poor |
| Kalokoh sells local foodstuff and according to her she | | | | facilities for cargo handling, theft, delays in |
| believed that increases in prices of commodities is due | | | | transportation of goods and high shipping costs need |
| to the fact certain systems, which should have been | | | | to be addressed. |
| put in place, have not been done. I asked her to tell me | | | | - The non-availability of basic infrastructure is a cause |
| what exactly she meant, she said that the cost of | | | | for concern. I am particularly concerned about the |
| transportation is very expensive and the drivers are | | | | electricity situation, but now it appears that the new |
| always increasing transport fares. Their reason for | | | | Government has been able to put modalities in place |
| doing so is that price of fuel is increasing everyday. | | | | with additional power by an Independent Power |
| What I gathered from our conversation was that | | | | Provider (IPP) whilst we await the connection of the |
| when there is an increase in fuel there is also a | | | | Bumbuna project. |
| corresponding increase in the prices of locally | | | | - There is need for more prudent management of the |
| produced commodities. | | | | economy by pursuing prudent fiscal and monetary |
| I went further to talk with a businessman called Juldeh | | | | policies in order to stabilise the currency and keep |
| Bah who sells imported commodities like television sets | | | | inflation at acceptable levels. |
| and many others. His first response was that his | | | | - I also believe that certain sectors can be made to |
| customers claimed that money was hard to come and | | | | create significant and immediate positive impact on the |
| that business was getting stiff. | | | | economy. This is especially true of the marine sector |
| I further asked him why prices were increasing | | | | for which there is considerable potential. The |
| everyday. He said the problem is with the | | | | government should ensure the appropriate regulations |
| Government. Why the Government, I asked? He said | | | | are enforced, and seriously consider the construction |
| the customs rate for clearing goods are too high and | | | | of fishing ports as a priority, whilst providing greater |
| this is reflected in their prices, as they would have to | | | | protection to our waters. |
| get back their money spent. I also took my time to | | | | |