Published: February 28, 2025
CAPITOL HILL – The Liberian Senate has summoned top officials from the Ministry of Commerce and Industry, the Central Bank of Liberia (CBL), and the Liberia Business Association (LIBA) to explain the persistent surge in commodity prices across the country.
The decision followed a formal communication from Sinoe County Senator Crayton O. Duncan and was unanimously adopted during the Senate’s 12th Day Sitting on Thursday, February 27, 2025. The officials are expected to appear before the Senate Joint Committee on Commerce, Ways, Means, and Finance within two weeks to provide clarity on the worsening economic conditions and outline concrete steps to stabilize prices.
Commerce Ministry Under Fire
In a letter read by Senate Secretary Nanborlor Singbeh, Senator Duncan accused the Ministry of Commerce and Industry of failing in its statutory responsibility to regulate and control market prices. He criticized the ministry for its inability to enforce price stabilization mechanisms and questioned its commitment to protecting Liberians from economic hardship.
Duncan also raised concerns over the ministry’s failure to uphold the “Liberianization Policy,” which prioritizes local businesses but is allegedly being disregarded in favor of foreign enterprises.
“I am requesting that the Plenary invite the Minister of Commerce and Industry, along with the Commerce Inspector-General, to explain the persistent rise in commodity prices and detail the strategies being implemented to address this national crisis,” Duncan asserted.
A Bleak Economic Outlook
As Chair of the Senate Committee on Autonomous Agencies and Co-Chair on Ways, Means, and Finance, Duncan painted a grim picture of Liberia’s economic struggles. He pointed to dwindling foreign investment, struggling local businesses, and poor infrastructure—particularly the lack of libraries and laboratories in public schools—as key factors exacerbating the crisis.
“The cost of living is unbearable,” he lamented. “What’s even more painful is that prices of goods in other countries are lower than ours, yet we continue to endure this economic hardship.”
Duncan further called on the Commerce Inspector-General to provide a detailed report on the factors driving the sharp increase in commodity prices, including potential irregularities in the country’s importation system and wage structures.
Growing Public Outrage
According to Duncan, lawmakers are increasingly burdened by financial requests from struggling constituents, many of whom expect personal assistance due to deteriorating economic conditions. He warned business owners against price exploitation and urged the government to take decisive action.
“The people believe we have money, but we don’t,” he said. “It’s time for businesspeople to stop taking advantage of the population.”
Senate Demands Swift Action
Following a motion by Bomi County Senator Edwin Melvin Snowe, the Senate ruled that the summoned officials must appear before the Joint Committee within two weeks to provide their reports and justifications.
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