Liberia: Commerce Minister Designate Plan Meets a Market That Isn’t Waiting

MONROVIA — Stephen M. Yekeson Jr. told senators Wednesday that he wants to be “judged by what is delivered. ” His confirmation statement gives the Senate one promise it can test within 100 days, and many more it cannot. By Rodney D Sieh Appearing before the Senate Committee on Commerce and Industry, the acting Commerce and Industry Minister set out a vision to have Liberia “produce more of what Liberia consumes” by 2029. He pledged to protect consumers, enforce Liberian-only business sectors and cut the cost of moving goods “between the ship and the shop. ” His firmest commitment: within 100 days, the ministry will publish weekly prices for rice, fuel and cement in all 15 counties. Beyond that, the statement leans on verbs such as “work with,” “engage” and “address,” with few numbers, dates or budgets attached.

Set against the problems now pressing on traders and households, the distance between promise and mechanism is where the scrutiny belongs. A stronger dollar that isn’t reaching the market Yekeson’s most striking admission was that prices have kept rising “in spite of a stronger Liberian Dollar. ” The Liberian dollar was Africa’s best-performing currency in September, closing the month at about L$172 to US$1. Small traders in Monrovia say the gains are not passed on. They report that some wholesalers still price stock at about L$190 to the dollar while the market rate sits near L$170, a gap of nearly 12 percent. On October 6, Yekeson announced a five-point plan under which the ministry would work with the Central Bank to require supermarkets, wholesalers and retailers to post the bank’s daily exchange rate. That measure does not appear in his Senate statement. Instead, he cites a “reengineered” Price Analysis Department and a better-resourced Inspectorate. Whether…