MONROVIA – A Liberian journalist is sounding the alarm, questioning why prices of basic commodities remain stagnant despite the Liberian dollar’s appreciation against the US dollar. In a call to action, he urges the media to investigate this pressing issue, suggesting a comprehensive probe involving market surveys, stakeholder interviews, and expert analysis. The goal: to hold accountable those responsible and push for corrective measures to alleviate the economic burden on citizens. See below in this edition of THE ANALYST.
THE LIBERIAN MEDIA SHOULD INVESTIGATE WHY PRICES ARE NOT COMING DOWN DESPITE THE LIBERIAN DOLLAR APPRECIATION —- See my suggestion below
The steady appreciation of the Liberian dollar against the US dollar, but with prices of basic commodities remaining the same concerns us all. And collectively we have to tackle it.
So this is what I suggest the media (especially radio stations) should do.
Extensively investigate the situation for the common good of the public. This is how you go about it:
Take your microphones to market places, asking buyers how much were they paying for certain items when the exchange rate was $US1 to LD200. After hearing from them, ask sellers why have they not brought down prices in the wake of the Liberian dollar appreciation. They will say why.
Talk to the Liberia Business Association and affiliate associations, like the Fula and Lebanese Business Associations, getting their perspectives of the situation.
Also engage the price assessment team recently set up by the President. What are their findings?
Then confront the Ministry of Commerce for an answer to the price stagnation. Be tough on them. Don’t stop there. Talk to former commerce ministers, including people like Amin Modad and David Fahat. Ask them if the explanation from the Commerce Ministry is anything to go by or they have their own perspectives of how the situation could be made better.
If the Commerce Ministry is, for example, blaming the difficulties in bringing down prices on high import duties of basic goods, talk to customs officials and the LRA seeking explanations and suggestions that can change things around.
Also engage independent non-political economists to give their perspectives and make recommendations that could better the situation.
Sam Jackson could be one good person to talk to for his professional assessment of things; but he’s now more political than an acclaimed LSE economist. So you may not get any balanced view from him. Or who knows, try him. Perhaps this is one time SJ will wear his professional and national hat and give you something to take home.
I believe if the radio stations, especially LBS, concentrate on these packages for two solid weeks, we will get to know where the problem lies.
This will inform the government to put in place the necessary measures to correct things, measures including probably sacking people who may not be doing their jobs. We have to find a way around this as a country.
We want the exchange rate to come down even further; but if prices remain high, we have achieved nothing in that direction.
If I can be of more assistance in providing elements that should go into such radio packages, feel free to contact me.
Jonathan Paye-Layleh