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In a bid to stabilize the market and food security, the government has announced a groundbreaking new pricing formula for rice, aiming to balance the interest of rice importers and consumers.

This landmark deal brokered with Sierra Leone's major rice importers, the Chief Minister has secured a significant reduction in the price of a bag of rice, bringing relief to countless households. Starting today, the price of a bag of rice will drop from Le1,000 to Le840. Come February 14th, this price will further plummet to an impressive Le799.
This remarkable achievement underscores the transformative leadership of President Julius Maada Bio. See press release below
For Immediate Release
January 6th, 2025
ESTABLISHMENT OF A NEW PRICING FORMULA FOR RICE
The Government of Sierra Leone (GoSL) represented by the Chief Minister, the Ministries of Finance, Agriculture and Food Security, Trade and Industry and the Majority Leader in Parliament today met with the major rice importers in Sierra Leone and resolved at the following:
- That being informed by ongoing technical engagements, a new pricing formula for rice has been established. This pricing formula will be updated and agreed on periodically by GoSL and all major importers.
- That the regular wholesale prices for rice will be consequently determined using this formula.
- That the GoSL will support rice importers through policies and incentives that will also be in line with the Feed Salone agenda.
- That effective January 7th, 2025, the wholesale price for parboil rice will be reduced to NLe 840 per 50 kg bag.
- And that effective February 14th, 2025, the wholesale price of parboil rice will be reduced to NLe 799 per 50 kg bag.
This agreement was reached today by the GoSL and the major rice importers (see attached annex) as a means of softening the global economic challenges on all citizens. The Ministry of Trade and Industry will work with all rice retailers to ensure that these prices are reflected on the unit cost of rice (per cup).
The GoSL continues to assure its citizens that it will develop the macro- and micro- economic policies to promote productivity, equity and growth in all sector. Similar pricing formula will be established for other essential commodities with all the major importers.

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