Ministry of Commerce and Industry Announces New Measures
Press Release: Wednesday, October 27, 2021: The Ministry of Commerce and Industry has with immediate effect, issued a number of regulations intended to govern the conduct of trade and commerce throughout Liberia.
The regulations, in line with the Ministry’s efforts to ensure a conducive business environment where goods and services are available and affordable include the following:
- That all businesses operating within the Republic carry on all commercial transactions in both Liberian and United States Dollars in accordance with the 2019 Administrative Regulation, as the two currencies are legal tenders.
- All businesses are also instructed to display the daily Central Bank of Liberia(CBL) exchange rate as well as a full price list of commodities in both Liberian and United States Dollars at their business premises at all times to give consumers purchasing options.
- In line with the measures, the Ministry warns all business entities against coercing consumers to transact or purchase goods and services in either of the dual currencies in the Liberian economy; noting that doing so will be a breach of the 2019 Administrative Regulation, which constitutes an offence punishable by law through appropriate fines upon proven violation.
- At the same time, all business entities are required to take due notice of prevailing CBL daily exchange rate in setting the prices of their goods.
- As part of the regulations announced on Wednesday, October 27, 2021, all purchases at all medium and large businesses above LRD$500.00 (Five Hundred Liberian Dollars) should be invoiced to authenticate price stabilization.
The Ministry of Commerce and Industry further states that unhealthy business practices such as hiking of prices and hoarding of commodities, among others are deemed illegal.
The Ministry’s Inspectorate Division will closely monitor all businesses to ensure full compliance in collaboration with the Ministry of Justice
“We have noticed increasing transactions using the Liberian dollar with quotation of prices different from the officially published exchange rate by the Central Bank of Liberia, which is directly constraining the purchase of goods and services by the ordinary citizens, especially as the Liberian Dollar appreciates in relations to the United States Dollar.”