President George Manneh Weah has approved an 81-41% reduction in tariffs of over 2000 basic imported consumer goods on the Liberian market, the Information Ministry has said in Monrovia.
President Weah approved the new tariff schedule on Tuesday, after the Liberia Revenue Authority Commissioner General Elfreida Tamba submitted the new tariff regime in keeping with his 72 hours ultimatum to reduce tariffs on some commodities being imported in the country.
“The schedule takes immediate effect and makes reduction ranging from 81 to 40 percent in over 2000 widely consumed commodities. Some of the reductions include Pig Feet (81%), chicken feet (63%), vegetable oil (41%), onions (53%), used clothing (42%), mosquito coil (64%0, among others,” the government statement said.
President Weah has mandated the Ministry of Commerce and Industry to immediately proceed with the implementation of the reduction in the prices of the affected commodities to bring relief to the poor masses.
The Liberian leader, who took office over four months ago, also warned that any business entity caught engaging in price hike or profiteering in the wake of the tariff reduction will bear the full consequences or weigh of the law.
Meanwhile, the Liberian government says the new tariff regime approved by the president meets all requirements of the law including the ECOWAS Common External Tariff (CET), which was passed into law on December 14, 2017.
The reduction in tariffs on basic commodities comes amidst growing concern by Liberian about the rising cost of living occasioned by frequent hike in prices of consumable goods on the local market.
As the consumers complain, business people have shifted the blame on high tariffs.
It’s not known what effect the hike in the exchange rate between the US and Liberian dollars will have on the government’s latest move to reduce tariffs on commodities.