Local Food Prices Dropped

Local Food Prices Dropped

CBL Governor Announces

By Godgift Harris

The Executive Governor of the Central Bank of Liberia (CBL), Henry Saamoi, has publicly acknowledged a significant reduction in the prices of locally produced commodities.

Saamoi attributed the prices dropped development to Boakai administration’s aggressive push to rehabilitate roads and improve transport infrastructure nationwide.

Governor Saamoi made the disclosure on Tuesday, July 22, 2025, during the official presentation of the bank’s Monetary Policy Communiqué for the second quarter of 2025.

He told the audience the link between infrastructure development, especially road rehabilitation and macroeconomic stability, particularly price control in the agricultural sector were essential.

“We have noticed a marked decrease in domestic food prices,” Saamoi confidently stated.

“The prices of local foods have reduced. We must therefore commend the government’s efforts in road connectivity.”

He said the improved state of the farm-to-market roads has enabled farmers to transport their produce more efficiently to the markets.

This logistical improvement, Saamoi said, has not only enhanced food availability on the markets, but also contributed to the stabilization and even reduction of market prices for key agricultural products.

“When goods can move freely and on time, particularly the perishable vegetables and fruits, they remove some of the bottlenecks that traditionally cause price hikes,” he explained.

“Farmers are now delivering their crops faster, fresher, and in higher volumes creating a positive ripple effect in the markets.”

Governor Saamoi revealed further that this trend has had a favorable impact on the country’s overall inflation rate, which had previously hovered at alarming levels due to global price shocks, local market inefficiencies, and infrastructural bottlenecks.

“As a result of improved logistics and timely delivery of goods, inflation has seen a gradual decline,” he said.

“At the beginning of the quarter, the inflation rate stood at 12.5 percent. It then dropped to 11.1 percent during the period under review, and as per the latest review by my team, inflation declined even further to 9.9 percent by the end of June.”

He described this development as a “critical milestone for the country’s post-COVID recovery strategy, and a strong signal of macroeconomic resilience  under the stewardship of President Joseph Nyuma Boakai, whose administration has prioritized infrastructure renewal as part of the ARREST development agenda (agriculture, roads, education, sanitation and tourism).

Saamoi’s remarks come at a time when the government is doubling down on its agriculture-centric economic development strategy, which views food security as both a national priority and a pillar for long-term sustainability.

The Ministry of Agriculture,  has meanwhile, partnered with local farming cooperatives, county authorities, and international development organizations to support the production and distribution of rice, cassava, maize, eddoes and plantains.

Previously, farmers complained that the poor condition of the roads, especially during the rainy season, resulted in significant post-harvest losses, inflated transport costs and delayed access to markets.

These factors contributed to high food prices and economic disincentives in all communities.

However, under the Boakai administration, major feeder roads and arterial transport corridors have seen significant rehabilitation, including the Ganta-Zwedru highway, the Buchanan-Gbarnga routes, and key access roads in Lofa, Bong and Nimba counties, all regions known for agricultural productivity.

“Food prices are stabilizing, because farmers in Foya, Zorzor, Gbarpolu, and other remote areas, now have better access to the markets,” said a Ministry of Agriculture official at the communiqué reading.

“Trucks and motorbikes are transporting goods that used to spoil in villages, this is a game changer.”

Governor Saamoi underscored the importance of aligning monetary and fiscal policy in support of national priorities.

He noted that the Central Bank’s monetary strategy has been carefully calibrated to support government initiatives without overheating the economy or compromising monetary discipline.

He applauded the Ministry of Finance for maintaining fiscal discipline in its disbursement of infrastructure and agricultural development funds.

 Saamoi called for continued synergy between the bank and other public institutions.