By: Ben TC Brooks
Despite a significant decline in the exchange rate of the US dollar, commodity prices remain stubbornly high in River Gee County, leaving residents struggling to make ends meet in the county’s largest marketplace.
The exchange rate in River Gee has recently dropped from LD$196 to LD$175 for one US dollar. While this shift might normally bring some relief in the form of reduced prices for goods, traders and consumers in the Fish Town General Market say the opposite is happening ~ prices of essential commodities have remained high or unchanged.
A 25-kilogram bag of rice, a staple for most households, continues to sell for LD$3,500. A gallon of vegetable oil is priced at LD$1,800, while a bag of flour goes for LD$5,500. Other essential goods, such as dollar scratch cards, remain at LD$230, and a gallon of gasoline is still being sold for LD$1,000.
Economic observers suggest that the persistent high prices are a result of multiple overlapping factors including inflation, disrupted supply chains, and a rise in the demand for basic goods. Despite the exchange rate shift, the broader market forces appear to be neutralizing any potential benefits for local consumers.
Local residents and traders are expressing their frustrations. Florence Jattay Gaye, a resident of Fish Town, said the high prices of school materials are making it increasingly difficult for parents to prepare their children for the school year.
“We are suffering. The exchange rate dropped, but the prices remain the same or even go higher. We need the government to step in and do something. School materials are too expensive,” she said.
Andrew Doe, a local palm wine vendor, echoed similar sentiments. He explained that while customers expect price reductions due to the favorable exchange rate, he cannot afford to lower his prices without suffering losses.
“People want to buy at lower prices, but everything I need to produce and transport my palm wine has become expensive. It’s hard to keep the business going,” he lamented.
Teachers are also weighing in on the situation. Levi Gaye, a classroom teacher in Margibi county, told Verity News that while some minor reductions have been observed ~ particularly in the prices of rice and petroleum products — the overall impact of the exchange rate drop has yet to be felt by ordinary citizens.
“We’re not benefiting from this good drop in the exchange rate because market prices are still the same. Even though the US dollar is exchanging for less Liberian dollars, the cost of goods hasn’t changed,” Gaye explained.
He added that only a “slight reduction” can be seen in some commodities, and called on policymakers to ensure that the benefits of a stronger Liberian dollar are reflected in the market.
While counties such as Margibi, Bong, Nimba, and Lofa are reportedly experiencing partial reductions in prices of rice and petroleum, other commodities like vegetable oil, books, and school supplies remain unaffected by the exchange rate change ~ a situation that is frustrating for parents who are preparing for the new school year.
As the economic pressures mount, residents are calling on local and national authorities to implement effective measures to control prices, stabilize the economy, and support small businesses that form the backbone of River Gee’s economy.
