The need to pursue price stability through information sharing with consumers has been called for by Foroyaa in its Monday edition and focused on by the minister of trade, industry, employment and regional integration at a press conference held by the ministry yesterday.
It is evident that in the absence of price control, the principle of promoting corporate responsibility to consumers should be enhanced to ensure reasonable prices of commodities especially essential ones.
Foroyaa highlighted how the price of a 50kg bag of ‘sadam’ rice rose from D2500 to D3500. Foroyaa questioned why that was the case. At the press conference of the minister, it was made abundantly clear that there was abundant stock of rice that should not cost more than D2158. Unfortunately the rice brand ‘sadam’ was not mentioned. Further investigation will be done on the price of the ‘sadam’ brand.
Since the ministry is not seeking legislation to control prices, the information it gives could only impact on prices if there is a strong consumer protection association and consumer protection agency that would gather information from data provided by the ministry to advocate for the adoption of such prices by the wholesalers and retailers with reasonable profit margin.
Foroyaa will continue to monitor whether the prices provided by the data of the ministry is reflected in the commodity market.
