The Ministry of Commerce and Industry on Thursday said it will conduct a three-month nationwide inspection beginning Monday, November 22 to Tuesday, January 25, 2022. The inspection exercise will continue daily.
According to the Ministry, the three-month inspection is part of efforts to ensure a conducive business environment for the country.
With immediate effect, all businesses have been instructed to display the daily Central Bank of Liberia 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.
A release from the Ministry also stated that no business entity is allowed to force consumers to transact or purchase goods and services in either of the dual currencies in the economy; “to do so would fall in breach of the Administrative Regulation of 2019 which constitutes an offence punishable by law with a fine. The Administrative Regulation of 2019 mandates all businesses operating within the Republic of Liberia to carry on all commercial transactions in both Liberian and United States Dollars as legal tenders.”
Of recent, there has been a steep drop in the daily exchange rate with businesses deliberately refusing to display the CBL’s daily exchange rate.
The Central Bank of Liberia (CBL), as the monetary arm of the government, releases daily exchange rates based on results of daily surveys of foreign exchange market in Monrovia and selected cities of Liberia.
The Commerce Ministry, in its release, also stated that purchases at all medium and large businesses above LRD 500 should be invoiced to authenticate price stabilization.
“Unhealthy business practices such as hiking of prices and hoarding of commodities, et al are deemed illegal. There shall be imposition of fines on individual(s) or business entity(ies) in proven violation of this regulation.”
The Ministry said it will closely monitor businesses through its Inspectorate Division to ensure full compliance to this regulation in collaboration with the Ministry of Justice.