The Minister of Trade and Industry, Ibrahim Sesay, announced that India has lifted its ban on rice exports to Sierra Leone, a move expected to lower rice prices in the coming weeks. Speaking in Freetown, Mr. Sesay assured citizens that the government is working closely with importers to reduce the cost of essential commodities, including rice, iron rods, and cement.

“Generally, the price of rice has gone up because India placed a ban on the importation of their rice to Sierra Leone,” Mr. Sesay said. “That ban has been lifted, and we expect the price of rice to go down by December going forward.”

The minister highlighted the government’s efforts to address the rising cost of living by ensuring that food and other essential items remain available and affordable in the market.

Describing the Ministry of Trade and Industry as the “heartbeat of the economy,” Mr. Sesay said the ministry is developing policies and programs to stimulate local economic growth. He noted that the ministry oversees three directorates and eight agencies with critical roles in improving the economy.

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Efforts to formalize the informal sector are also underway, with significant attention being given to Small and Medium Enterprises (SMEs). Mr. Sesay revealed that over 4,000 Sierra Leoneans across sectors such as construction, tourism, and fishing have been registered under the initiative, alongside 3,500 businesses.

The ministry has facilitated market access for over 3,000 people in countries like China and India. Additionally, the Munafa Fund, a government initiative aimed at providing financial support to small-scale businesses, has benefited 12,000 individuals, 80% of whom are women.

“Our focus is on creating opportunities for local businesses and ensuring they thrive,” Mr. Sesay said, emphasizing the ministry’s role in driving economic recovery and growth.