During its session on Thursday-November 18, 2021, it became a serious concern when the Senate Plenary was informed about the alleged game being played by the Ministry of Commerce and Industry and SEITHEI BROTHERS by monopolizing plywood and steel rod commodities in the market.
The issue drew the attention of members of the Liberian Senate about the action believed to be masterminded by the Ministry of Commerce and Industry which according to the lawmakers is unlawful and harmful to the economy.
Both parties’ action against the Liberia people necessitated the Liberian Senate to cite the Ministry of Commerce and Industry to appear before plenary to respond to concerns over a “drastic increase” in the prices of basic commodities specifically plywood and steel rod commodities n the market.
As the Senate investigates the concern, it is not clear whether there could be change inaction by the Ministry of Commerce prior to its appearance at the Senate Chamber.
The Senate Plenary took the decision after a complaint was filed by Grand Bassa County Senator Nyonblee Karngar-Lawrence seeking the indulgence of the August Body to investigate the matter by citing the Ministry of Commerce and Industry.
According to the Grand Bassa Law, her office was informed that “a monopoly has been placed on the importation of steel rods and iron old products” on the ground that they are being locally manufactured in Liberia by SETHI BROTHERS.
“This lack of competition in the sector has caused unimaginable inflation in the prices of these commodities when in fact they should be lower given that they are being manufactured locally” Senator Lawrence noted in her communication to the Senate Plenary.
Senator Nyonblee Karngar-Lawrence at the same time wants her counterparts to investigate the matter with due diligence.
She noted that the economy is not favorable for such alleged action against the Liberian People.