William Anyuon Kuol, Minister of Trade and Industry. (PPU).

The Minister of Trade and Industry says the government is working with the private sector to import goods to be sold at a cheaper price, while renewing letters of credit to traders in a bid to lower the rising cost of living.

In a matter of weeks, the South Sudan currency – pound, has sharply depreciated against the United State dollar, sending prices skyrocketing.

On Wednesday, officials of the Trade and Industry Ministry met with stakeholders to discuss the rising commodity prices in local markets and how to respond.

Minister William Anyuon Kuol said a Price Control Committee (PCC) comprising officials from the Ministry of Finance, Chamber of Commerce and other stake holders, has been formed to oversee and regulate market prices.

Anyuon said his ministry will work in partnership with the private sector to import food and commodities to be sold at subsidized prices.

“The Ministry of Trade has taken, as of today, a meeting that will be in partnership with the private sector to import foods, and commodities that would be sold at subsidized prices,” he announced, as reported on state television SSBC.

“There is a price control committee that has been formed in partnership with the Ministry of Finance and other important stakeholders, including the Chamber of Commerce.”

Minister Anyuon stated that the government also decided to renew letters of credit to South Sudanese traders for them to easily import essential goods and sell at a cheaper price.

“It has been tasked to oversee the prices regularly on the various markets. Another issue we have also seen as a solution to this, is the renewal of letters of credit to our traders so that it can make it easy for them to import the goods that we need in the country.”

The trade minister threatened to revoke the licenses of whole sellers who do not adhere to the price policy.

“We also want to revoke the license of wholesalers who are bringing essential goods into the market of South Sudan and not abiding by the law.”

“And as they all know, it is the Ministry of Trade that awards to the traders that will cooperate and respect the consumers and the government’s rights.”

Minister Anyuon added that the Ministry will further take measures to reduce taxes on basic commodities.