Rédaction Africa Links 24 with babucarr balajo
Published on 2024-02-28 10:10:00
The Governor of the Central Bank of The Gambia has made a commitment to lowering the prices of essential commodities such as rice and sugar in the country. As the consumption of these items increases during the Ramadan period, concerns have been raised about the rising prices and the potential for further hikes in the coming weeks.
During a press briefing with journalists in Banjul, Governor Buah Saidy stated that the Central Bank of The Gambia (CBG) is closely monitoring the price increases of rice and sugar in the market. The bank is working in collaboration with government institutions like the National Food Security, Processing and Marketing Corporation (NFSPMC) and private entities to import rice and ensure it is sold at affordable prices to the public.
Governor Saidy assured the public that measures are being taken to address the issue, with plans in place to import 50,000 metric tonnes of rice from India and 12,500 metric tonnes of sugar by the end of February. These imports are expected to help stabilize the prices of sugar and rice in the market.
Although there have been delays in the arrival of these commodities due to shipping challenges on the Red Sea, Governor Saidy remains optimistic that they will reach the country before mid-March. He emphasized that the government has been actively intervening in the economy to stabilize prices, particularly since the onset of the Covid-19 pandemic.
The governor highlighted the successful efforts to lower inflation in The Gambia through direct government intervention, which has had a positive impact on essential items like edible oil, onion, and flour. Despite global shipping challenges affecting stock availability, prices have been driven down by government initiatives.
Looking towards the future, Governor Saidy outlined plans to support agriculture and promote local food production to achieve self-sufficiency. The ultimate goal is for The Gambia to produce enough rice to meet its own consumption needs, reducing reliance on imports. The African Development Bank (ADB) has committed to assisting The Gambia in achieving rice self-sufficiency by 2027, with AfricaRice leading the initiative.
In response to questions about potential interference in the market, Governor Saidy clarified that the current interventions are intended as short-term measures. The long-term strategy involves supporting small and medium-sized enterprises to secure financing for importing commodities at affordable prices. Collaboration between the Central Bank, NFSPMC, and the government will continue to ensure access to essential goods for the public.
Overall, the government’s proactive approach to addressing rising commodity prices reflects a commitment to safeguarding the welfare of Gambian citizens and promoting economic stability in the country. Through a combination of short-term interventions and long-term strategic planning, efforts are being made to create a more sustainable and self-sufficient food supply chain in The Gambia.
Read the original article on The Standard
