The new Senegalese President, Bassirou Diomaye Faye has unveiled measures to crash the price of rice, oil, bread, and other essential items to cushion the rising cost-of-living concerns amid high unemployment and inflation rate. The Senegalese’s Budget Minister Cheikh Diba confirmed the development......Read The Full Article>>.....Read The Full Article>>
It would be recalled that during the campaign, President Bassirou Diomaye Faye, who emerged winner of the March election, vowed to address high living costs in the West African nation that heavily relies on imports.
It was reported that under the new measures, the price of a kilo (2.2 pounds) of the most widely consumed type of rice will be slashed by 40 CFA ($0.065, 0.061 euros), while a baguette will cost 15 CFA (0.023 euros) less, the government announced.
The Senegalese Government Secretary General Ahmadou Al Aminou Lo told newsmen that the reductions, which also cover cement and fertiliser, will take effect in the next few days.
Meanwhile, spending on food accounts for half a Senegalese household’s budget, as government checks would be stepped up to ensure traders respect the new prices.
Budget Minister Cheikh Diba said the government would forego taxes and customs duties imposed on importers to subsidize the price cuts.
The measures will cost 53.3 billion CFA (more than 81 million euros, $87 million), Diba said.
This comes after Senegal joined the club of oil-producing countries this week as Australian group Woodside Energy announced that production had commenced in the country’s first offshore project.
Faye vowed that profits from the country’s gas and oil resources would be “well managed.”
