Senegal’s newly-appointed government has announced price reductions for essential staples such as rice, oil, bread and other basic goods.
The move is designed to ease the burden on citizens struggling to make ends meet.
This was made known by Senegal’s Budget Minister Cheikh Diba, who confirmed the government’s commitment to lowering the cost of living, a key priority for the administration as it works to stabilize the country’s economy and improve the overall quality of life for its citizens.
He revealed that, under the new price reduction measures, a kilo of the most commonly consumed rice will now cost 40 CFA Francs ($0.065 USD) less, while a baguette will see a 15 CFA Francs (0.023 Euros) reduction.
The reductions, which also cover cement and fertiliser, will take effect in the next few days, government Secretary General Ahmadou Al Aminou Lo told reporters.
Spending on food accounts for half a Senegalese household’s budget, Lo said, adding checks would be stepped up to ensure traders respect the new prices.
In order to finance the price cuts, Budget Minister Cheikh Diba declared that the government would waive taxes and customs duties imposed on importers. The overall cost of these new measures will amount to 53.3 billion CFA Francs (approximately €81 million or $87 million), according to Diba’s announcement. The unprecedented move represents a bold investment on the part of the government to provide economic relief to its citizens amid soaring living costs and inflation.
Senegal’s recent entry into the ranks of oil-producing nations has provided a glimmer of hope in the face of its economic struggles. The production of oil, courtesy of Australian energy group Woodside Energy, marks the beginning of the country’s first offshore project and promises to add valuable revenue to the nation’s coffers.
Faye vowed that profits from the country’s gas and oil resources would be “well managed.”
