Senegal’s new government has on Thursday, June 13, 2024 introduced measures to lower the prices of essential goods like rice, oil, and bread in response to escalating living costs.
The decision comes as part of President Bassirou Diomaye Faye’s campaign promise to tackle economic challenges following his election in March.
At a press conference, government secretary general Ahmadou Al Aminou Lo announced that the cost of a kilogram of the most consumed rice type will drop by 40 CFA ($0.065 or €0.061), and a baguette will be 15 CFA (€0.023) cheaper. These price reductions will also extend to cement and fertilizer and are set to take effect in the coming days.
Budget Minister Cheikh Diba noted that the government will waive taxes and customs duties on importers to facilitate these cuts, which will cost the state over 81 million euros ($87 million). “Food expenses account for half of an average Senegalese household’s budget,” Lo stated, emphasizing the importance of monitoring traders to ensure compliance with the new prices.
Senegal has been grappling with high unemployment, at about 20%, and widespread poverty affecting at least a third of the population. President Faye’s administration aims to ease these economic burdens, particularly as the nation starts to see profits from its new offshore oil production. Faye has pledged that revenues from the country’s gas and oil sectors will be managed responsibly.
