Senegal’s newly elected President Bassirou Diomaye Faye’s administration has unveiled a plan to tackle the country’s high cost of living, exacerbated by rising unemployment and inflation. This initiative, announced Thursday, aims to reduce prices on essential commodities such as rice, oil, bread, cement, and fertilizer.
During a press conference, the government detailed the following key measures:
- Price Reductions: The cost of the most widely consumed rice variety will drop by 40 CFA ($0.065, 0.061 euros) per kilogram. Additionally, the price of a baguette will decrease by 15 CFA (0.023 euros).
- Implementation: These price adjustments are scheduled to come into effect promptly, providing immediate relief to consumers grappling with economic pressures.
- Government Subsidies: To facilitate these reductions, the government plans to exempt importers from taxes and customs duties, amounting to a financial commitment of 53.3 billion CFA (over 81 million euros, $87 million).
- Consumer Protection: The government assured strict monitoring to ensure traders comply with the new pricing guidelines, safeguarding consumers against exploitation.
- Economic Context: Approximately one-third of Senegal’s population lives below the poverty line, with unemployment hovering around 20 percent. The initiative seeks to alleviate financial burdens on households facing economic hardships.
- Oil Production: Coinciding with these economic measures, Senegal recently commenced oil production from its inaugural offshore project, marking a significant milestone in the nation’s economic landscape. President Faye pledged responsible management of oil and gas revenues for national development.
The duration of these economic interventions was not specified, underscoring their immediate impact on easing living costs for Senegal’s populace amidst broader economic challenges.
