In a decisive move to alleviate economic pressures, Senegal’s recently elected President Bassirou Diomaye Faye has introduced sweeping measures aimed at reducing the prices of staple foods and essential commodities.
The West African nation, heavily reliant on imports, faces significant inflation and unemployment issues, which have sparked widespread concern among its population.
During his campaign, President Faye pledged to tackle the high cost of living, a promise now fulfilled with the announcement of substantial price cuts.
Effective immediately, the price of the most consumed type of rice will decrease by 40 CFA per kilogram, while the price of bread will also see a notable reduction. These reductions extend to other critical items such as cement and fertiliser.
“This initiative is a crucial step towards easing the financial burden on Senegalese households, where food expenses constitute a significant portion of the budget,” stated Ahmadou Al Aminou Lo, the government’s secretary general. He emphasised that strict monitoring will be implemented to ensure compliance by traders with the new pricing regulations.
To fund these subsidies, Budget Minister Cheikh Diba disclosed that the government will waive taxes and customs duties imposed on importers, estimating the total cost at 53.3 billion CFA. This initiative coincides with Senegal’s recent entry into the ranks of oil-producing nations, a development President Faye promised would be managed to benefit the country’s economy effectively.
Despite these measures, concerns linger about the sustainability and duration of the price cuts. With over a third of the population living below the poverty line and unemployment hovering around 20 percent, the government’s immediate priority remains to alleviate financial strain on its citizens
