Senegal’s new government, led by President Bassirou Diomaye Faye, announced measures on Thursday to reduce the prices of essential items such as rice, oil, and bread to combat high living costs amid significant unemployment and inflation.
In a bid to fulfill his campaign promise to address these economic issues, the government disclosed at a media conference that the price of a kilo of the most widely consumed type of rice will drop by 40 CFA ($0.065, 0.061 euros), and a baguette will be 15 CFA (0.023 euros) cheaper.
These reductions will also apply to cement and fertilizer and are set to take effect within days, according to government secretary general Ahmadou Al Aminou Lo.
Al Aminou Lo emphasized that spending on food accounts for half of a Senegalese household’s budget, and the government will intensify checks to ensure traders comply with the new prices.
To subsidize these cuts, Budget Minister Cheikh Diba stated that the government will waive taxes and customs duties on importers, a move that will cost 53.3 billion CFA (over 81 million euros, $87 million).
The duration of these measures was not specified. Senegal faces significant economic challenges, with at least a third of the population living in poverty and unemployment around 20 percent.
This week, Senegal joined the ranks of oil-producing nations as Woodside Energy began production in the country’s first offshore project. President Faye assured that the profits from Senegal’s gas and oil resources would be “well managed.”
