Senegal slashes prices on essentials to combat inflation
Senegal's newly elected president Bassirou Diomaye Faye addresses the nation ahead of Senegal's independence day at the presidential palace in Dakar, Senegal, April 3, 2024. REUTERS/Abdou Karim Ndoye
In a decisive move to counter soaring living costs and inflation, President Bassirou Diomaye Faye’s newly formed government announced substantial price cuts on essential goods including rice, oil, bread, cement, and fertilizer.
This initiative aims to ease the financial burden on Senegalese households, which typically allocate half their budgets to food expenses.
The price reduction measures, costing the government over $87 million, will be funded through the elimination of taxes and customs duties on imports of these key items.
President Faye’s administration is committed to strict enforcement of the new prices to ensure the intended economic relief reaches the citizens.
Moreover, Senegal has recently commenced oil production, with President Faye promising prudent management of the nation’s gas and oil revenues.
This development is expected to bolster the economy and provide further financial stability for the country.
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