Central Bank of The Gambia Governor Buah Saidy has said that its Monetary Policy Committee is intervening to resolve the hike in the prices of basic commodities.

The committee was keeping track of the increase in the cost of basic food items such as sugar, flour and the common staple rice to tackle them, the governor told the press Tuesday.

According to Saidy, the purpose of the intervention is to bring down the prices of basic foodstuffs which are essential items for most consumers during the Muslim holy month of Ramadan which begins in March.

He said to this end, the Central Bank of The Gambia is working in close cooperation with state entities such as the National Food Security, Processing and Marketing Corporation to facilitate the importation of rice which would be disposed of at a cost affordable to the average Gambian consumer.

Other commodities of interest to them are sugar, onions and edible oil.

Saidy also pointed out that since the Coronavirus pandemic, the government has been “fighting tooth and nail” to stabilize commodity prices and has succeeded in lowering inflation.

He praised the government’s partnership with small and medium-sized enterprises without compromising the state’s policy of non-interference in the natural flow of the market. 

(Xinhua)