Serrekunda market

The ministry of trade has linked the rise in commodity prices in the country to depreciation of the dalasi against global currencies.

The Gambia has been hit by rise in high cost of living including hike in food prices which trigger the population to demand for bail out from the government.

Speaking at a news conference held at the ministry’s head office in Banjul, Baboucarr Joof, trade minister, said the hike in commodity prices is due to low exchange rate of the dalasi to other currencies.

He said the exchange rate of the dalasi against major global currencies for trade globally has not been generous recently. 

“The exchange of our dalasis against major hard currencies is 4.3% in the same quarter has also slidely depreciated against the CFA by 1.2%. So, the foreign currencies played a part particularly in relation to conversion to dollars in order to pay the suppliers of these commodities,” he said.

He however assured the government’s commitment to stabilising the commodity prices and ensuring food security in the country.

Reporting by Adama Makasuba

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