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 Minister ,Stability of Rice prices.
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Posted - 02 Oct 2018 :  15:43:29  Show Profile Send toubab1020 a Private Message  Reply with Quote
By Aramata Jatta & Madi M.K. Ceesay -

October 1, 2018

The Minister of Trade, Regional Integration, Industry and Employment Hon Amadou Sanneh explains that due to the increase in the world market from of rice from US$ 407.80 in December 2017 to US$431.76 in May 2018; the consumer price of rice remains same after the 10% reduction of taxes. He made these clarifications recently at the National Assembly.
The Hon minister said the Gambia maintains a free market economic policy and a liberal trading environment where prices of goods and services are determined by the market.
He however told members that following the reduction of the 10% tax on rice in January 2018, his ministry had convened series of consultative meetings with the major importers with the view of ensuring that the reduction is reflected on the consumer price of rice.
Minister Sanneh further explains that government has the overarching obligation of ensuring that the people are not exploited by the market and also ensure that the essential food commodities including rice are available and accessible by consumers. Adding that his ministry continues to regularly monitor the stocks and prices of these commodities on a weekly basics.
He further stated that the analysis conducted by his ministry has shown that, in spite of the depreciation of dalasi during the period, the average wholesale of the various types of rice have reduced from December 2017 just before the introduction of the measure to July 2018.
“the average wholesale price of American price drooped by3.3%from D1, 081 per bag in December 2017 to D1, 045 per bag in July 2018, Pakistan rice dropped by 2.8% during the same period” Says minister sanneh adding that other varieties of rice perfume such as Sadam have remained stable since January 2018 at an average wholesale price of D1, 350 per bag.
The minister concluded by saying, it is also important to note the 10% duty reduction on rice is charged against the CIF and does not apply to other charges including port handling fees, processing fee, transport among others.
He added that even though the reduction of the wholesale price has been moderate, the implementation of the measure has also been positive as it has ensured price stability since January 2018.

"Simple is good" & I strongly dislike politics. You cannot defend the indefensible.
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