By Binta Jaiteh
The Ministry of Trade has promised to bring down food prices amid a rising course of basic food commodities, sparking public outcry.
Gambians have been calling on the state to intervene and address the issue of the uncontrolled prices on goods especially food items, as the business community rise up prices in Ramadan causing concerns.
Speaking at a press conference held at the Ministry on Monday Seedy Keita assured the government commitment to improve the welfare of Gambians especially during this pandemic.
“The Ministry and the Government will continue to do everything legally possible within our powers and means to ensure that essential commodities are accessible and affordable,” he said.
Meanwhile, he said: “our findings and observations revealed that as we continue to live in the COVID 19 pandemic the virus disrupted global supply chains resulting in high freight cost. The freight cost to Banjul has increased by over 100% since November 2020 from USD2750 per 20ft container to USD 5750.”
According to him, the pandemic has scale down the global production level and caused high prices of essential commodities in the International market. He added that it has been surging from April 2020, and the price of oil which is a determinant factor on commodity prices.
“The price of a barrel Brent Crude was USD 42.3 as at November 2020, and it was USD 63.8 as of 13th April. It is worth noting that despite the external factor, on the domestic price of commodities, which to a large extent are beyond the control of the Government,” he disclosed.
He added that “there is no legal consequence for such because nobody is breaking the law by selling his item at a certain price. But the whole idea of market force is of an equilibrium price and where supply made demand the optimum price level.”
“We should make sure there is no asymmetry information from both sellers and buyers. The best way this can be done is a self-corrective mechanism for the consumer to reject the price and proceed to another shop,” he said.
