#Headlines

Finance minister blames  price hike on global market

Feb 10, 2022, 1:52 PM | Article By: Ismaila Sonko

Mambury Njie, the minister of Finance and Economic Affairs has said that the price hike is not only a national issue but a global phenomenon.

Finance Minister Njie made these remarks while responding to questions from lawmakers at parliament on Wednesday.

He said the Monetary Policy Committee (MPC) is the top monetary policy decision making body of the Central Bank with the primary objective of maintaining price and exchange rate stability.

Mr. Njie said the increase in the price of essential commodities over the last two years reflects the global trend. “We have seen across all countries due to the COVID -19 pandemic which causes supply chain challenges and increase in freight which were inflationary.”

According him, domestic structural challenges such as congestion in the seaport, shortages during the peak of the pandemic all further fuelled inflation.

The Gambian Economic Affairs Minister said Central Bank of the Gambia (CBG) is responsible for maintaining price stability. “It is likely that the recent price hike is blamed on the Ministry of Trade because the promulgation on the price of essential commodities that was done during the pandemic was channelled through the Ministry and with most commodity issue price or supply in the country. The ministry works on behalf of the government to resolve them. These may be the reasons why people attribute price hikes to the Ministry.

He added that the government is working on addressing some of the issues which have caused the price hikes, which include port expansion to reduce port congestion and charges.

“The government and the Monetary Policy Committee (MPC) are monitoring national and global development and their possible impacts on domestic inflation.”

Finance Minister Njie also informed the lawmakers that the total revenue that government has lost since the duty on rice was lifted in 2018 stands at D837,773,960 (eight hundred and thirty-seven million, seven hundred and seventy-three thousand, nine hundred and sixty dalasi).

Read Other Articles In Headlines
Hissene Habre
Ex-Chadian leader Hissène Habré dies at 79
Aug 25, 2021, 10:55 AM

Chad's ex-ruler Hissène Habré has died at the age of 79 while serving a life sentence for crimes against humanity.

Masanneh Nyuku Kinteh
‘Gambia-China relations enter new stage of strong development’
Aug 12, 2021, 1:28 PM

Masanneh Nyuku Kinteh, the Gambia Ambassador to the People’s Republic of China  has stated that The Gambia-China relations have now entered a new stage of strong development within the framework of the Forum on China-Africa Cooperation (FOCAC), arguing that the bilateral relations between the two countries have yielded a lot in recent years.

Makareh Badjan
IAG says GTU boss’ comments “derogatory”
Apr 29, 2022, 11:11 AM

The Insurance Association of The Gambia (IAG) yesterday in a press conference condemned the comments made by the President of the Gambia Transport Union (GTU), Mr. Omar Ceesay for labeling insurance companies as "scammers” as “derogatory”.

Mr Saine and Kebba Dampha
Gambia Embassy Steals the Show in Dubai as Pap Saine Honoured 
Jul 27, 2021, 12:58 PM

The Gambian Embassy in Dubai, United Arab Emirates, effectively stole the show in the midst of several other embassies including around a dozen African diplomatic missions during the award ceremony of Africa’s Most Respected CEO Awards 2021.