Gambia inflation stands at 13.1% – finance minister

Gambia inflation stands at 13.1% – finance minister

Hon. Seedy Keita, Minister for Finance and Economic Affairs, has revealed that the country’s inflation status stood at 13.1% in January 2023 from 13.7% in December 2022. 

He made this revelation during the Question-and-Answer session for ministers at the National Assembly on Wednesday.

“The headline inflation is broad-based with a decreasing stability in the price of commodities between December and January,” the minister explained. “The food inflation declined from 18.7% in December to 17.49% at the end of January 2023. Similarly, non-food inflation recorded a decline to 8.58% in January from 9.38% in December, and this makes the overall inflation is at 13.1%.”

However, Minister Keita disclosed that they have a long-term solution to bringing down food inflation. “We believe domestic production is the way to bring down the country’s inflation,” he opined, saying: “There is no financial tool that can substitute domestic production because looking at our food stock intake, over 60% is imported; therefore, we are determined to increase agricultural productivity to solve the issue.”

The finance minister said further: “We will also enhance the stability of the exchange rate of the dalasi as it has been falling steadily recently.”

In the same vein, he clarified and affirmed that the coins of The Gambia’s legal tender are still in circulation as they are valid elements of the national currency hence remain an integral part of the legal tender in the country.

He made this clarification and confirmation in response to the question of inadequate circulation of the dalasi coins in the market posed by the Honourable Member for Central Baddibu.

Source: The Point

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