According to the Gambia’s Trade Minister Baboucarr O. Joof, global inflation will cause sugar prices to climb even further in 2024. The minister was speaking at a press conference.
It is anticipated that the growth in the international price of sugar will continue in 2024. From 0.80 USD in January 2023 to 1.10 USD in December 2023, the international price of sugar grew by 38%. It is anticipated that this growth will continue in 2024.
Domestic prices also climbed from D2, 206 to D2, 725 by the last quarter of 2023. Nonetheless, the COVID-19 pandemic and the Ukrainian conflict have caused inflationary pressure on the cost of critical commodities, and the world economy is currently recovering from them. In 2023, the least developed countries—such as The Gambia—faced difficulties.
The Gambian Minister of Trade, Joof, has emphasized the sensitive nature of consumer goods like cement, rice, tomato paste, onion, flour, potatoes, edible oil, and chicken to price hikes. Rice prices have been high globally, but in Gambia, they remain stable.
The Minister argued that trade restrictive measures disrupt the global supply chain and implemented measures to reduce pressure on prices, such as prioritizing vessel berthing to avoid demurrage charges that may increase market prices.
