By Tabora Bojang
The minister of trade Mod K Ceesay has informed lawmakers that government is not in position to operate a price control regime, in response to a parliamentary question by member for Janjanbureh Omar Jammeh who asked him to clarify government’s interventions to stablise food prices and protect low-income households from the rising cost of living.
The minister further revealed that instead government is operating a liberalised market economy in which prices of goods, and services are primarily determined by market forces of demand and supply.
He further disclosed that government is implementing measures towards safeguarding food security and protecting consumers from avoidable market disruptions and also continuously monitoring markets, stock levels and price movement as well as maintaining close engagement with importers and other key stakeholders to prevent shortages.
“We work with the Gambia Ports Authority to prioritise the clearance and handling of vessels carrying essential commodities and this helps to minimise avoidable costs including demurrage charges added to retail prices,” the minister said.
In a follow-up question, Hon Jammeh asked the minister to state whether the government is willing to revise its policy from liberal market to a controlled economy. He replied: “At this stage, there is nothing that informs us to reverse our policy position from liberal arrangement to a controlled environment. We are implementing a liberal market and we will continue to monitor the market to ensure the right environment is at play and that essential goods are available.”
