Trade Minister Warns of Potential Sugar Price Surge in 2024 Amid Global Inflation

By Modou L. Badjie

Trade Minister, Baboucarr O. Joof has cautioned that sugar prices are likely to see a continued increase in 2024 due to inflation in the international sugar market. Speaking at a press conference in Banjul, Joof highlighted the impact of inflation and trade restrictions from various countries on sugar prices globally.

The minister pointed out that the international price of sugar witnessed a substantial rise from USD 0.80 in January 2023 to USD 1.10 by December 2023, marking a 38% increase. This surge in international prices reflected in domestic prices, which escalated from D2,206 to D2,725 in the last quarter of 2023.

Attributing the challenges to the aftermath of COVID-19 and the conflict in Ukraine, Minister Joof acknowledged that 2023 was a tough year for Least Developed Countries like The Gambia. Despite the global economic struggles, he noted that the price of rice remained relatively stable in The Gambia, thanks to government efforts.

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To alleviate the pressure on prices, the Ministry implemented various measures, such as prioritising berthing for vessels carrying essential commodities to avoid demurrage charges. Minister Joof also highlighted ongoing government interventions to ensure a steady supply of essential items like rice and sugar, including waivers for business entities to facilitate smoother importation of consumables.