Mambury Njie, the Minister of Finance and Economy Affairs stated that the Gambia’s economic recovery is well underway and the outlook is favorable.
He added that the contingent on the continued adherence to the Policy Reform Agenda.
Mr Njie was speaking during Economic Community of the West African States [Ecowas] sensitization for the Bankers Association on investment and development, held at Palmarima Hotel on Wednesday 7th November, 2018.
The forum aimed at enlightening the Bankers Association on investment and development so as to promote socio economic growth in the country and boost the trade sector.
He explained further that the spontaneous growth in 2017 is estimated at 3.5 percent from 2.2 percent in 2016 was underpinned by a recovery in agriculture following the improved weather conditions; the rebound increasement in tourism and renewed foreign direct investment.
He also said that fiscal consolidation and significant external financial support has helped to improve the external position in stabilize the domestic currency and a steady decline in consumer price inflation from 8.8 percent at the end of January, 2017 to 6.6 percent at the end of April, 2018.
Mr. Nuha Marenah, the president of the Gambian Bankers Association stated that, the Gambia Association is very happy to be associated with such a laudable regional initiative.
“The event is to chronicle the history of the Gambia Bankers Association, highlight its contribution to the development of the financial sector in the country, particularly in the area of capacity building and to welcome our guests who are potential players in the banking sector. The Association was conceived many years ago when there were only a handful of commercial banks in the country,” he said.
He added: “The Managing Directors of the few existing commercial banks at that time decided to be meeting informally over lunch to share their views on the issues of common interest based mainly on the state of the national economy to be enlarged but with a particular focus on the foreign exchange market and the tourism industry.
“However, those were the key drivers of the economy by then and wouldn’t hasten to add that they continue to be among the most critical sectors up to this day.”
He continued: “Banks in the country have increased rapidly in a relatively short period of time. The economy became more complex, financial intermediation deepened, and the relationship between the customers and the banks in character as well as the customers become more sophisticated competition between the banks intensified while the central Bank becomes more effective in discharging its oversight responsibilities.
Author: Fatoumatta Gassama & S Baldeh