By: Binta Jaiteh
The Governor of the Central Bank of The Gambia, Hon. Buah Saidy, has revealed that the total remittance inflows in 2023 stood at USD 737.12M.
According to Governor Saidy, this figure accounted for 32.11% of the country’s nominal GDP, representing an increase of 3.46% over the same period in 2022.
The CBG governor made these disclosures at the 7th Stake in the Nation Forum (SNF) held at the Sir Dawda Kairaba Jawara International Conference Centre last week. The forum featured a parallel conference on higher education.
SNF was initiated in 2017 as an annual consultative dialogue, integral to Gambian diaspora policy and practice. As an emergent national institution, SNF continues to facilitate development engagement, interaction, consultations, and collaboration between the Gambian diaspora and Ministries, Departments and Agencies (MDAs), and a diverse range of Non-State Actors (NSAs).
“The technical cooperation between the Central Bank of The Gambia and GK Partners through the MSDG Project dated back to 2017. It has resulted in demonstrable improvements in remittance data and policy monitoring, analysis, and innovation,” stated the CBG governor.
He added: “These have been recognized internationally and The Gambia now serves as an example and case study of good practice, regarding remittance data analyses. To build on this success, the Central Bank of The Gambia is pleased to announce that in March 2024, in partnership with GK Partners, it will publish and launch the inaugural edition of a new resource titled The Gambia Remittances and Diaspora Finance Factbook.
Governor Saidy acknowledged that remittances continue to play a pivotal role in the economic development of The Gambia, adding that the economic impact of remittances cannot be overestimated.
“Over the years, official statistics on remittances have recorded a substantial inflow of funds, providing direct economic benefits to Gambians from all walks of life,” he stated.
The CBG governor emphasized that the apex bank is committed to maintaining leadership and innovation in the field of diaspora finance.
The Minister of Foreign Affairs and Gambians Abroad, Dr. Momodou Tangara, delivered the keynote address on behalf of President Adama Barrow.
President Barrow pointed out that progress would remain elusive if various development activities do not have positive impacts on communities or the nation.
“No community or nation can progress and thrive without ensuring that its various development activities create actual positive impacts, especially for citizens from deprived socioeconomic backgrounds,” he explained.
“However, as a President, one of my constitutional duties is to embark on an annual Meet-The-People tour. I get to hear about problems and challenges faced by citizens up and down the country. I get to see the projects and programs implemented by my government and other development partners. Most importantly, I get to witness how positive development impacts and transforms the lives, livelihoods, and lifestyles of individuals, families, and communities,” the Gambian leader said.
