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Sabally Says Gambia’s Economy on Right Track

By Kemo Kanyi

Momodou Sabally, Special Adviser to President Adama Barrow, said the economy of the country is fantastic, on the right trajectory and on the right pace that is felt across the length and breadth of the country.

He stated that the growth in the Gambia’s Gross Domestic Product (GDP) is one of the driving forces that puts the country in the fastest growing economy list.

‘’Real GDP growth of 5.3% in 2023, this year, it is paged at 5.8% and The Gambia is listed among top 20 fastest growing economies in the whole world by the International Monetary Fund (IMF). Inflation which was at 18.5% a year ago has now slumped down to 10% and the Central Bank’s Monetary Policy Rate is at 17%. Some of the issues that I  have been critisizing the government have been overwhelmingly corrected,’’ Sabally told Coffee Time With Peter Gomez on Monday.

He added that his vehement attacks on government then was the inflation and its monetary policy rate. 

‘’That came to a point where we have negative real interest rate. Its impact on the economy is that people don’t save, if people don’t save, there is no money for investment, if there is no investment, there is no economic growth, and if there is no growth, there are no jobs, but we have seen a turnaround of that situation and I saw this coming when the 2024 budget estimates were laid. I said for once I think Seedy Keita is getting his act right and he has proven me right. It is just phenomenal what has happened in the past 12 months.’’

Momodou Sabally said he was convinced with the finance minister when he saw the fiscal performance report that was presented to the parliament in 2023.

The Special Adviser acknowledged that policy misstep can happen anywhere, adding that the global financial fuel crises happened when the policy misstep happened in the United States.

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