At the Ninth Stake in the Nation Forum (SNF9), organized by the Migration and Sustainable Development in The Gambia (MSDG) project, the Central Bank of The Gambia highlighted the pivotal role of diaspora contributions, announcing that total remittances through formal channels reached approximately $872.05 million in 2025.
Delivering the keynote remarks, Ms. Ida Faye of the Central Bank emphasized the significance of these inflows, which marked a substantial increase of $54.42 million compared to 2024 figures. The remittances accounted for over 30% of the nation’s Gross Domestic Product (GDP), underscoring their status as a cornerstone of economic stability and national development.
“These figures represent only the remittances accountable through formal channels,” Faye stated, highlighting the growing embrace of regulated systems by Gambians abroad. She attributed the continued upward trend to a combination of higher transfer volumes and increased use of formal remittance pathways, driven by improved financial infrastructure and diaspora confidence.
Faye extended warm appreciation to the Gambian diaspora, describing their commitment as “a powerful force for economic growth and resilience.” In an era of global uncertainty, she noted, remittance flows have demonstrated remarkable stability, serving as a reliable source of foreign exchange for the country.
At the household level, these funds play a transformative role in enhancing family welfare. They provide essential support for daily consumption, education, healthcare, and other needs, with positive ripple effects including poverty reduction, greater social stability, and boosted productivity across communities.
The announcement at SNF9, a key annual platform for engaging the diaspora in national policy and development discussions, comes amid ongoing efforts to maximize the impact of these inflows. Initiatives by the Central Bank and partners, such as the MSDG project, have focused on improving data, advancing financial inclusion, and reducing transfer costs to channel more resources into sustainable investments.
As The Gambia continues to position its diaspora—often referred to as the “eighth region”—as a vital partner in progress, the 2025 remittance milestone underscores the sector’s resilience and outsized contribution to the economy, rivaling traditional pillars such as tourism and agriculture.
The Central Bank’s recognition signals optimism about future growth, provided that formal channels expand further and diaspora engagement deepens through collaborative forums like SNF.
