By: Fatou Dahaba
Finance and Economic Affairs Minister Seedy Keita assured National Assembly Members on Thursday that the government and the Central Bank are actively implementing measures to curb the rapid depreciation of the Dalasi. However, he cautioned that full stabilisation remains difficult in a flexible exchange-rate regime driven by market forces.
Responding to questions during the oral answers session, Minister Keita told Hon. Bakary Badgie (Foni Bintang Karanai) that while the Ministry has clear plans to “regularise” depreciation, the currency’s performance ultimately depends on supply, demand, trade security, and broader market conditions.
Lawmakers raised particular alarm over rampant street trading in Westfield, Bamboo, and Brikama, where individuals openly carry large amounts of dollars, euros, and CFA francs. Hon. Alagie Babou Ceesay (Sabach Sanjal) demanded stricter monitoring and licensing rules for forex operators. Minister Keita welcomed the suggestion, revealing that the Central Bank has already rolled out several reforms, including: Centralising all foreign currency shipments; introducing new licensing regulations for exchange bureaus; launching electronic real-time reporting platforms; and reviewing FinTech guidelines and raising minimum capital and liquidity requirements.
On the persistent black market, the Minister admitted its harmful effects are hard to quantify but stressed that heavy-handed crackdowns risk pushing traders further underground. “We are in a free market,” he said. “If you use force, you drive them underground, which makes regulation much more difficult.” He confirmed ongoing joint consultations between the Ministry and the Central Bank to bring parallel-market transactions into the formal banking system.
Hon. Lamin Ceesay (Kiang West) urged swift action, warning that citizens cannot wait indefinitely. Minister Keita replied that “progress is being made” and promised meaningful measures “very soon.”
The Minister also updated deputies on the proposed ECOWAS single currency, originally slated for 2027. He disclosed that the Central Bank has not yet commenced public sensitisation, as the launch date remains uncertain and will be coordinated regionally through ECOWAS institutions. The West African Monetary Agency has approved a 2025–2028 communication strategy, but Hon. Keita noted that Hon. Badgie questioned whether The Gambia is meeting convergence criteria. The Minister pointed to the dominant influence of larger economies, particularly Nigeria, on the timetable.
The lively exchange underscored growing parliamentary pressure on the government to shield ordinary Gambians from rising import costs and currency volatility as the Dalasi depreciation continues to fuel inflation and erode purchasing power.
