By: Kebba Ansu Manneh
The Gambian economy has demonstrated remarkable resilience, achieving a growth rate of 5.3% in 2024, significantly surpassing the regional average for Sub-Saharan Africa, according to Patrick Gitton, the International Monetary Fund’s (IMF) Resident Representative to The Gambia.
At Tuesday’s presentation of the IMF’s latest Regional Economic Outlook for Sub-Saharan Africa, Gitton highlighted The Gambia’s robust economic performance amid a complex regional landscape.
The IMF reported that Sub-Saharan Africa experienced a stronger-than-expected rebound in 2024, with regional growth reaching 4%, up from 3.6% in 2023. Gitton noted that high-frequency indicators pointed to a surge in economic activity in the last quarter of 2024, particularly in non-resource-intensive countries like The Gambia. “It’s worth noting that the Gambian economy grew at a stronger pace than the overall region,” Gitton said. “It has been significantly above the regional average since 2021.”
The Gambia’s economic success is attributed to disciplined policy measures and structural reforms. Inflation, a persistent challenge, has seen significant improvement. Gitton revealed that inflation in The Gambia dropped from a high of over 18% in September 2023 to 9.4% in February 2025 and further to 8.1% by the end of April 2025. This decline, primarily driven by a reduction in food inflation, mirrors regional trends, where food price inflation fell from 14% in February 2023 to below 6% by February 2025. “This is a great improvement for The Gambia,” Gitton emphasized, crediting tighter monetary policies across the region for curbing inflationary pressures.
On the fiscal front, The Gambia has made strides in stabilizing its economy, though challenges remain. The country’s public debt, while gradually declining, stood at 73.5% of GDP at the end of 2024, higher than the regional median of nearly 60%. Supported by an IMF program, this debt is expected to continue decreasing. Gitton noted that fiscal consolidation efforts have been critical, with fiscal deficits, excluding debt interest payments, falling below pre-pandemic levels in many countries. For The Gambia, fiscal adjustment is bolstered by efforts to streamline tax exemptions, improve compliance, and broaden the tax base.
Regionally, fiscal balances are projected to improve by approximately 2% of GDP between 2022 and 2025, although oil-exporting countries may face a deterioration. Gitton explained that fiscal strategies in the region tend to rely more on restrictive spending measures than on revenue mobilization, but countries like The Gambia are increasingly focusing on domestic revenue generation to rebuild fiscal space and reduce debt.
The external economic environment has also shown improvement. Gitton highlighted that narrowing external imbalances in 2024 were driven by better terms of trade—the ratio of export to import prices—along with strong remittances and more stable exchange rates. For The Gambia, gross international reserves at the end of 2024 covered 4.2 months of imports for 2025, signaling a positive development. “This progress has been underpinned by critical policy efforts aimed at macroeconomic stabilization, despite challenges like security issues and natural disasters,” Gitton said.
The IMF’s presentation underscored the region’s resilience in navigating tough economic conditions. Sub-Saharan Africa’s growth momentum, supported by policy reforms, has exceeded expectations, with non-resource-intensive economies, such as The Gambia, leading the charge. However, Gitton cautioned that sustained efforts are needed to address high public debt levels and external vulnerabilities.
The event also featured an analytical presentation by Bernard Mendy, an economist at the IMF’s Banjul office, who provided further insights into the economic outlook for Sub-Saharan Africa. Representatives from The Gambia’s Ministry of Finance, Central Bank, Gambia Revenue Authority, and other financial institutions attended the ceremony, reflecting the collaborative effort to sustain the country’s economic progress.
As The Gambia continues to outperform its regional peers, the IMF’s endorsement highlights the effectiveness of its policy measures. With ongoing reforms and international support, the country is poised to maintain its upward trajectory, offering a model for economic resilience in the region.
