SNF6: Central Bank of Gambia Says Remittances Reached D40 Billion in 2022

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Dr. Abdoulie Sireh Jallow, First Deputy Governor

By: Foday Manneh

A significant part of the economy and a lifeline for scores of the population, remittances are steadily surging in recovery, helping to boost growth with the Central Bank of The Gambia announcing that the Gambia received $712,450,00 (D44,296,578,750.00) in remittances for the year 2022

“The interim remittance float to The Gambia for 2022 is $712,450,000,” said the First Deputy Governor of CBG, Dr. Abdoulie Sireh Jallow.

Speaking at the CBG latest stake in the Nation forum, Dr. Jallow said the figures represent a contraction of 8% compared to 2021.

“The contraction is partly due to the increased digitalization of non-informal sectors and channels to send money as COVID restrictions ease globally. Some of these remittances are not captured in the formal system of our official statistics,” said Jallow.

The Stake in the Nation Forum is mandated as an annual consultative event in The Gambia’s Diaspora Strategy and National Development Plan.

The event organized by the Migration and Sustainable Development in The Gambia (MSDG) was centered on the theme; of “supporting private action for public benefit.”

Reacting to the announcement of the 2022 remittance figures, the Director of GK Partners and MSDG Project, Professor Gibril Faal, said he is surprised by the significant increase in remittances, adding that the 8% reduction is not a diminution of the fiscal float to the Gambia.

“In 2020, we saw a significant increase in remittances because those who did not trust the formal remittance system or did not care to pay for fees were forced by the nefarious pandemic,” Professor Faal outlined.

Prof. Faal, however, commended the Central Bank of The Gambia for their initiative and increased skills in monitoring remittances.

The Minister of Finance and Economic Affairs, Seedy Keita, said his Ministry plans to use existing local infrastructure bond structures to issue diaspora-targeted bonds.

“We are one of the highest recipients of remittances per capita in the world, and through the issuance of Diaspora-Targeted Bonds, our ambition is to transform the diaspora finance ecosystem,” Minister Keita added.

Speaking on behalf of the President at the event, the Minister of Trade, Baboucarr Joof, acknowledged and described the annual remittances in-floats to The Gambia as “immense.” He thanked the diaspora for their continuous support of the National Development Plan.

The SNF brings diaspora groups together annually to engage with government Ministries, Departments, Agencies, NGOs, and CSOs, on a wide range of development issues.

The forum also discusses some strategic inter-sector consultations imitated by different government and quasi-government institutions to drive growth.

The work of the SNF includes updates on Gambian Diaspora Strategy (GDC) and National Development Plan (NDP), facilitating dialogue between diaspora, government, and non-state actors, launch relevant development policies, programs, projects, and initiatives, among others.

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