Gambia Banking industry registers asset growth of 15.8% in 2018

Thursday, December 06, 2018

Gambia’s Central Bank governor Bakary Jammeh said the country’s banking industry remains highly capitalized, liquid and profitable with a registered asset growth of 15.8% in the year to end-September 2018.

“The asset quality has also improved. Non-performing loan ratio stood at 4.7%, lower than 5.9% reported at the previous Monetary Policy Committee (MPC) and 10.2% in the same period last year,” Governor Jammeh said.

Speaking at the MPC press conference of the 2018 recent review of economic development at the Central Bank of The Gambia in Banjul, governor Jammeh said the risk weighted capital adequacy ratio stood at 33.6%, saying that is significantly higher than the statutory requirement of 10%. “Liquidity ratio was 98.48% in September 2018 and remains well above the requirement of 30%.”

On price movement, the governor lamented that inflation as measured by the National Consumer Price Index (NCPI) remained largely subdued. He said according to the latest report from The Gambia Bureau of Statistics (GBOS), inflation decelerated to 6.5% in October, 2018 from 7.4% in a year ago.

He appreciated the decline in consumer food inflation; saying that is the main driver of headline inflation which decelerated to 6.5% in October 2018 from 7.9% last year.

“Price indices of all the components of the food basket declined with the exception of fruits and nuts. Non-food inflation edged up slightly to 6.8% from 6.7% during the review period,” he said.

Author: Pa Modou Cham