Gambian economy is very promising, growing at six percent - says Outgoing World Bank Country Director

Thursday, May 23, 2019

State House, 22nd May 2019 – His Excellency, President Adama Barrow on Wednesday, May 22 received in audience the outgoing Country Director of the World Bank in The Gambia, Ms Louise Cord, who hailed the current state of the Gambian economy as ‘’very promising’’. The diplomat who was at the presidency to bid farewell to the Head of State was accompanied by the Minister of Finance and Economic Affairs, Hon. Mambury Njie.

“The economy has been restored - growth is about 6 per cent, which is very a promising situation, inflation is also down to 6 percent. So the macro aggregates are looking strong and reserves are at around 5 months,” Ms Cord said.

The World Bank continued to be an active partner of the government, engaging in multiple sectors of development such as energy, education, health, and social protection.

Speaking to the press after her audience with the president, the diplomat described her time in The Gambia as “one of the most memorable experiences”. She was assigned to the country at the beginning of the political transition, providing the new government with budgetary support from the early days.

The World Bank chief said she was honored to be part of the economic transformation experience under the current government, especially in the areas of macro-economic stability, restoring growth, improving fiscal management, and restoring stable and reliable access to energy. Without macro stability, it is very hard to talk about inclusive growth, she added.

However, she maintained that for the inclusive growth to be sustained and everyone to benefit, The Gambia needs to continue to see important investments in energy, reform, and telecommunication sectors to ensure efficiency. She also called for continuous investment in education, health, and social protection to ensure that The Gambia’s human capital is developed for the country and her youths are able to compete globally.

She recalled some fun memories from her assignment in The Gambia, such as her first meeting with the President in Dakar and the signing of the $56 Million budget support in Banjul. She described them as “quite a historic and memorable moments” for the World Bank. The assistance, she said, shows its commitment to the government and the people of The Gambia.