Gambia’s borrowing rate reduces to 5.5%

Friday, August 17, 2018

President Adama Barrow says the economy of the Gambia is steadily growing as interest rates from the latest treasury bills indicate a significant reduction in borrowing from 17.4% to 5.5%.

The president disclosed these figures in an exclusive interview with Sankulleh Janko on Monday morning at State House.

The president emphasised the progress the economy is making and recalled the significant differences in figures at the time of his coming into office to date.

“If you look at the figures when we came into power, basically less than one month import cover, today we are up to four, five month import cover,” he said. “If you look at the interest rates, a treasury bill was like 17.4%. Today the latest figures are 5.5%, borrowing has gone down. I think the economy is strong.”

“We have proven that there is financial discipline as far as our government is concerned and this all happened within 18 months.”

The Gambian leader went continued that the most important of all was the national development plan which he said was brought about as their guide in achieving their goals, citing that a country cannot be run without a plan. 

“We were able to come together, put our heads together, our technicians, and the international bodies to help us put something together that is the National Development Plan. And that National Development Plan nobody can dispute that beyond any reasonable doubt we were able to prove that we have a very good National Development Plan.”

“That’s why we were able to present in Brussels where The Gambia was fortunate with pledges of 1.7 billion; that’s a record in this country.”

The head of state also said the security reforms in process is to better train and equip the security personnel.

He said there are lots of projects in the pipeline and his government wants to change the lives of Gambians to a better one, but said that is only possible if Gambians are united and work towards national development.

Author: Sankulleh Gibril Janko
Source: Picture:President Adama Barrow