GPA collects D1bn in 2018

Friday, May 03, 2019

The Gambia Ports Authority (GPA) for the first time in history has collected D1 billion tax on goods and services, against the under-D500 Million in the years before.

President Adama Barrow, addressing thousands of people from the Kanifing Municipality and Banjul that paid a courtesy call on him at the State House on Sunday, said the sea port made such a huge leap in profit thanks to the 24 hours of operation now, compared to 12 hours when he assumed office.

“In 2017, only three ships could dock at the ports at any one time… many ships will take up to week queueing for a chance to dock. Now, up to five ships dock at the port and they are cleared within 24 and 48 hours,” President Barrow said.

Stabilisng the economy.

The President went on to explain how his government worked to turn the economy around, after they found it at an all-time low upon assuming office.

The reserves at the Central Bank were less than a month of import cover in 2017. Today they are almost five months.

The debt to GDP ratio was at 120 per cent in 2017. Today, it is 80%.

Treasury bills stood at 23 per cent interest in 2017, today, it is down between 4 and five percent.

The interest on commercial bank loans was between 30 to 50 per cent in 2017, now they have been brought down to 13 and 15 per cent.

 Culled from Sanna Camara