The persistent depreciation of the dalasi against foreign currencies is no accident. It is driven by structural weaknesses in our economy — a heavy reliance on imports, low foreign exchange earnings, and unsustainable levels of government expenditure. As the demand for foreign currency rises — fueled by our appetite for imported goods and services — and supply remains stagnant, the value of the dalasi inevitably falls.
Mr President, it is time to look inward and ask ourselves: Are we part of the solution, or are we unintentionally compounding the problem?One of the immediate areas for reform is government expenditure. The size and cost of government have grown considerably. Official travel by senior officials is frequent and costly, with large delegations accompanying ministers and dignitaries abroad. The purchase of expensive vehicles for government use, coupled with high fuel consumption, places an avoidable strain on the national budget and foreign exchange reserves. Furthermore, the sheer size of delegations attending international conferences — often with marginal impact — is unsustainable.
Mr President, to stabilise the dalasi and restore confidence, the government must take bold steps to contain major expenditures:
Cut unnecessary official travels and insist on lean, purpose-driven delegations.
Restrict the purchase of luxury vehicles, and instead promote modest, fuel-efficient transport for official use.
Rationalise government spending on fuel and allowances, with strict monitoring mechanisms to curb wastage.
Streamline the size of government delegations to essential personnel only, guided by clear cost-benefit justifications.
These austerity measures will not only save scarce foreign exchange but will also send a strong signal of discipline and solidarity with the Gambian people.
However, fiscal restraint alone is not enough. We must also accelerate foreign exchange inflows by promoting key sectors. Tourism — one of our main foreign exchange earners — must be rejuvenated especially Regional and Diaspora Heritage Tourism; however, the physical payment of the SecuriPort Tax on passengers at the airport remains a major deterrent and must be removed as a matter of priority.
Mr President, tourism calls for strategic marketing with airlines having frequent and direct flights to The Gambia from potential source markets like the USA and the Africa region, improved service standards, and new incentives to attract investors and visitors alike. Priority sectors such as agriculture, fisheries, light manufacturing, and technology should be incentivised to boost exports and reduce our dependence on imports.
By creating an enabling environment for businesses, supporting local production, and diversifying our economy, we can generate sustainable sources of foreign exchange and ease the pressure on the dalasi.
Mr President, the solution is within your reach as the elected leader of the nation and therefore the buck stops with you. Prudential synchronised fiscal, monetary and financial management are essential now more than ever; a leaner and more efficient government and a deliberate push to empower sectors that drive economic growth to create jobs are essential for sustainable development. The Gambian people are resilient; they have endured, and they want an improved economic situation.
Good day!