The Central Bank of The Gambia (CBG) reported on the global and domestic outlook for the economic inflation and forecast for the year 2025. CBG is also closely monitoring the global scenario and the possible impact on the domestic front.
On the Global economic outlook, 3.3% growth is predicted for 2025 -2026, but could be jeopardised by a trade war that could impact global and domestic economies. It was also reported that the Sub-Saharan Africa region is a major economic driver and is expected to realise over 5% growth, including The Gambia’s projected 5.9% growth with a decline in inflation to a single digit (9.4%). This decline is also associated with the FAO food price index. Other indicators include the drop in the crude oil price index in February to 76.81 compared to January 2025.
The CBG is also monitoring the natural depreciation of the dalasi, which is stable. However, Economic researchers are closely monitoring the possible effects of proposed deportations on remittance flows. Meanwhile, remittance stood at 130.3 million dalasis in the first two months of the year 2025. The Central Bank further reported an increase in tourist arrivals to 224,000.
In another briefing, the Ministry of Finance and Economic Affairs reported that a total of 3.1 billion Dalasis was received as budget support in December 2024, and the IMF programmes are linked to Public Policy implementation of the National Development Plan (NDP), the White Paper on Transitional Justice, and macroeconomic stability and public financing. However, external factors could affect migration management and the transitional justice programme.
In terms of Social Protection Reforms, there is an increase in the number of households receiving financial support.
On Domestic Revenue, The Gambia Revenue Authority (GRA) conducted tax audits on ten (10) large taxpayers, and the CBG requested Executive support for approval of Cabinet papers related to budget support and electronic Value Added Tax (VAT) invoicing following the completion of procurement.
In its report, GRA exceeded its 2024 revenue target by 8% and realised overall growth of 32%. In addition, fuel marking is contributing to revenue growth and the MoFEA’s presentation ended on a high note that all health facilities will be solarised by the end of December 2025.
Meanwhile, the Accountant General Department (AGD) reported on the positive effects of digitalisation in improving the government payment system and easing the monitoring of expenditures. The AGD is also working on reforms of the payment gateway by working with Fintech companies from revenue to data collection.
On the inventory of state properties, AGD has completed the stocktaking of government assets in the country and is currently working with embassies to update its records on assets abroad.
AGD has completed and submitted the 2021 and 2022 government financial statements to the National Audit Office for finalisation before submitting them to the National Assembly. The draft for 2023 has also been submitted to the NAO and the 2024 financial statement is due by end December 2025.
Digitalisation has also positively impacted the revenue collection at the Basse and Fatoto bridges between January and March 2025, resulting in the collections of at least, D3,744,500. It was indicated that while delays in government payments could be frustrating, it is due to the monitoring mechanism placed on government expenditures to enhance accountability.
The Gambia’s drive in encouraging direct investment in yielding dividends with The Gambia Investment and Enterprise Promotion Agency (GIEPA) reporting on nine new companies recorded in 2024 operating in industry, agriculture and the service sectors. GIEPA has launched the Gambia e-market platform and the GAMLUMO platform for promoting and delivering Gambian products to the global market, as part of the National Export Strategy 2021 – 2025.
In another important key development, the Gambia Public Procurement Authority (GPPA) has established an e-GP / GPP portal for upgrading pre-bidding and authorisation and is working on a standard vehicle specification for public procurement and a local content bill development. Moreover, the institution is also processing a National Public Procurement Policy and Strategic Plan to guide the next phases of its engagements.
The Ministry of Trade, Industry, Employment and Regional Integration, reported on the state of the migrant workers scheme agreements with the Kingdom of Saudi Arabia (KSA), and the Kingdom of Spain. Fifty-seven (57) Gambians left for KSA. For Spain, some three hundred Gambians are needed for the pilot project and the selection will be jointly conducted by the Gambian and the Spanish authorities.
On the price index of basic commodities, the Trade Ministry reported stability for the period of January to March 2025.
Vice President Muhammed B.S. Jallow, Ministers, Heads of Public Institutions and Agencies and the staff of the Department of Strategic Policy and Delivery participated in the briefing. (Source: State House)
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