The present value of The Gambia’s debt-to-revenue ratio has soared to 491%, more than double the international benchmark of 240% for countries with medium debt-carrying capacity. In plain terms, this means the country owes nearly five times more than it earns in a year.
While the government insists that public debt remains “sustainable in the medium term,” the audit describes this as a dangerous contradiction. Sustainability on paper does little to hide the fact that the country’s debt service obligations continue to eat into revenues, leaving less money for schools, hospitals, and basic infrastructure.
“Outstanding public debt: D113.7 billion, total revenue: D23.1 billion, debt service: D2.25 billion in 2023, Debt-to-GDP ratio: 17% (below the 40% threshold, but misleading when weighed against revenues) and Debt-to-revenue ratio: 491% (more than double the safe limit of 240%).”
The audit recommends that the Ministry of Finance and Economic Affairs (MoFEA) tighten fiscal discipline, adhere strictly to debt policies, and establish mechanisms to reduce long-term risks. Auditors also called for closer scrutiny of budgeted versus actual expenditures and stronger oversight of public borrowing.
