He added that The Gambia has the policies, strategies, political will, technical expertise and the patriotic motivation to make The Gambia a world leader in Diaspora finance.
“Now is the opportune time to seize the immense opportunities. Through their remittances and other formal transfers, the Diaspora has demonstrated their commitment to invest in local economy,” the head of Finance Ministry said.
As world economies continues to recover following a serious economic meltdown by the COVID-19 pandemic and Ukraine/Russia war, the Central Bank of The Gambia (CBG) announced receiving $712, 450,000 million of remittance in 2022.
Speaking during The Stake in the Nation Forum held at International Conference Centre in Bijilo last week, Dr. Abdoulie Sireh Jallow, first deputy governor of CBG said: “The interim remittance float to The Gambia for 2022 is $712,450,000 million.”
The financial expert further stated that the figures represent a contraction of 8% compared to 2021.
“The contraction is partly due to the increased digitalisation of non-informal sectors and channels to send money as COVID restrictions ease globally. Some of these remittances are not captured in the formal system of our official statistics,” said Jallow.
According to the World Bank, The Gambia is one of the top ten countries in the world dependent on remittances and the third highest dependent country in Sub-Saharan Africa after Liberia and Comoros.
