Gov't is still committed to ECOWAS single currency ---- Says Finance Minister

Jul 20, 2020, 11:17 AM | Article By: Ismaila Sonko

The minister for Finance and Economic Affairs has informed lawmakers that the government of The Gambia is still committed to the actualisation of the ECOWAS single currency (Eco).

Mambury Njie maintained that as part of the set macro-economic convergence criteria to assess performance, The Gambia continues to meet three of the four primary convergences - inflation, Central Bank financing of the budget and the gross reserve and one of the two secondary convergences - exchange rate variation since 2017.

He made this disclosure on Wednesday while responding to questions from deputies at the National Assembly.

The Gambia, he said, is missing the budget deficit under the primary convergence criteria and debt to GDP ratio under the secondary convergence criteria.

"Yet this has placed The Gambia amongst the best performing countries towards the regional integration process of the single currency," he said. 

Minister Njie indicated that the coming of the Eco would significantly help the country in regional integration process because The Gambia is a country with limited resources.

He also informed deputies that the implementation of the National Development Plan (NDP) is progressing, and so far a total of $199.57 million has been disbursed towards the implementation of the NDP, representing a 12% disbursement rate of the pledged amount.

He further stated that duty collected on rice imports for 2017 amounted to D192.4 million. 

"However, the duty on rice in 2018 was zero rate, and hence there was no payment of duty on rice imports".

Minister Njie stated that the revenue lost to waiving taxes on rice amounted to D305.1 million in 2019.

Read Other Articles In Headlines
Pa Louie Moses Mendy
Girls dominate 2020 GABECE results as 16 get aggregate 6
Oct 15, 2020, 11:11 AM

The Ministry of Basic and Secondary Education on Tuesday released the 2020 GABECE examination results, disclosing that 26 students comprising 10 males and 16 females from different schools across the country got aggregate six (6).

NAWEC promises universal access to electricity by 2025
Aug 26, 2021, 12:35 PM

The managing director of the National Water and Electricity Company Limited (NAWEC), Nani Juwara has stated that The Gambia government through its strategic electricity subsector roadmap is designed to provide universal access to electricity by 2025.

Tangara participates at 8th Dakar int’l forum on peace, security in Africa
Oct 28, 2022, 9:40 AM

BANJUL, 27th October 2022: The minister of Foreign Affairs, International Cooperation and Gambians Abroad, His Excellency Dr. Mamadou Tangara has attended the 8th edition of the Dakar International Forum on Peace and Security in Africa held from October 24th to 25th, 2022, at the Abdou Diouf International Conference Center (CICAD) in Dakar, Senegal, under the theme "Africa to the test of exogenous shocks: challenges of stability and sovereignty”.

Health v3
Health minister announces 3 more deaths of children
Oct 11, 2022, 11:12 AM

During a press conference held at the Ministry of Health on Saturday, Minister Dr. Ahmadou Lamin Samateh confirmed additional deaths of three children due to the Acute Kidney Injury (AKI) outbreak, making the total at 69.