Seedy Keita, who made this statement at the opening of GRA-WATAF forum organised for Gambian lawmakers at a local hotel, said that currently economies around the world are battling high inflation as a result of the Russia-Ukraine war, which “ has resulted in the high cost of living” in the country.
To cushion the effects of the crisis, he said, governments around the world are left with no choice but to provide unsustainable subsidies to stabilise prices.
The Finance minister said the meeting came at a time international trade receipts were dwindling as a result of a host of factors beyond control.
“The mantra, therefore, for developing countries, is to focus on domestic revenue mobilisation,” he stated, adding: “The ministry of Finance and GRA are implementing a host of policies and programs aimed at changing the dynamics and this is yielding dividends as domestic revenue receipts have overtaken international trade receipts since the third quarter of 2021 and this trend has continued in 2022 and we hope that domestic revenue receipts will continue to grow.”
Minister Keita described the role of lawmakers as indispensable “in our drive to expand the tax base, narrow the tax gap with a view of enhancing our domestic revenue mobilisation”.
He said: “This is a clarion call for all of us and I am pleased that the Gambia Revenue Authority has recognised your role in this endeavour. I wish to commend WATAF and the United Nations Department of Economic and Social Affairs for partnering with the Gambia Revenue Authority in this initiative and for having the foresight in organising this roundtable discussion.”
The pandemic, he added, had crippled the global economy, citing the travel restrictions imposed to curb the spread of COVID-19, which has brought the country’s tourism sector to a standstill.
