The official statement seen by The Point vividly pointed out that due to GRA’s relentless efforts to boost revenue in a “transparent, prudent and humane manner”, the country’s revenue has unexpectedly increased, thus generated not only income for the country but also encouraged investor confidence.
Furthermore, it also revealed a total revenue increased from about 8 percent of GDP last year to currently more than 20 percent.
Verifying the reports by the world’s highest and most respected financial institutions, this correspondent also learnt that “… this statement clearly states that the GRA performed better than everyone else expected”.
Most importantly, it added, "The Gambia’s tax revenue rose by 0.5 pts of GDP in 2023 due to new administrative measures and strengthened collection efforts led by Commissioner General Yankuba Darboe and his staff”.
Accordingly, it concluded that “pressure from imports” had led to persistent deterioration in the external sector accounts, although the “current deficit is stabilised mainly due to improved revenue collection and spending rationalisation…”
Separately, The Gambia is also commended for the tremendous efforts following the democratic transition for “recording resilient growth amid a sequence of global shocks further signifying that the economy could grow faster”.
Additionally, it also revealed that in 2023, “fiscal deficit had decreased … including increased tax collection and higher levels of grants which failed to fully offset the rising expenditure…”
Moreover, current account deficit is alleviated and currently the real GDP has increased by 5.3 percent.
Conversely, it also cautioned that employment opportunities must be looked into and that underemployment is high at around 41 percent and about 63 percent of employment is informal.
Improvement in agricultural and industrial production is also raised including “good practices” with the use of improved seeds and increased fertilizer subsidies.
Another vital factor is the increase in investment in other projects by the county’s international partners.
