Central Bank of the Gambia Deputy Governor
By Landing Ceesay
The Central Bank of the Gambia has said that Diaspora contributed 62.9% of the country’s Growth Domestic Product (GDP) in 2021.
“Despite the challenges of the coronavirus, Diaspora Gambians have not relented in supporting their families and enhancing the development aspirations of their motherland. During the year 2021, remittance volumes increased to an unprecedented level of $773.7 million from $589.81 million in 2020 recording an increase of 31.3%.
“The 2021 remittance volumes equivalent to GMD40.65 billion, which represents 62 9% of GDP. Despite the global pandemic, the Central Bank of the Gambia has considerably improved its data recording methodologies by encouraging market operators to supply relevant data in respect to remittances. Because of the high accuracy of the data, both the IMF and World Bank now rely on Central Bank of the Gambia data as the authoritative data for analysis and reporting,” Dr. Saikou Jabbi, Deputy Governor of the Central Bank said.
Dr. Jabbi said the Central Bank of the Gambia with partners is further working on remittances to disaggregate the data into building and construction, consumption, education, Health, Agriculture, among others to inform policy on the use of remittances.
The Central Bank Deputy Governor made these remarks on Saturday at the Migration and Sustainable Development in the Gambia (MSDG) Fifth Stake of the Nation Forum currently taking place at the Sir Dawda Kairaba Jawara International Conference Centre.
Comments are closed.