Gambia’s Diaspora Remittances Reach $872 Million, Representing Nearly a Third of GDP

By Makutu Manneh

Remittances from Gambians living abroad have surged to approximately $872 million in 2025, accounting for more than 30 percent of the country’s gross domestic product, officials said on Saturday.

Ida Faye, speaking on behalf of the Central Bank Governor at the Ninth Stake in the Nation Forum (SNF9), said the figure reflects only funds sent through formal channels and represents an increase of $54.4 million from 2024.

“The continued growth in remittances is a combination of both the increase in volume being sent and the more embracement of formal channels,” Ms. Faye said.

She commended the Gambian diaspora for their sustained support of families and national development, while urging broader adoption of official remittance systems for efficiency, ease of access, and improved record-keeping.

Ms. Faye noted that remittance flows have proven remarkably resilient, serving as a reliable source of foreign exchange and a key driver of household welfare. They contribute significantly to education, healthcare, and consumption, and have been linked to poverty reduction, social stability, and increased productivity.

“As a central bank, we recognize our responsibility to ensure that remittance flows are safe, efficient, transparent, and affordable,” she said. “Reducing transaction costs, promoting competition among service providers, and encouraging the use of formal financial channels remain key priority policies at the central bank.”

She added that the central bank would continue working closely with relevant stakeholders to ease challenges in accessing financial services, aiming to maximize the economic benefits of diaspora contributions while safeguarding the integrity of the financial system.