By Ramatoulie Jawo
President Adama Barrow chaired the quarterly meeting of the National Economic Council (NEC) at the State House in Banjul on Tuesday, where the country’s economic outlook, associated risks, and key policy directions were discussed. The meeting, according to a government press release, featured presentations from major economic institutions covering the final quarter of 2024 and the first quarter of 2025.
The session was attended by Vice President Muhammed B.S. Jallow, Cabinet Ministers, heads of public institutions, and staff from the Department of Strategic Policy and Delivery.At the gathering, the Central Bank of The Gambia (CBG) delivered a report outlining the global and domestic inflation outlook and economic forecast for 2025. The Bank highlighted a projected global growth rate of 3.3% for 2025–2026, cautioning that this could be undermined by potential global trade tensions.
According to the press release summarizing the Central Bank’s presentation, Sub-Saharan Africa is projected to see strong economic growth exceeding 5% in 2025. The Gambia, in particular is forecast to grow at a rate of 5.9%. The report also highlights a decline in inflation to single digits—estimated at 9.4%—partly due to falling global food prices, as reflected in the FAO Food Price Index. Additionally, crude oil prices dropped in February 2025 to $76.81 per barrel, down from the previous month’s figures.
“It was also reported that the Sub-Saharan Africa region is a major economic driver and is expected to realise over 5% growth, including The Gambia’s projected 5.9% growth with a decline in inflation to a single digit (9.4%). This decline is also associated with the FAO food price index. Other indicators include the drop in the crude oil price index in February to 76.81 compared to January 2025,” he said.
According to the press release, the Central Bank of The Gambia (CBG) noted that the Dalasi remains stable, though it continues to experience a natural depreciation. Researchers are also keeping a close watch on how proposed deportations might affect remittance inflows. As of February 2025, remittances totaled D130.3 million. In the same period, tourist arrivals increased to 224,000.
The press release further stated that during another briefing at the National Economic Council (NEC), the Ministry of Finance and Economic Affairs reported receiving a total of 3.1 billion Dalasis in budget support in December 2024. It added that the IMF programmes are aligned with the implementation of public policies under the National Development Plan (NDP), the White Paper on Transitional Justice, as well as efforts to ensure macroeconomic stability and effective public financing.
The statement also highlighted that external factors may impact migration management and the transitional justice programme. Regarding Social Protection Reforms, it noted an increase in the number of households benefiting from financial support—rising from at least 2,000 to an additional 2,850 households this year.
The press release further revealed that, regarding domestic revenue, the Gambia Revenue Authority (GRA) conducted tax audits on ten major taxpayers. Additionally, the Central Bank of The Gambia (CBG) sought Executive approval for Cabinet papers concerning budget support and the implementation of electronic Value Added Tax (VAT) invoicing, following the completion of the procurement process.
According to its release, the GRA surpassed its 2024 revenue target by 8%, achieving an overall revenue growth of 32%. The report also noted that fuel marking has positively contributed to this growth. The Ministry of Finance and Economic Affairs (MoFEA) concluded its presentation on an optimistic note, announcing that all health facilities across the country are expected to be solarized by the end of December 2025.
“Meanwhile, the Accountant General Department (AGD) reported on the positive effects of digitalisation in improving the government payment system and easing the monitoring of expenditures. The AGD is also working on reforms of the payment gateway by working with Fintech companies from revenue to data collection. On the inventory of state properties, AGD has completed the stocktaking of government assets in the country and is currently working with embassies to update its records on assets abroad,” the wrote.
The statement revealed that the Accountant General’s Department (AGD) has completed and submitted the 2021 and 2022 government financial statements to the National Audit Office (NAO) for final review before they are presented to the National Assembly. Additionally, the draft financial statement for 2023 has been submitted to the NAO, while the 2024 statement is expected to be completed by the end of December 2025.
It also highlighted that digitalization has had a positive effect on revenue collection at the Basse and Fatoto bridges, with at least D3,744,500 collected between January and March 2025.
Regarding delays in government payments, the statement explained that while such delays may be frustrating, they are a result of strict monitoring mechanisms implemented to strengthen accountability in government spending.
“The Gambia’s drive in encouraging direct investment in yielding dividends with the Gambia Investment and Enterprise Promotion Agency (GIEPA) reporting on nine new companies recorded in 2024 operating in industry, agriculture and the service sectors. GIEPA has launched the Gambia e-market platform and the GAMLUMO platform for promoting and delivering Gambian products to the global market, as part of the National Export Strategy 2021 – 2025,” the statement read.
The statement highlighted a significant development by the Gambia Public Procurement Authority (GPPA), which has launched an e-GP/GPP portal aimed at enhancing pre-bidding and authorization processes. Additionally, the authority is working on standardizing vehicle specifications for public procurement and advancing the development of a local content bill.
It was further disclosed that GPPA is in the process of formulating a National Public Procurement Policy and Strategic Plan to guide its future initiatives.
Meanwhile, the Ministry of Trade, Industry, Employment and Regional Integration provided updates on the migrant workers scheme agreements with the Kingdom of Saudi Arabia (KSA) and the Kingdom of Spain. Under the agreement with KSA, fifty-seven (57) Gambians have already traveled for employment. As for Spain, a pilot project is underway requiring about 300 Gambian workers, with the selection process to be jointly managed by Gambian and Spanish authorities.
Regarding commodity prices, the Ministry reported price stability for basic goods during the period from January to March 2025.