VP Jallow Announces Plan to Channel Diaspora Remittances into Investments Through Bonds

By Fatou Sillah

The Vice President of The Gambia, Muhammed B.S. Jallow, has disclosed that the government is advancing plans to transform diaspora remittances into structured investment vehicles, including diaspora bonds.

Speaking in response to concerns raised by National Assembly Members during the parliamentary debate on the President’s State of the Nation Address, Vice President Jallow said the initiative is being developed in collaboration with GK Partners and other stakeholders. The objective, he noted, is to redirect a significant portion of remittances—currently used largely for household consumption—into productive sectors of the economy.

“The government is working with GK Partners and other partners to try to see how we can help work with the diaspora so that most of those remittances can come as part of investment, like diaspora bonds,” he said.

He added that discussions on the initiative are at an advanced stage, with the Central Bank and other partners involved in shaping mechanisms to facilitate the transition of remittance flows into investment capital.

Addressing the performance of state-owned enterprises (SOEs), Vice President Jallow acknowledged longstanding financial challenges, including difficulties in meeting salary obligations. However, he emphasized that ongoing reforms and enhanced oversight by the SOE Secretariat are yielding positive results.

“A lot of the SOEs we are actually running have a lot of liabilities. Some SOEs couldn’t even pay salaries, and the government had to bail them out. With the SOEs Commission, there is a secretariat supporting the commission to monitor these SOEs. In 2026, because of the turnaround, we are expecting at least five SOEs to pay dividends to the government,” he said.

He added that, as a result of these reforms, the government anticipates that at least five SOEs will generate dividends in 2026.

On public-private partnerships, the Vice President reaffirmed that the government retains controlling stakes in key entities such as Gamtel and Gamcel. He emphasized that these arrangements are structured to safeguard national interests while ensuring operational efficiency and profitability.