Gambia fears economic crisis after Thomas Cook collapse

Efforts to revive an economy “completely destroyed” by Gambia’s former president, Yahya Jammeh, have been dealt a severe blow by Thomas Cook’s collapse (Photo: Modou S. Joof | TNBES | May 2019).

IMF: NAWEC leads spending pressures in Gambia

“Public debt, which stood at more than 80 percent of Gross Domestic Product (GDP) at the end of 2013, is projected to exceed 90 percent of GDP by the end of this year. The burden of government borrowing will exert further pressure on inflation, international reserves, and the exchange rate," IMF says.

The Gambia: Slight decline in bank reserves

Platinum Habib Bank, now Keystone Bank, is one of 10 commercial banks competing in a relatively small market in The Gambia (Photo Credit: M.S.Joof/TNBES/August2011)

Gambia records massive drop in foreign aid in 2013

In 2010, the EU cut 22 million euros of budget support (aid) to The Gambia over human rights concerns.

The Gambia forcast economic growth at 7.5 per cent

Projection based on robust expansion of agriculture and tourism, according to Central Bank officials in Gambia. (Photo by Mansa Banko shows officials at a rice field in Central River Region of The Gambia under the Ifad-funded PIWAMP project)

Gambian Dalasi Fall Drastically in 2013

In September 2013, the International Monetary Fund (IMF) warned that prolonged overvalued exchange rate would damage Gambia’s international competitiveness (Photo credit: Wikipedia)

THE GAMBIA: An Economy dominated by poor currency performance and strict tax rules in 2013

Think tanks say the economy is ‘still recovering’ from the severe drought that hit the country in 2011

 

In 2013, Gambia's currency, the Dalasi (D), recorded massive depreciation against major foreign currencies.

Prolonged overvalued exchange rate would damage Gambia’s international competitiveness - IMF warns

The warning came at the back of several Gambia Government directives that downgraded foreign currency exchange rates, impose a moratorium on the shipment of the dollar, suspension of money operators, seizure of financial bureau licences, and arrests and detention of forex bureau staff – amid a continuous decline in value of the local currency, the Dalasi. (Photo Credit: Bloomberg)

The Gambia: IMF suggests further tax reforms to strengthen revenues

Also, IMF Board claims The Gambia made significant progress in the fight against poverty prior to the drought, however, it admitted that poverty is still widespread (Photo credit: Wikipedia)

The Gambia to submit a supplementary budget to National Assembly

Finance Minister Kolley is expected to submit an additional budget to the National Assembly. Last year, he said his ministry had to seek for an additional funding due to "urgent spending pressures". He warned fellow ministers to stop unnecessary spending.

IMF highlights risks to Gambia’s economic outlook

Gambia: Economy at risk - Tourists shopping in Kololi Market, The Gambia (Photo credit: Anguskirk)

Finance minister warn fellow ministers to ‘stick to budget’

Finance Minister Abdou Kolley observed that Gambian ministries are fond of initiating programmes that are not budgeted for

Loan repayment poses ‘major threat’ to Gambia’s ability to attain sustainable growth

VP addresses sixty-seventh session of the General Assembly/PHOTO:United Nations.

Dr. Isatou Njie-Saidy, Vice President of The Gambia has noted with concern that debt servicing still poses a major threat to Gambia and other African countries’ ability to attain sustainable growth while calling on the Bretton Woods institutions, like the International Monetary Fund and the World Bank, to consider debt cancellation to these countries.

Gambia continues to dip into consolidated fund

Finance and Economic Affairs Minister Abdou Kolley

The Gambia government claims it under budgeted its 2012 fiscal year and requested the house of parliament to support its quest to access an additional funding close to D500 million with less than three months to the end of the year.

Gambia’s real gross domestic product (GDP), the total value of goods and services that the country produced in 2011, fell by about 5 percent, while economic activity remained weak for much of 2012, according to a September 18 International Monetary Fund (IMF) statement. 

Gambia: GDP fall amid weak economic activity

IMF Gambia Mission Chief, Mr. David Dunn

An IMF economic think-tank on Tuesday revealed Gambia’s real gross domestic product (GDP), the total value of goods and services that the country produced in 2011, fell by about 5 percent.

Mr. David Dunn who led an International Monetary Fund (IMF) mission to Banjul September 5-18, 2012, said economic activity remained “weak” for much of 2012, but is expected to pick up substantially in the final quarter, as the upcoming harvest points to a strong rebound in crops and growth in the tourism sector continues. 

Lawmakers Approve ECOWAS VAT Protocol, others

Speaker Abdoulie Bojang

 Lawmakers in the Gambian capital, Banjul on June 26, 2012 unanimously approve the three Bills: the ECOWAS Value Added Tax (VAT) Protocol, Amendments to the IMF Articles of Agreement, and the African Legal Support Facility (ALSF).

The three international legal instruments were tabled by the Minister of Finance and Economic Affairs, Mr. Abdou Kolley, before the National Assembly in its Second Meeting of the 2012 Legislative Year. 

Speaking on the VAT, Mr. Kolley said the Authority of Heads of State and Government of Economic Community of West African States (ECOWAS), signed the Value Added Tax (VAT) Protocol A/P2/7/96 in Abuja, Nigeria in July 1996.

Jammeh calls for regional plan for tourism development

Gambia’s president Yahya Jammeh recognised that tourism has the potential to be a central pillar in West Africa’s economic development and therefore calls for an all-inclusive plan to develop the sector in the region.

“There is no better time than now to develop a comprehensive and strategic blue print for regional tourism development,” he said on Monday. 

Africa: Private sector account for over 80 per cent of total production

AfDB President, Donald Kaberuka

 Africa’s private sector accounted for more than 80 per cent of total production, two-thirds of total investment, and three-fourths of total credit to the economy between the periods 1996 to 2008, African Development Bank (AfDB) said in its 2012 report.

The “African Development Report” published last month, also said the private sector was also responsible for 90 per cent of formal and informal employment. It also noted that the private sector in most African countries plays critical role to helping the continent reach its full economic and social potential.

Gambia: Heavy debt burden poses risk to economy

"In this world, nothing can be said to be certain except death and taxes" Benjamin Franklin

“The Gambia’s heavy debt burden poses high costs for the government and risks for the economy,” Mr. Naoyuki Shinohara, IMF Board Deputy Managing Director and Acting Chair said on Monday.

 

Mr. Shinohara remarks followed the International Monetary Fund (IMF) Executive Board’s May 28 approval of a new arrangement for Gambia under the Extended Credit Facility (ECF) an amount equivalent to SDR 18.66 million (about US$28.3 million). 

ECOWAS BUSINESS FORUM IN GAMBIA TO FOCUS ON ICT

The sub-regional economic bloc, the Economic Community of West African States, ECOWAS, on Monday announced that its 4th Business Forum and the 2^nd Private Sector Awards to take place in Gambia in September 2012, will be focusing on Information and Communication Technology (ICT) development.

The announcement followed a meeting by the Committee comprising representatives of the ECOWAS Commission, Regional Business Associations (RBAs) and other stakeholders, from May 2-3, 2012 in the Gambian capital, Banjul.