MIGRANT REMITTANCES!

A major aspect of global finance ‘beefing up’ Gambia’s falling GDP  

Central Bank Governor, Mr. Amadou Colley

Migrant remittances are recognised to be a significant channel through which Gambians in the Diaspora contribute to local development and poverty alleviation. Prior to the global economic crisis in 2007 remittance surpassed Foreign Direct Investment (FDI), as the biggest source of financial inflow.

The increase in remittances is basically a continuation of the recent trends with significant improvements in 2011 as it forms up to 10 percent (%) of The Gambia’s Gross Domestic Product, GDP (the total value of goods and services that the country produces in a year).

Thumbs down: Least Developed Countries Report 2012