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).

Gambia training to build capacities of financial institutions on money laundering risks

Director of Gambia's financial intelligence unit, Alagie Darboe, said it was important to "identify, assess, and mitigate" risks associated with money laundering and terrorist financing (Photo Credit: @JoofMS/TNBES).

Gambia to pass law criminalizing market manipulation

The process of creating a new law on market manipulation is meant to comply with regional and global standards, says Alhagie Darboe, FIU director (Photo Credit: @JoofMS/TNBES).

Banjul host sub-regional workshop on fight against Hezbollah’s financial activity

In 2013, Yahya Jammeh expelled a Lebanese mogul whose businesses are blacklisted by the US government for allegedly "funding the Hezbollah movement" and "engaging in money laundering.” Photo Credit: AFP

Gambia: Rise in levy on GSM companies, fuel, tobacco in 2015

The government said it expects to generate additional revenues estimated at D25 million

EU ENVOY: West Africa could be next ‘emerging region’

Of recent, there have been reports of booming economies in Africa, but analysts said economic growth is usually not visibly trickled down to the poor citizens of the continent. (Photo Credit: Forum de Banjul).

Respond to UN allegations, additional budget is 'horrible’ - Opposition leader tells Gambia gov

NRP leader Hamat Bah speaking to journalists on election nomination day in 2011 (Photo Credit: SoutAfrica.com)

Businesses in Gambia say unreliable electricity a major problem

The Africa Survey 2014 identifies three biggest threats to doing business in sub-Saharan Africa.

A generator of The Gambia's national electricity provider, NAWEC, which faces increasing financial problems. (Photo Credit: Access Gambia)

GGA: Easier to start a business in Africa

World Bank’s '2014 Ease of Doing Business Index' ranked Mauritius 20, Rwanda 32, South Africa 41, Tunisia 51 and Botswana 56 – as the top five countries in Africa where it is easiest to do business. (Photo Credit:MSJoof/TNBES

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.

SENEGAL: GDP Weaker Than Forecast

President Sall is presiding over low agricultural production in Senegal (Photo Credit: Getty Images)

Early estimates by the authorities [in Senegal] suggest that Gross Domestic Product (GDP) growth was weaker than forecast in 2013, about 3.5 per cent compared to the expected 4 per cent. 

This is indicative of low levels of production in the agricultural sector, difficulties in the industrial sector and in the extractive industries, says an International Monetary Fund, IMF, mission which visited Senegal from April 16-30, 2014 to conduct the seventh review under the three-year Policy Support Instrument (PSI) approved in December 2010. 

In contrast, activity was particularly buoyant in the telecommunications and construction sectors. Inflation stood at 0.7 percent on average in 2013 amid softer agricultural commodity prices in the international market. 

IMF says Gambia’s policy implementation gone off-track

Projections of The Gambia’s economic growth are usually not representative of citizens’ socioeconomic status.

The International Monetary Fund (IMF) has on April 7 stated The Gambia’s implementation of [financial] policies during the first quarter of 2014 has “gone off-track”.

“[This is] mainly because spending significantly exceeded agreed targets following completion of the first review in May 2013,” it says after assessing the authorities’ progress in implementing [monetary] policies to bring their reform programme back on track.

Gambia’s reform programme is supported by an IMF Extended Credit Facility arrangement.

Local councils owing NAWEC over D159 million failed to honor payment plan

On the contrary, the company has not paid corporate taxes of D158 million

The Gambia’s sole producer, transmitter and distributor of electricity, water and sewage, says it has been faced with a legacy of arrears for many years.

Gambia host WAICA educational confab in November

Participants at a weeklong (August 26-29, 2013) WAICA-Re international training course on “advance marine andaviation insurance” for insurers from  West Africa (Photo provided by Lamin Jahateh)

Gambia: National Insurance Commission would be a ‘driving force for growth’

High Table L-R: Momodou Joof-MD Takaful Insurance, Henry Jawo-Retired IAG Secretary General, Almamy B. Jobarteh-Current IAG President, Ebou Bittaye-MD Global Security Insurance  and Dawda Sarge former IAG President (Photo Credit: Lamin Jahateh)

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)

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.

The Gambia: 2014 national budget is D8.6 billion

The budget estimate includes a budget support of D313 million from World and African Development banks. (Photo credit: Central Bank of The Gambia, CBG)

The Gambia's Central Bank ends suspension of money transfer operator, Ria

In June, The Gambia suspends Ria Financial Services and two other money transfer operators, as national currency continues to weaken. (Photo Credit: All In London)

The Gambia’s Central Bank (CBG) on Wednesday announced it is ending the suspension of the money transfer operator, Ria Financial Services.

Ria and two other money transfer operators [Money Express, and W@ri] were suspended in June - as the national currency, the Dalasi, continues to weaken against major foreign currencies and rising foreign exchange rates.