Africa-Press – Gambia. On March 13, 2024, ten public institutions held the first meeting of the National Economic Council at the Presidential Residence in Banjul. This meeting was intended to inform President Adama Barrow on the state of the economy.
The meeting began with a summary of the report on the sessions of the National Economic Council of 2023, presented by Mr. Alieu Loum, cabinet director in charge of the Implementation of Strategic Policy at the Ministry of Civil Service.
During the meeting, President Adama Barrow took note of the updates made by key players in the economy and provided guidance on general policy issues. One of the main issues discussed was the impact of currencies on businesses that need to import essential goods. Currencies are essential for trade and other transactions outside the country. It was also reported that the exchange rate was virtually on par with the alternative market rate.
The president tasked the Ministry of Finance and the Central Bank to conduct a thorough search for possible alternatives to ease the burden, as the country is currently facing a double-digit inflation rate of 16.2 percent.
Furthermore, the Central Bank said that member countries have not met the criteria for a single currency for the West African Monetary Zone.
An update on the progress of Africa50’s partnership with the government reveals significant progress in project implementation. The necessary equipment has been acquired and is currently in the country. Additionally, they are dedicated to finalizing the lease and establishing electricity and internet connectivity in the area.The Gambia Revenue Authority (GRA) has announced an improvement in its revenues for Customs and Excise Duties as well as domestic tax, thanks to digitalization and cooperation from the Ministry of Finance and Development. government. The Gambia Revenue Authority (GRA) has stressed that no taxes have seen an increase, but the tax base has been broadened to include all businesses and/or individuals involved in commercial activities. It exceeded its objective for the months of January and February and also exceeded its collection forecasts for the same period in 2020.
Thanks to digitalization, the Gambia Revenue Authority (GRA) is now able to supervise trucks to their destination. The one-stop shop platform also allows all stakeholders to transact more efficiently.
The Accountant General’s Department provided an overview of staff emoluments and other charges, including revenues from the Senegambia, Basse and Fatoto bridges.
The Ministry of Commerce assured that sufficient stocks of food products are available in the country and deliveries are expected.Regarding prices, it was reported that the demand for rice, sugar and oil was affected by Ramadan. American rice would be the most expensive in the country.
GIEPA is actively seeking land for investment in the banking sector. It has already acquired more than 7,000 hectares of land and is currently working with seven companies to launch rice and vegetable production. Additionally, GIEPA is preparing an investment forum and trade fair to be held during the upcoming Organization of the Islamic Conference (OIC) summit in May this year.
The Gambia Public Procurement Agency has validated and published regulations relating to public procurement, with a view to ensuring the institutionalization of credible and efficient procedures. This information has been made public.
The Ministry of Agriculture indicated that the Peanut Marketing Company acquired around 40,000 tonnes of peanuts this year. With a view to increasing food production, the ministry plans to acquire 180 tractors and 20 renovators.In addition, it was recognized that the Jokalanteh platform has had a positive impact on the marketing of local products.
Livestock production grew, with the exception of livestock which declined by one percent. The tourism sector also contributes significantly to the economy. Tourist arrivals have increased in traditional and non-traditional destinations, and the ministry has initiated a trial period to assess the viability of new destinations.
One of the government’s main objectives is to provide solutions to the need for training. In the same vein, the ministry is currently working on the expansion of the facilities of the Gambia Institute of Tourism and Hospitality. This initiative aims to create employment opportunities for 150,000 young people. Other issues are also being studied, such as the creation of a Tourism Satellite Account to report on the performance of the tourism industry in the economy.
The Vice President, HE Muhammed BS Jallow, the Minister of Finance, Mr Seedy Keita, the Minister of Culture, Mr Hamat NK Bah, and Dr. Demba Sabally, as well as the Governor of the Central Bank Mr Buah Saidy, Ms Agnes, the Accountant General, the Director General of the Gambia Revenue Authority, Mr Yankuba Darboe, and their respective teams were all present at the meeting.
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