Gambia begins 2nd phase of National Economic Council Meeting in Banjul

The second phase of the National Economic Council Meeting has commenced at the State House in Banjul.

The meeting brings together key ministries and institutions to discuss the current state of Gambia’s economic landscape.

This important gathering aimed to provide President Adama Barrow with comprehensive updates on recent economic developments.

During the meeting, President Barrow expressed appreciation for the insights shared by various stakeholders, offering guidance on crucial policy matters.

Among the notable presentations, Deputy Director of the Central Bank of The Gambia, Mr. Sheriff Touray, reported a positive economic outlook, forecasting a growth rate of 4.8% for 2024. He also assured that foreign exchange bureaus are functioning effectively, thanks to newly implemented foreign exchange guidelines designed to foster a transparent and competitive market.

Mr. Yaya Manneh, Technical Director of the Gambia Revenue Authority (GRA), highlighted significant improvements in revenue collection, noting an increase in monthly collections for July 2024. He reported a remarkable 23% rise in excise and domestic taxes, attributing this growth to ongoing reforms, including the introduction of SISPA, a digital tax stamp initiative for excisable goods. Plans for the next phase of SISPA, which includes marking fuel products at petrol stations and launching a digital weighbridge for cargo, were also discussed.

In alignment with the National Export Strategy 2021-2025, the Gambia Investment and Export Promotion Agency (GIEPA) unveiled several initiatives, including the Gambia E-market platform and promotional videos aimed at boosting tourism and exports. GIEPA seeks further executive support to document additional investment lands for agricultural and industrial development across the country.

The Ministry of Trade reported on the successful establishment of three onion curing facilities through the WACOMP project, designed to empower women onion farmers by helping them market their produce competitively. This initiative is set to expand into other regions. Additionally, the completion of the Food Reference Lab in Abuko awaits the final installation of equipment from UNIDO.

In the tourism sector, the Ministry is working on introducing placards for registered establishments to ensure compliance with standards, thereby aiding tourists in making informed choices about their accommodations, as stated by P.S. Jabang.

The Ministry of Agriculture outlined ambitious plans to achieve rice self-sufficiency by 2030, which include procuring 180 tractors, 20 rotavator boats, 340 metric tons of certified rice seeds, and 28,000 tons of fertilizers. The Ministry is also focused on developing value chains for rice, horticulture, poultry, and small ruminants.

However, concerns were raised by the Gambia Public Procurement Authority regarding the rise of mis-procurement and the presence of non-performing contractors in the government sector, highlighting the need for stringent oversight and accountability measures.