Sunday, January 29

MoT hails The Gambia’s Annual Remittance inflows

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By Binta Jaiteh

Baboucarr O. Joof, Minister of Trade and Integration said the annual remittances inflows to the Gambia have increased from 206 million dollars in 2016 to over 700 million dollars in 2022.

Speaking on behalf of the President at the Sixth Stake in the National Forum (SNF6) held on Saturday at Sir Dawda Kairaba Conference Centre, Mr. Joof said the government will continue to carry out the necessary policy and institutional reforms, remove obstacles and create opportunities for the diaspora to engage in economic development.

He stated that beyond the macroeconomic benefits of hard currency inflows, private diaspora investment and spending create many other national and public benefits including job creation and improved livelihoods for many Gambians.

Minister Joof pointed out that in essence, national development is an endeavor in collective action, saying it is the duty of the government and other public-sector bodies and institutions to facilitate, support, and optimise the unending progressive actions of private individuals, the community, and private-sector associations.

“One of the commitments of the Gambian Diaspora Strategy which I launched at the First Stake in the Nation Forum on 13th January 2018 was the creation of a Diaspora Development Fund (DDF). On 10th  December 2018, the United Nations adopted the Global Compact for Safe, Orderly and Regular Migration, which incorporated similar proposals for DDF” he recalled.

On his part, Seedy Keita, Minister of Finance and Economic Affairs recalled that based on the significant improvements in data collection by the Central Bank of The Gambia, the country is now recognised as one of the highest recipients of remittances per capita in the world.

“This is evidence of the commitment of the diaspora to the development of their motherland. Now is the opportune time to seize the immense opportunities through their remittances and other informal transfers and they have demonstrated their commitment to invest in the local economy,” he acclaimed.

Minister Keita further postulated that with the progress being made to implement the Capital Market and Securities Act 2021, they have the potential to transform portfolio investment in the country.

“We have the policies, the strategies, the political will, the technical expertise, and the patriotic motivation to make the Gambia a world leader in diaspora finance,” he concluded.