48% of GDP: Gambia’s remittances in 2020 hit $578.5M – CBG

EYEAFRICA TV: Banjul, THE GAMBIA:- The first deputy governor of Central Bank of The Gambia (CBG), Dr. Seeku Jaabi revealed that Gambia’s remittances figure has hit all time high to a staggering $578.5M in 2020 despite COVID-19 pandemic.

Speaking at the fourth “Stake in the Nation Forum (SNF)” held virtually on Saturday, he said the remittance volume considerably increased in the year 2020 despite the advent of the COVID-19 pandemic.

“Contrary to expectations, The Gambia has recorded an increase in remittance volume from $329.79M in 2019 equivalent to D16.98B to primary data of $578.5M equivalent to D29.6B in 2020,” he said.

This Dr. Jabbi continued, represents 48.1% of GDP and a growth of $248.7M over last year or 75.4% over 2019 levels.

According to him, the increase in remittances volume has been largely driven by the Covid-19 restrictions and the new monitoring system put in place.

“With a restricted travels in COVID-19 all informal remittances were forced to be on formal remittance platforms.  Additionally, the Central Bank has improved its data recording system by introducing software for the effect bureau market segments. Thirdly, improved capture of increased number of MTO’s operating in The Gambia market,” he noted.

The process to to utilize electronic software would ensure more accurate and timely collection and this will enhance our periodic monitoring, he concluded.

Stake in the Nation Forum (SNF) is an annual consultative exercise in the Gambia Diaspora Strategy and The Gambia National Development Plan. The event brought together diaspora groups to engage with government ministries, departments and agencies, NGOs and CSOs, on a wide range of developmental matters.

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1 month ago

COVID has been a blessing in disguise for the Gambia

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