DG Jallow says CBG received over $712M remittances in 2022

DG Jallow says CBG received over $712M remittances in 2022

By Sulayman Waan

As the world’s economic continues to recover following a serious economic meltdown by the horrible COVID-19 pandemic, the Central Bank of The Gambia (CBG) has announced receiving $712, 450,000 million of remittance in 2022.

Speaking during The Stake in the Nation Forum held at International Conference Centre in Bijilo, Dr. Abdoulie Sireh Jallow, first deputy governor of CBG said: “the interim remittance float to The Gambia for 2022 is $712,450,000 million.”

The financial expert further said that the figures represent a contraction of 8% compared to 2021.

“The contraction is partly due to the increased digitalization of non-informal sectors and channels to send money as COVID-19 restrictions ease globally. Some of these remittances are not captured in the formal system of our official statistics,” said Jallow.

 Seedy K.M Keita, Minister of Finance and Economic Affairs said through the issuance of Diaspora-Targeted Bonds, the government wants to transform the diaspora finance ecosystem, such that savings held by the diaspora abroad will be invested in secure and rewarding products in The Gambia.

According to the World Bank, The Gambia is one of the top ten countries in the world dependent on remittances and the third highest dependent country in Sub-Saharan Africa after Liberia and Comoros.

“Now is the opportune time to seize the immense opportunities. Through their remittances and other formal transfers, the diaspora has demonstrated their commitment to invest in local economy,” the head of the finance ministry said.

He noted that The Gambia has the policies, strategies, political will, technical expertise and the patriotic motivation to make The Gambia a world leader in Diaspora finance.


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