‘Gambia among highest recipients of remittance’
By Sulayman Waan
Finance and Economic Affairs Minister Seedy K.M. Keita has revealed that “The Gambia is now recognised as one of the highest recipients of remittance per capita in the world.”
Speaking during the Sixth Stake in The Nation Forum organised by GK Partners at the International Conference Centre, Hon. Keita said: “Based on the significant improvement in data collection by the Central Bank of The Gambia, our country is now recognised as one of the highest recipients of remittance per capita in the world.”
This development, he said, is an evidence of the Diasporas’ commitment to the development of their motherland, The Gambia.
“Through the issuance of Diaspora-Targeted Bonds, our ambition is to transform the diaspora finance ecosystem, such that savings held by the diaspora abroad will be invested in secure and rewarding products in our homeland,” he said.
“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.”
Keita said based on the progress being made to implement the Capital Market and Securities Act 2021, The Gambia has the potential to transform portfolio investment locally.
The financial expert further noted The Gambia has the policies, strategies, political will, technical expertise and the patriotic motivation to make The Gambia a world leader in diaspora finance.
Meanwhile, he called on development partners to support the government on this noble venture as it provides the structures to expand and enhance private diaspora investment to achieve resilient, sustainable and overwhelming development impact for all.
Dr. Abdoulie Sreh Jallow, the first deputy governor of the Central Bank of The Gambia (CBG), said the Gambian diaspora is playing a crucial role in socio-economic advancement of the country.
He unveiled that in 2022, The Gambia generated a remittance of $712 million which was a result of the diaspora’s commitment to nation building. Therefore, he reaffirmed the CBG’s commitment to initiate better financial policies and strategies to enhance development.
Representing President Adama Barrow, Babucarr O. Joof, minister for Trade, Employment and Regional Integration, said since the change of government in 2017, the current government declared the diaspora as the 8th Region of The Gambia and thus created a Diaspora and Migration Directorate at the Ministry of Foreign Affairs.
These initiatives, he said, demonstrate the Gambia government’s commitment to the diaspora, adding the government considers the diaspora as a potential contributor to national development.
“The diaspora can and have been playing an important role in the economic development of this country, although mostly limited to sending remittance,” he said.
He said the diaspora is well-known in sending of remittance home but there is a need for them to promote trade and foreign direct investment, create businesses and spur entrepreneurship and transfer new knowledge and skills to Gambians.
Prof. Gibril Faal, the director of DK Partners and MSDG project, commended all and sundry for attending the annual forum. He emphasised the Gambian diaspora is contributing immensely to national development through sending of remittances.