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Economy

Parliament Questions Finance Minister Over Exclusive Govt $50 Million Loan to Jah Oil

Frederic Tendeng March 7, 2024

Gambiaj.com – Finance Minister Seedy Keita faced tough questioning from National Assembly Members (NAMs) yesterday regarding a $50 million loan facility, equivalent to D3.4 billion, granted exclusively to Jah Oil, a private company. The loan was part of an agreement approved last June by the National Assembly between the government and the Arab Bank for Economic Development in Africa (BADEA) to support Gambian businesses importing food and other essential commodities, aiming to alleviate market price pressures.

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Guaranty Trust Bank to Take Over Revenue Collection at EFSTH, Upsets Some Staffs

Frederic Tendeng March 2, 2024

Gambiaj.com – Staff at the finance department of the Edward Francis Small Teaching Hospital (EFSTH) have raised concerns over the impending takeover of revenue collection by Guaranty Trust Bank (GTB). The change, set to be implemented on Monday, follows an agreement signed between the bank and EFSTH management, but it has sparked fears among staff regarding transparency, corruption, and mismanagement of funds.

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Government Budget Deficit Widens, Central Bank Strangely Reports Declining Inflation

Frederic Tendeng February 29, 2024

The governor of the Central Bank of The Gambia, Buah Saidy, revealed in a press conference that the government’s overall budget deficit had expanded to D18.5 billion (12.9% of GDP) in 2023, up from D15.3 billion (12.5% of GDP) the previous year. This increase of D3 billion was driven by a rise in total revenue and grants, which reached D31.9 billion, a 39.4% increase from the previous year.

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The Gambia Procures Two Green Ferries to Enhance Transport Services

Frederic Tendeng February 28, 2024

Gambiaj.com – The Minister of Transport, Ebrima Sillah, announced on Wednesday that the government, through the Gambia Ferry Service, has acquired two new green ferries to improve transportation services. Minister Sillah emphasized the government’s commitment to finding long-term solutions to ferry transportation challenges, leading to the procurement of these environmentally friendly vessels.

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Central Bank – Internal Debt Rises, But Dalasi Resilient Despite Slight Depreciation

Frederic Tendeng February 28, 2024

Gambiaj.com – Central Bank Governor Buah Saidy disclosed that the the government’s internal debt grew by 8.4% while the Gambian Dalasi underwent a minor decline compared to major international currencies in 2023 during the quarterly Monetary Policy Committee meeting update. In relation to the US dollar, the Dalasi lost 3.8 percent of its value; with the Euro, the loss is 10.8 percent; with the GBP, the loss is 12.7 percent; and with the CFA, the loss is 14.2 percent.

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Minister Urges Business Community to Lower Prices Ahead of Ramadan

Frederic Tendeng February 27, 2024

Gambiaj.com – Speaking at the President Adama Barrow peace award ceremony, Hamat Bah, the Minister of Tourism and Culture, urged the business community operating in The Gambia to alleviate the financial strain on Gambians by reducing the cost of essential goods before the start of the Muslim holy month of Ramadan.

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