Economy

Government Budget Deficit Widens, Central Bank Strangely Reports Declining Inflation

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

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

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

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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Gambia National Petroleum Company MD to Address Invest in African Energy Forum

Gambiaj/com – Baboucarr Njie, the Managing Director of the Gambia National Petroleum Company (GNPC), is set to speak at the Invest in African Energy (IAE) forum in Paris, scheduled for May 14-15. Njie’s presentation will focus on highlighting investment opportunities within The Gambia’s oil and gas sector, aiming to attract global financiers and technology providers to capitalize on the nation’s untapped energy prospects.

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