Gambiaj.com – (BANJUL, The Gambia) – President Adama Barrow has emphasized his government’s commitment to reducing the cost of living, increasing domestic production, and modernizing infrastructure to foster economic stability. Speaking in an exclusive interview with QTV’s Alieu Ceesay, Barrow acknowledged the financial hardships facing Gambians while outlining measures aimed at long-term economic resilience.
Barrow highlighted that inflation, which once stood at 18%, has now decreased to 10.3%. He attributed the initial rise in inflation to global factors, including the COVID-19 pandemic, which disrupted economies worldwide, particularly in Africa. However, he asserted that The Gambia has been making strides in stabilizing its economy and must now focus on production and industrialization.
“We have to make sure that we produce,” Barrow said. “Initially, we depended on agriculture, exporting groundnuts, but now our direction is industrialization. When you produce, you are not a liability; you grow your economy, create employment, and save foreign exchange.”
The president stressed that reducing reliance on imports is crucial in tackling high living costs. Currently, The Gambia imports approximately 85% of what it consumes, leaving the country vulnerable to external price fluctuations. “If we are importing, we are not the ones deciding on prices,” he noted. “To change that, we must produce locally.”
Barrow outlined efforts to encourage business investment in agriculture, shifting the perception that farming is only for the poor. “We want to use agriculture as a business,” he said, adding that production and industrialization require investment and a reliable energy supply.
Energy Reforms to Support Industrialization
The president also spoke about the need for affordable and sustainable electricity. He revealed that his government has launched a tender for a 50MW solar farm, which will later be expanded to 100MW, bringing the total renewable energy supply to 173MW. “If we reach 200MW, we will have enough power for our market,” he stated. However, he acknowledged that without an energy mix, electricity costs will remain high and continue to burden consumers.
Port Privatization: A Necessary but Embarrassing Move
Addressing concerns over the privatization of the country’s main port, Barrow conceded that it was unfortunate that The Gambia could not manage its own port effectively. “It took us seven to eight years to reach a decision. We wanted to make sure we got the right deal before moving into negotiations,” he explained.
While admitting that privatization comes with risks, he expressed confidence that the new partnership will improve efficiency, reduce ship waiting times, and lower costs for businesses and consumers. “Recently, a businessman told me he paid $350,000 in demurrage fees due to delays. That cost is passed on to consumers,” Barrow explained. “With a deep-sea port in six years, big ships will come to The Gambia, reducing costs and improving trade.”
A Commitment to Economic Reform
Barrow reiterated his administration’s commitment to following due process and ensuring a well-regulated business environment. He dismissed the notion of using executive orders to enforce economic policies, warning that such measures could lead to hoarding and further instability.
While acknowledging the challenges ahead, the president expressed optimism that ongoing efforts in agriculture, energy, and port modernization will yield tangible benefits for Gambians. “These things take time, but we are following the laws and policies to ensure long-term solutions,” he concluded.
With inflation still stemming the purchasing power of Gambians and a renewed focus on self-sufficiency, Barrow’s government faces the challenge of translating these policies into real economic relief for ordinary Gambians. The success of these initiatives will be crucial in determining whether The Gambia can achieve sustainable growth and reduce its dependence on imports.
