Mr Momodou Njie, Senior Adviser to the Governor of Central Bank of The Gambia, on behalf of the Governor announced that The Gambia remittance flow for 2024 amounts to US$775.6 M. He made this announcement at the opening of the 8th Stake of the Nation Forum on Saturday, January 11th at the Sir Dawda Kairaba Jawara International Conference Centre.
Further in remarks, Mr Njie explained that the 775.6 million dollar remittance represents an increase of 28.8 million dollars against the previous amount.
He noted that the increase of the inflow is as a result of a number of factors including: use of improved monitoring methodology, increased use of formal channels, and emergence of fintech companies, which lowered the cost of sending and receiving money.
He said a survey by the Bank revealed that the main sources of the remittances are US, Europe and other African countries Gambians are residing in.
Mr Njie said the moneys are being used for diverse purposes including family savings, private construction works, family upkeep, health and education among others.
He however stressed that despite the improvements and contributions of the remittances to national development, there is room for improvement to maximize the benefits. He therefore recommended the creation of conducive environment for diaspora investment and cutting the cost of sending and receiving money. He also noted the need to explore partnership opportunities and improve data collection mechanisms.
