Presiding over the monthly Economic Council Meeting at the State House in Banjul, President Adama Barrow called for continued coordination of Fiscal and Monetary policies during the Council meeting held on Wednesday, 16 August 2023, at the State House in Banjul.
He was briefed by various stakeholder institutions on the state of the economy, from the policymakers and technicians supported by the Department of Delivery, Ministry of Public Service, and the Technical Assistance team from the Tony Blair Institute.
Referencing the Global Economic outlook, the Central Bank of The Gambia (CBG) presented economic developments reporting a projected drop in global inflation from 8.7% in 2022 to 6.8% in 2023. However, global food prices increased.
On the home front, while the CBG forecast a growth rate of 4.4% by the end of the year, inflation stood at 18.4% in July.
Meanwhile, as of end-July 2023, the gross international reserves are adequate to support about four months of imports of goods and services.
The Economic Council was also informed that road infrastructure, education, purchase of fertiliser, and crop financing increased government expenditure, and there is a need to reprioritise other areas of its expenditures against growth, exchange rate, interest, and inflation.
On Foreign exchange, the CBG informed the Economic Council that the dalasi is stable against the US$, despite the double-digit inflation and remittances inflow increased in June compared to the same period in 2022. The CBG continues to monitor and implement policies to improve the coordination of FOREX Bureau operations.
