State House, Banjul, 15th August 2024: The second phase of the National Economic Council Meeting kicked off at the State House in Banjul on Wednesday.
The Ministries of Tourism and Culture, Finance, Trade Agriculture, and several other institutions met to update President Adama Barrow on the state of the recent economic development.
President Adama Barrow acknowledged the updates from the key players in the economy and gave guidance to policy issues.
A presentation by the Deputy Director of Central Bank of The Gambia Mr. Sheriff Touray reported that the Gambian economy has increased and is projected to increase to 4.8% in 2024. He also reported that foreign exchange bureaus continue to operate smoothly following the publication of foreign exchange guidelines. The purpose of the guidelines is to promote a transparent, fair, and liquid foreign exchange market.
The Technical Director of Gambia Revenue Authority (GRA) Mr Yaya Manneh reported that its monthly collection for July 2024 had increased, and excise and domestic tax also increased by 23%. He added that GRA is reforming with initiatives such as SISPA- a digital tax stamp for excisable goods. “The initiative is ongoing and showing signs of positive impact.” He added.
Mr Manneh also reported that the institution is planning to launch the second component of the SISPA project which would be the marking of fuel products dumped at petrol stations. GRA will also initiate a digital way bridge, which will detect the tonnage of all cargo going through the bridge.
As part of the implementation of the National Export Strategy 2021-2025, GIEPA launched The Gambia E-market platform, Gambia Export Promotion Videos and Tourism Destination Video in July. The institution seeks executive assistance in the documentation of additional investment lands for agriculture and industrial development in all regions.
The Ministry of Trade reported that WACOMP project established three onion curing facilitated in three regions. The project will help women onion farmers to manage the marketing of produce at a competitive price this year. The project is expected to replicate in the remaining regions of the country. In addition, the Ministry reported that the Food Reference Lab in Abuko is completed and is currently waiting for the installation of the last batch of equipment from UNIDO.
The Ministry of Tourism reported that it is working to introduce placards for registered tourism establishments. “This will not only display compliance with standards but also help tourists make well informed decision in their places,” said P.S. Jabang.
Towards achieving rice self-sufficiency by 2030, the Ministry of Agriculture reported to put in place plans to procure 180 tractors, 20 rotavator boats, 340 Mt certified rice seed, procurement of 28,000 tons of fertilizers among others. The Ministry also highlighted the development of the value chain for rice, horticulture, poultry and small ruminants.
