According to Hon. Buah Saidy, the governor of The Gambia’s Central Bank, remittance inflows were USD 737.12 million in 2023.

Governor Saidy said that this amount represented 32.11% of the nominal GDP of the nation, which is 3.46% more than it was during the same time in 2022.

These statements were stated by the CBG governor last week at the Sir Dawda Kairaba Jawara International Conference Center during the 7th Stake in the Nation Forum (SNF). A concurrent conference on higher education was held during the forum.

SNF, which is essential to Gambian diaspora policy and practice, was started in 2017 as a yearly consultative discussion. SNF, an up-and-coming national organization, keeps promoting development involvement, communication, meetings, and cooperation between the diaspora of Gambian citizens and Ministries, Departments and Agencies (MDAs), as well as a variety of Non-State Actors (NSAs).

The MSDG Project marked the beginning of the Central Bank of The Gambia’s technical engagement with GK Partners in 2017. The CBG governor said, “It has led to observable improvements in policy monitoring, analysis, and innovation as well as remittance data.”

“These have gained international recognition, and The Gambia is now used as a case study and model for best practices in remittance data analysis,” he said. In order to build on this accomplishment, the Central Bank of The Gambia is happy to announce that The Gambia Remittances and Diaspora Finance Factbook, its first edition, will be published and launched in March 2024 by GK Partners.

Governor Saidy said that the economic importance of remittances cannot be overstated and that they continue to be crucial to The Gambia’s economic growth.

“Over time, official remittance data has shown a significant influx of money, directly benefiting Gambians in all spheres of life economically,” he said.

The governor of CBG underlined that the top bank is dedicated to continuing to be a pioneer and innovator in the diaspora finance space.

The Minister of Foreign Affairs and Gambians Abroad, Dr. Momodou Tangara, made the keynote speech on behalf of President Adama Barrow.

President Barrow made the point that if different development initiatives do not benefit communities or the country as a whole, success would remain elusive.

“Without guaranteeing that its diverse development endeavors yield tangible benefits, particularly for individuals from underprivileged socioeconomic backgrounds, no community or country can advance and prosper,” he clarified.

But one of my constitutional responsibilities as President is to start an annual Meet-The-People trip. I hear about issues and difficulties that people all around the nation are facing. I have the opportunity to see the initiatives and plans carried out by my government and other development partners. The Gambian leader said, “Most significantly, I get to see firsthand how constructive development affects and improves people’s lives, livelihoods, and lifestyles.