By Adama Tine
The Central Bank of The Gambia has said that remittance volumes in 2021 have increased to an unprecedented level of $773.7 million from $589.81 million in 2020, adding that the Gambian diaspora contributed 62.9% of the country’s Gross Domestic Product (GDP) in 2021.
Addressing the 5th State in the Nation Forum at the Kairaba Jawara International Conference Centre on Saturday, Dr Saikou Jabbi, deputy governor of the Central Bank said: “despite the challenges of the coronavirus, diaspora Gambians have not relented in supporting their families and enhancing the development aspirations of their motherland.
“During the year 2021, remittance volumes increased to an unprecedented level of $773.7 million from $589.81 million in 2020 recording an increase of 31.3%.
“The significance of this event cannot be overemphasized considering the importance of remittances to the balance of payment of The Gambia and its overall impact on the livelihood of average Gambians.
According to Jabbi, because of the high accuracy of the data both the International Monetary Fund and World Bank now rely on the Central Bank of The Gambia data as the authoritative data for analysis and reporting.
He said the CBG is also working on remittances with partners to disaggregate the data into building and construction, consumption, education, health, agriculture, among others to inform policy on the use of remittances.
“The 2021 remittance volumes is equivalent to GMD40.65 billion which represents 62 9% of Gross Domestic Product. Despite the global pandemic, the Central Bank of the Gambia has considerably improved its data recording methodologies by encouraging market operators to supply relevant data in respect to remittances.”