Rédaction Africa Links 24 with Mr. Gaye TheVoice
Published on 2024-03-15 09:50:56
On Wednesday, 13th March 2024, a significant event took place as ten state institutions convened for the first National Economic Council Meeting at the State House in Banjul. The main objective of this meeting was to provide President Adama Barrow with an update on the current state of the economy in the Gambia.
The meeting kicked off with an introduction by Alieu Loum, the Permanent Secretary of Strategic Policy and Delivery at the Ministry of Public Service, who presented an overview of the Report on the National Economic Council sessions of 2023.
President Adama Barrow acknowledged the updates provided by key players in the economy and discussed policy matters of concern. One of the crucial topics that were deliberated on was the impact of foreign exchange (forex) on businesses that rely on importing essential goods. Forex plays a vital role in international trade and other transactions outside the country. It was noted that the foreign exchange rate was nearing parity with the alternative market rate.
Given the country’s current double-digit inflation rate of 16.2%, President Barrow directed the Ministry of Finance and the Central Bank to explore potential alternatives to alleviate the burden on businesses. Additionally, it was highlighted that member countries had not met the criteria for a single currency for the West Africa Monetary Zone.
Africa50’s progress in partnership with the Government was also discussed, with reports indicating significant advancements in implementation. Necessary equipment has been procured and is now in the country, while efforts are underway to finalize leases and ensure adequate electricity and internet connectivity in the designated area.
The Gambia Revenue Authority (GRA) reported an increase in tax collections for both Customs and Excise as well as Domestic tax, attributing the rise to digitalization efforts and collaboration with the Finance Ministry and the Executive. Despite no tax hikes being implemented, the tax base has been broadened to encompass all business entities. GRA surpassed its collection targets for both January and February, exceeding prior year collections for the same period.
With the implementation of digitalization, GRA can now efficiently track trucks to their destinations, while the Single Window platform streamlines transactions for all stakeholders.
The Ministry of Agriculture disclosed that the Gambia Groundnut Corporation (GGC) had procured approximately 40,000 tonnes of groundnuts this year. In a bid to boost food production, plans are underway to acquire 180 tractors and 20 renovators.
Livestock production has seen growth across the board, except for cattle which experienced a slight decrease. The tourism sector continues to be a significant contributor to the economy, with an increase in tourist arrivals noted at both traditional and non-traditional destinations. The Ministry is exploring new destinations to further diversify the tourism offerings.
In conclusion, the National Economic Council Meeting served as a platform for key stakeholders to provide updates and insights on various sectors of the economy in the Gambia. The discussions and outcomes from this meeting will likely play a crucial role in shaping economic policies and strategies moving forward.
Read the original article on The Voice Gambia
