Gambia’s Finance Minister, Seedy Keita, recently addressed lawmakers with positive news about the country’s economic situation. He revealed a decrease in Gambia’s debt-to-GDP ratio from 85% to 72% in less than two years, showcasing commitment to fiscal responsibility and growth. Keita emphasized Gambia’s sustainable debt and disproved misconceptions about being the most indebted in Africa.
The Finance Ministry diligently assesses currency depreciation impacts on public debt, with 7.56 billion dalasi attributed to depreciation out of a total loan stock of 110 billion dalasi as of December 2023.
In 2017, the government inherited financial challenges, including an overdrawn Treasury Main Account of 10.8 billion dalasi. Decisive action was taken by assuming liabilities and issuing a market bond of 1.7 billion dalasi.
Investing in Infrastructure
Several infrastructure projects have been financed through borrowing since 2017, aiming to boost development and economic prospects. Keita highlighted the country’s open market regime for determining exchange rates, promoting transparency in financial transactions.
Despite challenges, Gambia’s progressing debt management and investment in the future suggest a positive outlook for the nation’s financial health.