President Adama Barrow welcomed ten state institutions to the State House in Banjul for the purpose of updating the president on the state of the economy during the first National Economic Council.
One of the top concerns was the nation’s 16.2% inflation rate, which President Barrow discussed with the Ministry of Finance and the Central Bank to find alternative and possible solutions. The Central Bank is also continuing with efforts to find a single currency that meets criteria for the West Africa Monetary Zone.
The Gambia Revenue Authority (GRA) reported improvements in collections after technological advancements in their methods and a partnership with the Finance Minstry and the Executive. The GRA stressed that they did not increase taxes, but have broaden tax base. Collections for January and February were above target.
The nation’s livestock production has grown in every area except cattle, which decreased only by one percent. Tourism continues to be a significant portion of the economy, with arrivals increasing across the board. Tourism departments are looking into new destinations to market to travelers.
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