The second phase of the National Economic Council Meeting commenced at the State House in Banjul on Wednesday, August 15, 2024.
Representatives from the Ministries of Tourism and Culture, Finance, Trade, Agriculture, and other institutions convened to update President Adama Barrow on recent economic developments. President Barrow acknowledged these updates and provided guidance on policy issues.
Deputy Director of the Central Bank of The Gambia, Sheriff Touray, presented a report indicating that the Gambian economy is projected to grow by 4.8% in 2024. He noted that foreign exchange bureaus continue to operate smoothly following the publication of new guidelines aimed at promoting a transparent and fair foreign exchange market.
Technical Director of the Gambia Revenue Authority (GRA), Yaya Manneh, reported an increase in monthly collections for July 2024. Excise and domestic tax revenues also rose by 23%. Manneh highlighted ongoing reforms within GRA, including initiatives such as SISPA—a digital tax stamp for excisable goods—which he stated is showing positive impacts.
Manneh further disclosed plans to launch the second component of the SISPA project for marking fuel products at petrol stations. Additionally, GRA will introduce a digital weighbridge to detect cargo tonnage.
As part of implementing the National Export Strategy 2021-2025, GIEPA launched several initiatives in July, including The Gambia E-market platform and promotional videos for export and tourism. The institution seeks executive assistance for documenting additional investment lands for agriculture and industrial development across all regions.
The Ministry of Trade reported that the WACOMP project has established three onion curing facilities in different regions to help women farmers manage produce marketing competitively. This initiative is expected to expand to other regions. Furthermore, the Ministry announced that the Food Reference Lab in Abuko is completed and awaiting equipment installation from UNIDO.
The Ministry of Tourism is working on introducing placards for registered tourism establishments. "This will not only display compliance with standards but also help tourists make well-informed decisions," said P.S. Jabang.
To achieve rice self-sufficiency by 2030, the Ministry of Agriculture outlined plans to procure agricultural equipment and inputs including tractors, rotavator boats, certified rice seeds, and fertilizers. The Ministry also emphasized developing value chains for rice, horticulture, poultry, and small ruminants.
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