By: Kebba AF Touray
The Governor of the Central Bank, Bakary Jammeh, told journalists that 2019 is going to be better for the economy of the country.
Jammeh revealed this on Thursday 29th November 2018, during the Monetary Policy Committee meeting at the Central Bank of The Gambia.
He continued: “Our forecast for 2019 is that growth may reach about 6 percent or even higher, if we get most of the support made to Government. The currency will remain stable; inflation will start going down; jobs will be created; construction will boom, and telecommunication will move favourably.’’
He described the economic conditions of the country as one that is moving on the right track; that however, there is need to sustain ongoing reforms; that inflation is decreasing with good reserve levels and economic growth.
He also described the financial sector of the country as resilient, sound and very profitable; that efficiency has come to the sector. This he said, is important.
On the issue of budget support, Jammeh said the EU’s budget and technical support to The Gambia, is a welcome development because it goes to aid the budget and would make it possible for Government to carry out its projects; that this is key for inclusive growth.
“In any reform, one of the key considerations is capacity building. In any country, the most important asset is human capital; that this is the reason why people refer to it as development with a human face; that the impact of the support is to provide jobs and the attainment of sustainable economic growth.
He said fuel prices in the past, were administered with significant subsidy, and that this was at a massive lost to Government at the time; that thus it was agreed, that the price should be allowed to adjust to market situations and conditions; that domestic prices have to be adjusted to international market prices of fuel and vice versa.