By: The Fatu Network Editorial
According to the Central Bank of The Gambia (CBG), the country received over $775.6 million (D46.5 billion) in remittances in 2024, accounting for 31.5% of GDP, up from $737.12 million (32.11% of GDP) in 2023.
This represented a $28.8 million (3.91%) increase, attributed to improved monitoring, increased use of formal channels by the Diaspora, and advancements in technology, including fintech innovations that lowered transfer costs.
A significant portion of remittances was spent on private construction (51.8%) and household consumption (36.9%), with smaller shares allocated to savings, education, and healthcare. The CBG emphasized the need to further reduce transaction fees, attract Diaspora investments in sustainable projects, and enhance data collection to maximize developmental impact.
These remarks were shared during the Eighth Stake in the Nation Forum (SNF8) held on Saturday at the Sir Dawda Kairaba Jawara Conference Centre.
