PANAPRESS
Panafrican News Agency
Barrow projects 3.8 percent growth for Gambia in 2018
Banjul, Gambia (PANA) – President Adama Barrow of the Gambia on Sunday disclosed that the GDP growth for 2018 is projected at 3.8 percent compared to that of 2.2 percent of the previous year.
“The agriculture, industry and service sectors are all expected to register positive growth compare to the year ending,” the Gambian leader said in his New Year message to the nation.
“Inflation has reversed its rising trend, declining from 8.8 percent in January to 7.4 percent in October 2017 and reflecting the gradual decline in food prices and stabilization of the Dalasi.”
“Treasury bill rates have declined between September 2016 and September 2017. This has reduced the cost of government’s borrowing by close to 50 percent and this trend is set to continue in the coming year,” Barrow added.
According to him, the Gambian currency, the Dalasi, has remained stable since April 2017; with gross international reserves increasing from less than one month of import cover at end-2016 to well over four months by the end of year under review.
He said his administration had forged relationship with many development partners and made so many genuine friends within a short span of time.
“We engaged many partners to rebuild our economy but also our social ties across religious, geographical and political boundaries. This goodwill has since translated into benefits as we see signs of progress in our democracy and macro-economic status.
“The port has seen an increase in trade. Tourism has recovered and there is a mark improvement in our macro-economic status,” he added.
He pointed out that when Gambians elected him as the president of the country, it was no mistake that the task ahead of him was not only challenging but also huge and demanding.
“However, never in my mind have I doubted our great potentials to rebuild our country. We have the human resources comprising of talented youthful population, as well as the geographical advantage to make this great country a force to reckon with in the sub region.
“That is my belief and it is anchored on the fact that I have confidence in my administration but more so in you Gambians to collectively transform our economy, deepen our democracy and rule of law,” Barrow told Gambians.
-0- PANA MLJ/VAO 31Dec2018
“The agriculture, industry and service sectors are all expected to register positive growth compare to the year ending,” the Gambian leader said in his New Year message to the nation.
“Inflation has reversed its rising trend, declining from 8.8 percent in January to 7.4 percent in October 2017 and reflecting the gradual decline in food prices and stabilization of the Dalasi.”
“Treasury bill rates have declined between September 2016 and September 2017. This has reduced the cost of government’s borrowing by close to 50 percent and this trend is set to continue in the coming year,” Barrow added.
According to him, the Gambian currency, the Dalasi, has remained stable since April 2017; with gross international reserves increasing from less than one month of import cover at end-2016 to well over four months by the end of year under review.
He said his administration had forged relationship with many development partners and made so many genuine friends within a short span of time.
“We engaged many partners to rebuild our economy but also our social ties across religious, geographical and political boundaries. This goodwill has since translated into benefits as we see signs of progress in our democracy and macro-economic status.
“The port has seen an increase in trade. Tourism has recovered and there is a mark improvement in our macro-economic status,” he added.
He pointed out that when Gambians elected him as the president of the country, it was no mistake that the task ahead of him was not only challenging but also huge and demanding.
“However, never in my mind have I doubted our great potentials to rebuild our country. We have the human resources comprising of talented youthful population, as well as the geographical advantage to make this great country a force to reckon with in the sub region.
“That is my belief and it is anchored on the fact that I have confidence in my administration but more so in you Gambians to collectively transform our economy, deepen our democracy and rule of law,” Barrow told Gambians.
-0- PANA MLJ/VAO 31Dec2018
