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| Amadou Kolley |
Remittances to The
Gambia, moneys sent to The Gambia by Gambians in the Diaspora, has
now been increasing more than ever and as of 2011, it constitutes up to 10% of
the country’s Gross Domestic Product - more than the total monetary value of
the country’s export which constitutes only 8 to 9% of the GDP.
The Central Bank Governor Amadou Colley
said in The Gambia, remittances as a percentage of the GDP has grown over time
from a mere about 3 – 4% in the 1990s to nearly 10% of the GDP in 2011. In addition, he said, it has become one of
the largest sources of foreign exchange for the country.
Despite this significant contribution to
the national economy, Governor Colley said The Gambia is still at the
developmental stage to harness the full potentials of remittances.
In a statement read on his behalf by Ismaila Jarju, director of
research at the Central of The Gambia during the launching of the Least Developed Countries (LDCs) report 2012 on
Wednesday at the Ocean Bay Hotel in Bakau, Governor Colley noted that
most of the remittances flows are channeled into consumption though it also
plays a significant role in housing financing and it is also a key driver in
other sectors such as the wholesale and retail trade.
