Momodou Sabally, Special Adviser to Gambian President Adama Barrow, recently shared positive insights on the Gambia’s economic growth and stability.
In an interview on Coffee Time With Peter Gomez, Sabally highlighted Gambia’s GDP growth and the decline in inflation, noting that these factors place the country among the top 20 fastest-growing economies worldwide, according to the International Monetary Fund (IMF).
Sabally reported a real GDP growth rate of 5.3% in 2023, with a projected increase to 5.8% in the coming year. He attributed this growth to sound fiscal policies that have led to improvements in inflation and monetary policy rates. Inflation, which was at 18.5% a year ago, has significantly decreased to 10%, and the Central Bank’s Monetary Policy Rate now stands at 17%.
Sabally, a former critic of these policies, acknowledged that the government’s fiscal adjustments have addressed issues he previously condemned, such as the negative real interest rates that discouraged saving and investment, impacting overall economic growth.
Sabally noted that the recent economic progress reflects a shift in policy under the guidance of Finance Minister Seedy Keita.
He expressed confidence in Keita’s approach, stating that the minister’s recent decisions aligned with his hopes for economic improvement.
Sabally concluded by acknowledging that policy missteps can occur globally, citing the example of U.S. policy challenges amid the global fuel crisis.
