Gambia’s $776M Remittances Rival Tourism as Key Forex Source

AFRICAN BUSINESS AND ECONOMYJanuary 14, 2025 at 9:55 AM UTC

TLDR

Remittances to Gambia reached $776 million in 2024, marking a 4% increase from the previous year
They now rival tourism as a major source of foreign exchange for the economy
The steady rise underscores the critical role Gambians abroad play in supporting the nation’s economic stability

Remittances to Gambia reached $776 million in 2024, marking a 4% increase from the previous year and accounting for 31.5% of the country’s GDP, according to Central Bank Governor Buah Saidy.

Addressing a national forum on diaspora financing, Saidy highlighted the growing importance of remittances, which now rival tourism as a major source of foreign exchange for the economy.

The steady rise underscores the critical role Gambians abroad play in supporting the nation’s economic stability and development.

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Key Takeaways

The growing inflow of remittances reflects Gambia’s strong ties with its diaspora and their contributions to economic growth. At 31.5% of GDP, remittances provide a vital cushion against external shocks and complement the tourism sector, a traditional foreign exchange earner. As Gambia continues to leverage diaspora financing, policymakers may explore ways to maximize these contributions through initiatives like investment incentives and improved financial infrastructure to further integrate remittance flows into broader economic development plans.

Gambia

Remittances

Economy

Foreign Exchange

Buah Saidy