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Gambia Begins 2 Billion Dalasi Bond Sale to Finance Deficit

Modou S. Joof by Modou S. Joof
September 15, 2022
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Gambia Begins 2 Billion Dalasi Bond Sale to Finance Deficit
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The Gambia’s Central Bank has opened bids for the sale of a three-year bond worth 2 billion dalasi ($36.8 million) to finance its fiscal deficit, maturing bonds and re-profile debt, according to a prospectus published by the Ministry of Finance.

The sale of the bond began Wednesday by a multiple price auction, with bids placed at a minimum half a million dalasi ($9,209) and in multiples of 50, 000 dalasi ($920).

The country’s budget deficit widened to 2.8% of GDP in the first half of this year, compared with 2.5% of GDP in the same period last year, the Central Bank’s Monetary Policy Committee (MPC) said in a September 1 statement.

Interest rates are to be paid to bondholders semi-annually from the issue date (Sept. 14, 2022) on the following calendar:

–        March 15 and September 13, 2023;

–        March 13 and September 11, 2024;

–        March 12 and September 10, 2025

At the beginning of this month, the MPC raised interest rates by 100 basis points to 12%, and revised the forecast for economic growth this year to 5.2%, from 4.7% forecast in May.

The upward revision is based on “better-than-anticipated recovery in tourism, private sector credit, public sector investment and steady private remittance inflows”, according to the Central Bank.

The D2 billion bond is issued at a fixed coupon rate (the annual income investors can expect) to be determined at the auction. The sale of the government’s treasury bonds will be based on a 365-day count for a year and 182-day for half year.

Gambia’s domestic debt rose by D1.2 billion to D38.4 billion in July 2022, the Bank said.

Inflation reached 12.3% in July, up from 11.7% in June, while inflationary pressures remain elevated, and inflation expectations have risen, fueled by surging energy and food
prices.

Tags: Central BankFinance DeficitFoodThe Gambia
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Modou S. Joof

Modou S. Joof

Modou S. Joof is an award-winning freelance journalist and social media reporter based  in The Gambia. He is currently the correspondent for Bloomberg News in Banjul. He is a trainer at the Media Academy for Journalism and Communication (MAJaC) in Bakau New Town; and a  photographer. He blogs at The North Bank Evening Standard (TNBES), and at Front Page International (FPI). Previously, worked as managing editor at The Voice newspaper in Serekunda, a contributor to VOA English to Africa Service (USA), and Africa in Fact Magazine (South Africa). He has worked as a Fixer for Swedish Broadcasting Corporation during Gambia's political crisis in 2016/17.

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