By: Bakary Touray Jr
The Gambias Minister of Finance and Economic Affairs (MoFEA) Mr. Mambury Njie, has told the National Assembly that, We are on the Road to Economic Recovery. “If we walk together with unity of purpose, we will deliver on not only our national development Plan, but in addition we will guarantee a sustainable future for our children and other generations yet unborn.”
The Finance ministry chief made the points during his Budget Speech on Friday, 4th December 2020, before the National Assembly in Banjul. The occasion was witnessed by Members of the Cabinet, National Assembly Members (NAMs), and other members of the Gambian society.
RGDP growth is estimated to rebound to 5.9 percent in 2021, anchored on strong growth in the industry and service sectors. In sector terms, Agriculture real growth is projected to remain solid over the medium-term, growing from 2.8 percent in 2021 to 3.1 percent by 2025, supported mainly by improved performance in crops and fishing, Njie told his audience.
On fiscal front, he indicated that the domestic revenue collection is projected to gradually increase from an estimated D13.6 billion (14 percent of GDP) for the 2020 fiscal year to D13.7 billion (13 percent of GDP) in 2021.
Over the medium-term, domestic revenue is projected to record a sustained increase, reflecting strong revenue mobilization efforts and the implementation of reforms that will result in the enhancement of tax administration, the Minister stated.
As he outlined, motivated by this spirit, 2021 promises to be transformational and revolutionary as they are poised to pursue a triangular and mutually reinforcing development pathway featuring high impact interventions that will: Provide healthcare to the vulnerable in our society through the National Health Insurance Scheme; provide economic empowerment to our youths using a youth development fund; and correct the regional development disparities between rural and urban Gambia through the Program for Accelerated Community Development (PACD).
The minister stressed that in reflecting on the PACD, it’s worthy to note that while enhancing the living conditions of people in rural Gambia through improved and sustainable access to basic socio-economic infrastructure and services, the PACD would also create a local economy for sustained and improved socio-economic development, social justice and equality.
Njie submitted that in essence, the rural communities in The Gambia would access the benefits of PACD through five components that “will undoubtedly have a catalytic effect on their lives and livelihoods”, namely Access to potable water; Rural electrification; Rural roads infrastructure; Food security (Post-harvest and processing equipment and exotic livestock breed for milk production; and Sustainability of services and assets.
Admitting it’s uncontestably a national tragedy, characterized by regrettable suffering on the Gambian people and the world at large, Minister Njie revealed COVID-19 has in a paradoxical way presented the Gambia an unprecedented opportunity to look inwards and leverage on the opportunities associated with domestic resource mobilization, as well as apply innovation in all aspects of our national economy—including the utilization of innovative financing models.
He informed the Assembly that the ongoing financing of roads infrastructure through domestic resources is an investment in The Gambias sustainable future with invaluable catalytic potentials that enable inclusive growth in other sectors of the Gambian economy.
We call on all to rally behind the national agenda for a resilient recovery in this COVID-19 era. Our journey in 2020, eventful as it was, showed that when we persevere as a nation no challenge is insurmountable, and that adversity has the potential to bring out the best in us, Minister Njie enjoined.
