The Governor of the Central Bank of The Gambia (CBG), Buah Saidy, disclosed that remittances increased by 17.2 percent to US$246.08 million, approximately seventeen billion seven hundred and twelve million dalasi (D17.712 billion).
He made this statement during the Monetary Policy Committee (MPC) meeting held at the CBG in Banjul on Thursday, 21st May 2026.
He noted that aggregate foreign currency purchases and sales amounted to US$644.19 million compared to US$590.8 million in the first quarter of 2025.
He added, “In addition, total remittance inflows from January to March 2026 amounted to US$246.08 million, an increase of 17.2 percent compared to the same period in 2025. Improved foreign currency liquidity conditions partly reflect steady private remittance inflows, a rebound in re-export trade, and a gradual recovery in the tourism sector.”
He reported that preliminary estimates of government fiscal operations in the first quarter of 2026 indicate an improvement in the fiscal position relative to 2025, adding that the “overall deficit, including grants, narrowed to D2.3 billion, or 1.2 percent of GDP, compared to D2.7 billion, or 1.4 percent of GDP, in the same period in 2025.”
Similarly, he said the “overall deficit, excluding grants, improved to D5.0 billion, or 2.5 percent of GDP, in the first quarter of 2026, from D5.5 billion, or 2.8 percent of GDP, in the corresponding quarter of 2025.”
This positive trend, he explained, reflects stronger domestic revenue mobilization, supported by improvements in tax administration and fiscal consolidation efforts.
According to Governor Saidy, the government’s domestic debt stock increased to D53.3 billion, or 24.0 percent of GDP, at the end of March 2026, from D51.99 billion, or 23.4 percent of GDP, in the corresponding period of 2025.
He indicated that the composition of domestic debt remained concentrated in term instruments, accounting for 54.8 percent of the portfolio.
The current account deficit, he said, widened to US$20.83 million, or 0.8 percent of GDP, in the first quarter of 2026, compared to US$13.19 million, or 0.5 percent of GDP, in the corresponding period of 2025.
He explained that the deterioration in the current account mirrors higher imports of printing-related materials, mineral fuels and oil, cereals, and vehicles, despite continued improvements in tourism receipts and stronger remittance inflows.
“The goods account deficit widened to US$284.37 million, or 11.2 percent of GDP, in the first quarter of 2026, from US$248.07 million, or 10.2 percent of GDP, in the corresponding period of 2025,” he said.
He further stated that non-food inflation accelerated to 7.2 percent from 6.4 percent over the same period, reflecting rising prices of transport, housing, and utilities, as well as selected service-related categories.
