The Gambia realises economic growth

The real Gross Domestic Growth in The Gambia has picked up by 6 per cent in the past 3 years, contributing to the economic performance of the country and a solid growth registered in the agricultural and telecommunication sectors, according to Mambury Njie the Gambian Finance minister.

 

Minister Njie also added further to the National Assembly that despite the global financial crisis, The Gambia has certainly showed growth in its economy during the past 12 months.

“For the year 2011, Gross Domestic Product (GDP at 2004 market prices) grew by 5.4 per cent per annum compared to the 5.5 per cent of 2010. This is mainly due to the revised figures for crop production and fishing activities”.

With regards to the fiscal sector, Minister Njie advised that a substantial decrease was noted in revenues as a percentage to the GDP, this resulting to greater shortfalls and obliging the government to apply a number of tax administration reforms and more control on expenditures. The decrease was approx. 17.5 per cent in 2007 to about 14 per cent in 2011.

He said “It is against this background that the Gambia government has embarked on a series of reforms geared towards promoting macroeconomic growth stability, improve revenue mobilisation, and promote efficiency in resource allocation,”

The government has been expressing a steadfastness in maintaining and enhancing sufficient control over spending, by embarking on budgetary controls with the objective of introducing a medium-term horizon in planning and budgeting systems.

“The Medium-Term Expenditure Framework (MTEF) will constitute a budget planning framework that provides incentives for policy makers and budget planners to formulate medium-term budget plans by linking planning and policy formulation with budget allocations; aligning the annual budget decisions with medium term macro-fiscal strategy; restricting expenditures within realistic resource envelope, and improving monitoring and tracking of budget performance,” he said.

The Finance minister, Njie also stated that his ministry wants to aid in expanding the base and improve tax collection; this will be implemented by introducing a Value-Added Tax (VAT) IN 2012, as well as streamlining various tax exemptions, the purpose being to minimise the overall expenditures on tax.

Advertisements

About Insight group PLC

About Us Insight Group PLC is a leading private investment company based in the thriving city of Cape Town, South Africa. With offices also located in Mozambique, Gambia and the financial hub of Hong Kong; Insight Group PLC is perfectly positioned to provide clients with investment opportunities and expertise unsurpassed in today's marketplace. We take great pride in our ability to provide our clients with quantifiable confidence in everything we do. Our ability to achieve this and meet the varying needs of all of our clients stems from the fifty years of experience in the financial, media, commodities and property sectors of those leading the organisation's success. Chairman of Insight Group PLC, Alfonso Rivera Revilla, is a respected Accountant and Lawyer in Europe with over 25 years of experience in working with high-end investors who want to get the most out of their personal finances and their businesses: "In these difficult economic times, it is critical to protect your wealth. Traditional strategies, such as high interest rate accounts, no longer give people a worthwhile return. At Insight Group PLC, we're excited about the fact we offer investment opportunities that other's can't - including the big banks and funds. We personally seek the most competitive investment options for our clients and put them in touch with our industry experienced and respected Wealth Management Specialists (click here if you'd like to work for us). "We are confident in everything we do, contact us to share in that confidence and to reap the rewards." View all posts by Insight group PLC

One response to “The Gambia realises economic growth

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: