By Adama Makasuba
The Central Bank of The Gambia has announced that the country’s remittances soared to $775.6 million in 2024, accounting for 31.5% of its Gross Domestic Product (GDP). This substantial flow of funds is primarily sent by Gambians residing abroad, establishing remittances as one of the top three contributors to the nation’s economy.
With a population of 2.5 million, thousands of Gambians rely heavily on financial support from relatives in countries such as America and Europe. At a recent forum focused on national development, Momodou Njie, a senior adviser to the governor of the Central Bank, stated, “Remittances from our diaspora play a vital role in our socioeconomic landscape. These funds significantly bolster household income, education, healthcare, and the overall economic stability of our nation.”
Njie further emphasized the upward trend in remittance inflows in recent years. Current data indicates that these inflows represent approximately 31.5% of the GDP, highlighting their critical importance to The Gambian economy. In 2024 alone, the country received over $775.6 million in remittances, marking a notable increase of $28.8 million compared to the previous year.
