By Kitabu Jammeh
Introduction:
For a long time now, we have heard calls for reforms in the Gambia, only to be continuously
disappointed. It is therefore imperative that stakeholders demonstrate sincerity in regards to
reforming key areas, including the management of Foreign Exchange, as they take time to read
this article.
The article attempts to explain the country’s deepening problem of foreign currency
management for the longest time now. It provides recommendations for policy consideration in
key areas. It further put forward some proposals for reviewing the existing Reference Rate to
ensure market and exchange rate stability. It postulates that regulating BDCs will go a long way
in helping to ensure their operational efficiency and control in the FX market. Besides, this
document discusses challenges associated with foreign currency cash handling outside the
realms of the banking sector as a crucial macroeconomic threat that undermines price and
exchange rate stability in the Gambia.
I encourage all and sundry, especially the stakeholders (i.e. decision makers in Banks, BDCs,
Microfinance Institutions, line Ministries, and other interested parties), find time to go
through the full content with an open mind. That way, I am very much convinced that you will
find it thought-provoking and useful for decision-making.
Download the full article here
