The centrality and importance of Gambians in the diaspora to the economic growth and success of The Gambia has been soundly underscored by a vibrant lawyer and politician in the political and socioeconomic landscape of the country.
Essa Mbye Faal, a bright political figure in The Gambia, has hammered home the importance and strategic role Gambians in the diaspora have been playing in beefing up the country’s economy through increased remittances and other businesses at home. However, he said, diaspora Gambians can do better than just remitting finances home by paving the way for them to invest more in order to transform the country’s economic condition for the better.
“Our country is increasingly dependent on remittances from abroad,” he said in his new year message to the nation. “We must establish a cordial and harmonious relationship with Diaspora Gambians. They are our best, if not the only hope to develop our country. Roll out the red carpet to them to invest in their country instead of just focusing on subsistence remittances. This will happen if they are given opportunities, streamlined procedures, greater protection of their investments/resources and a fairer, certain and reliable justice system. Our rule of law must not be empty talk but a dependable reality.”
According to latest facts and statistics on remittances to The Gambia by the quarterly report of the Monetary Policy Committee of the Central Bank of The Gambia (CBG: Nov 26, 2024), remittance inflows to the country in the last three months stood at US$182.5 million. This was even a slight decrease from the last six months when remittances stood at US$201.4 million.
The CBG MPC report states: “The quarter-on-quarter decline in activity volumes partly reflects the moderated inflows of private remittances, from US$201.4 million in the second quarter of 2024 to US$182.5 million in the third quarter of 2024.”
Faal said as a result of inappropriate policy interventions in fighting the economic challenges of the country, more and more of young Gambians are taking the back way to the West even at the risk of death and those left behind are hopelessly clinging to a dream of few opportunities.
“Increasingly, the urban youths are resorting to drugs and crimes as an escape from this terrifying reality,” the lawyer-cum-politician laments, saying: “To add more fuel to the fire, taxes would be increased as of the new year. For many of us, this move would sink us into deeper poverty. This is tax and spend or slash and burn economics. We cannot continue to raise taxes as a way out of our national conundrum. Our government must be visionary and pragmatic in our quest for economic development.”
Mr Faal, who contested the last presidential election in The Gambia as independent candidate, said ways must be found to expand the pie by creating new sources of revenue generation instead of “taxing to death already over-taxed” people and entities.
