By Tabora Bojang
Vice President Momodou BS Jallow on Saturday hailed the ‘excellent contribution’ of Gambians in the diaspora in supporting Gambian households, creation of jobs and contributing significantly to the socio-economic development of the country.
The governor of the Central Bank Buah Saidy, in a statement read on his behalf, said diaspora remittances in 2024 reached $775.6million reflecting a significant increase of $28.8million from 2023. This, he said, represents 31.5 percent of the GDP.
Both men were speaking at the 8th annual Stake in the Nation Forum, a consultative dialogue organised by GK Partners and the Government to facilitate development engagement, interaction, consultations and collaboration between the Gambian diaspora, government and non-state actors.
“The Gambia is a small country with big migration and we are well aware of the significance of diaspora finance to the welfare of families and communities and the development of the nation,” VP Jallow said at the forum, held at the SDKJCC.
He said in 2020 during the Covid-19 pandemic, the Migration and Sustainable Development Gambia, MSDG piloted a diaspora development fund, and as of June 2024, about half a million-euro equivalent to D37 million, was awarded as grants to 74 projects led by diaspora professionals who worked with local partners in rural and urban Gambia.
These projects, he added, generated 4 million euros (D295 million) in return.
He disclosed that between 2022-2024, the diaspora development fund projects created 576 jobs of which 78 percent were in the rural areas.
Vice president Jallow said government will “continue to champion” innovation in diaspora investment and development and is adopting a number of strategies to promote diaspora participation in national development including their participation in equity-based financing structures, fintech targeted bonds to facilitate local resource mobilisation, project financing and mitigation of foreign currency shortages.
“Your commitment and support to our beloved Gambia is marked by constancy, consistency and continuity. Beyond the huge amounts of remittances and investments, we are proud and grateful for the productive engagement of the diaspora in all aspects of socio-economic development,” VP Jallow told the diaspora community.
Foreign Affairs Minister Mamadou Tangara described the diaspora as the 8th region of the Gambia and a source of expertise, innovation, investment, and agents of change.
Professor Momodou Sallah, diaspora keynote speaker and former director of academic innovation at the De Montfort University said the world is witnessing a paradigm shift in international cooperation with external donor funding declining, hence the need for developing countries like Gambia to take responsibility for their own development.
Sallah urged the government to work on dismantling the bottlenecks and create a more enabling environment and dialogue with the diaspora to help address national development.
GK partners director Professor Gibril Faal, hailed the turnout at the forum as a step in the right direction towards enhancing cordial relationship between the government and the Gambian diaspora.
