By Fatou B Cham
The Minister of Finance and Economic Affairs (MoFEA), Seedy Keita, recently convened a meeting with a high-level delegation of seven Executive Directors (ED) from the African Development Bank (AfDB). During the meeting held in Banjul, Minister Keita highlighted the goal of strengthening cooperation between the government and the AfDB.
The finance minister stated that the Bank’s contributions and innovative approaches have been instrumental in enhancing regional economic cooperation, facilitating trade and movement using the Senegambia Bridge.
“The bank’s contribution to the West African power pool and the OMVG has enabled the country to access cheaper, more climate-friendly energy, contributing to its ambitious national energy drive of universal access,” he unveiled.
In the agriculture sector, according to the finance minister, the bank’s recent approval of the regional agricultural value chain has been instrumental in supporting local rice cultivation, aiming to become rice self-sufficient.
“The bank’s intervention has been crucial in enhancing domestic resource mobilisation, particularly through the Asycuda World system funded at the GRA. The digitalisation of port operations, particularly customs, has helped increase domestic resources mobilisation by over 75% in less than two years, thanks to the bank’s support in unleashing the Asycuda World,” he added.
The growth mentioned, he added, could not have been realised without the bank’s support in promoting domestic resource mobilisation.
“The growth mentioned in the text is attributed to the emphasis on domestic resource mobilisation, and the country acknowledges the bank’s support in helping them mobilise their domestic resources.”
“We are aware of donor fatigue but we are looking inward, leveraging digital solutions like the Ayscuda World.
Minister Keita said The Gambia has actively engaged with the bank, participating in the African Ministers of Finance round table in Nairobi and the recent microeconomic outlook launch in Adis Ababa.
“We want the bank to focus on their development journey and increase their impact, particularly in area 17, to have a more resourceful impact. The bank’s strategy is crucial for addressing the demographic challenges faced by the 60% of the population under 25. The government has made technical and vocational education a central pillar of its high educational reform to afford access to finance, venture capital, and entrepreneurship for the youth and women.”
Darkortey Rufus N, Executive Director of BDIR15, emphasised the importance of sustainable development and transformative economic growth in the Gambia.
He announced that his tenure as executive director of the African Development Bank will end by July 31st. He thanked the Governor, His Excellency, President Adam Barrow, and other partners for their collaboration.
Edmond WEGA, the Executive Director representing Canada, China, Korea, Kuwait, and Türkiye, stated that their responsibility is to review and endorse country strategy papers, approve projects, and steer the institution in the direction of helping countries achieve their objectives.
He acknowledged the timing of the meeting as an opportune moment, as the bank and the country will soon be developing a new country strategy paper.
“The bank recently developed its new ten-year strategy, focusing on people, youth, and women. The bank is also seeking to understand progress in these areas and support them in achieving their objectives,” he stated.
The bank commended the finance minister for achieving significant growth levels in the past few years and hoped that with its support and other partners, the government would achieve even better in the future.
