By Arret Jatta
Central Bank governor Buah Saidy yesterday revealed that the goods account deficit has declined to US$698 million in the first nine months of 2025 with total imports increasing by 2.9 percent to $1.0 billion.
The main imported items were food, electricity, fuel and construction materials. On exports, Governor Saidy disclosed that it has increased by 22.8 percent to reach $309.6 million.
On the foreign exchange front, he reported that the domestic market continues to function smoothly, noting: “Aggregate foreign currency purchases and sales reached US$2.4 billion in the first nine months of 2025, compared to US$2.1 billion in the corresponding period of 2024, reflecting improved foreign exchange supply conditions. Private remittance inflows, 24.3 percent of which originated from the United States, amounted to US$638.4 million between January and September 2025”.
However, the governor highlighted growing domestic debt pressures, stating that the stock of domestic debt rose to D50.1 billion (28.7 percent of GDP) in October 2025, compared to D46.4 billion (28.5 percent of GDP) in December 2024.
In response to the evolving economic conditions, the central bank announced three key policy decisions.
The Monetary Policy Rate (MPR) has been reduced to 16 percent, a move expected to ease borrowing costs and support private sector credit. The Required Reserve (RR) ratio for commercial banks was maintained at 13 percent, while the interest rate on the standing deposit facility was increased to 5 percent.
