As the year 2024 draws to a close, many Gambians who have found it difficult to survive the current economic hardships are wondering if 2025 will fare any better for them and the country as a whole. This question is lingering in the minds of many Gambians right now.
It is true that one should always endeavour not to be pessimistic but even the biggest optimists will find it very difficult to entertain hopes of any easy ride as this year draws to a close. Going by the current economic trajectory of the country, one wonders what the outlook would be in the comings days, weeks and months.
This paper reported yesterday that the country’s expenditure will increase to D47.4 billion in the coming year. This is a huge amount put aside for government expenditure at a time when many countries are looking for ways and means to reduce expenditure. This is due to the economic crunch affecting many countries of the world today.
Of course the minister of finance and economic affairs has hinted to more revenue generation; but studied closely, all the areas highlighted are ones which will widen the hole in the pockets of ordinary citizens. This is worrisome as already, many ordinary Gambians are struggling to even put food on the table.
For instance, highlighting the new ways to generate revenue, the minister said “a series of revenue measures will be introduced from January 2025”. He said that the government will withhold a tax of 1 percent on sales or purchase of air tickets; a tax of 15 percent for property used for commercial purposes and 8 percent for property used for residential purposes.
Other taxes he highlighted include tax on winnings of betting, gaming, lottery, and gambling. All these will be increased from 30 percent to 40 percent. Similarly, tax on tobacco products, wines, spirits and beers will all be increased. He even said that the government will introduce export duty for waste and scrap metals.
What all these indicate is that while government is set to increase its expenditure, it has devised ways and means to make the ordinary Gambian part with their hard-earned money. One raises the question therefore, what are the economic prospects in 2025?
