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Published On: Sat, Jan 13th, 2024

Gambian Diaspora Sends $737 Million Back Home in 2023

Speaking at the Sir Dawda Kairaba Jawara International Conference Center, Governor Buah Saidy revealed that “for the year 2023, the total remittance inflow to the Gambia stood at USD 737.12 million, which accounted for 32.11% of our nominal GDP and represents an increase of 3.46% over the same period in 2022”. 

Mr Saidy reveals this at the seventh stake of the nation forum (SNF7) that is underway at SDKJCC.

The remittances sent by Diaspora in 2022 came to $712 million USD meaning that this year was increased by $25 million USD. Central Bank Governor Buah Saidy explained that “the expansion is partly due to improved monitoring methodology and the increased use of formal channels by the diaspora and the use of technology in sending remittance. The emergence of fintech companies is believed to have also lowered the cost of sending and receiving remittances”.

Mr Buah Saidy further commended GK Partners and the Migration Sustainable Development Goals Project for their efforts in promoting the Diaspora.

“the technical cooperation between the Central Bank of The Gambia and GK Partners through the MSDG Project dated back to 2017. It has resulted in demonstrable improvements in remittance data and policy monitoring, analysis and innovation. These have been recognized internationally and The Gambia now serves as an example and case study of good practice regarding remittance data analyses”. He said

Every year the Stake of the Nation Forum is held in the country which features the annual announcement of remittances sent back home by the Diaspora with 2023 totalling $737 million sent from Diaspora Gambians.

Governor Saidy highlights that “to build on this success, the Central Bank of The Gambia is pleased to announce that in March 2024, in partnership with GK Partners, it will publish and launch the inaugural edition of a new resource, titled The Gambia Remittances and Diaspora Finance Factbook’. As indicated above, the Bank is committed to maintaining leadership and innovation in the field of diaspora finance”.

The SNF is organised by the GK Partners and the Office of the President and usually provides a platform for the latest Diaspora remittance to be shared to the public.

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