During the Ninth Stake in the Nation Forum (SNF9), hosted by the Migration and Sustainable Development in The Gambia (MSDG) project, the Central Bank of The Gambia emphasized the significant impact of diaspora contributions, revealing that total remittances via formal channels amounted to around $872.05 million in 2025.
In her keynote remarks, Ms. Ida Faye of the Central Bank highlighted the importance of these inflows, noting a significant increase of $54.42 million compared to the figures from 2024. The remittances represented more than 30% of the nation’s Gross Domestic Product (GDP), highlighting their significance as a fundamental element of economic stability and national development.
“These figures reflect only the remittances processed through formal channels,” Faye remarked, emphasizing the increasing adoption of regulated systems by Gambians living overseas. She credited the ongoing upward trend to a blend of elevated transfer volumes and a greater reliance on formal remittance channels, influenced by enhanced financial infrastructure and the confidence of the diaspora.
Ms. Faye expressed sincere gratitude to the Gambian diaspora, characterizing their dedication as “a powerful force for economic growth and resilience.” In an era marked by global uncertainty, she observed that remittance flows have shown impressive stability, acting as a dependable source of foreign exchange for the nation.
At the household level, these funds significantly contribute to improving family welfare. They offer crucial assistance for everyday needs such as consumption, education, and healthcare, resulting in beneficial outcomes like poverty alleviation, enhanced social stability, and increased productivity within communities.
The announcement at SNF9, an important annual platform for engaging the diaspora in national policy and development discussions, occurs alongside ongoing efforts to enhance the effectiveness of these inflows. The Central Bank and its partners have undertaken initiatives, including the MSDG project, aimed at enhancing data quality, promoting financial inclusion, and lowering transfer costs to direct additional resources towards sustainable investments.
As The Gambia advances its efforts to engage the diaspora—commonly known as the “eighth region” as a crucial ally in development, the 2025 remittance milestone highlights the sector’s strength and significant impact on the economy, comparable to established sectors like tourism and agriculture.
The acknowledgment from the Central Bank indicates a positive outlook for future growth, contingent upon the expansion of formal channels and enhanced diaspora engagement through collaborative platforms such as SNF.
