The Permanent Secretary at the Ministry of Finance and Economic Affairs, Lamin Camara, said Gambia has not been using the right numbers to measure the country’s economy. He said figures of 2004 have been used to calculate the GDP, giving a wrong data on the economy.
Finance Perm Sec: Gambia’s Economy Not Measured With Right Numbers
“All along our GDP figures have been under-estimated. Currently we are using a GDP figure of 2004,” PS Lamin Camara said last Thursday during the launch of IMF Regional Economic Outlook at a ceremony held at Ocean Bay Hotel in Cape Point, about 7 km away from Banjul.
Gambian economy is edging towards recovery as the new authorities have launched the New Development Plan (NDP). Also the gov’t has announced a macroeconomic strategy aimed at stabilizing the economy of the tiny West African nation.
PS Camara went further to say that the Gambia GDP is seriously under-estimated. He then added that the GDP, we know it is all about activities in the economy.
“Horticulture is everywhere, but it is not captured in our economy,” he deplored.
He cited similar examples such as the mining and the informal sectors.
While mining activities are taking place across the country, Camara decried the data available only highlight the Greater Banjul Area.
“So, how much our activities in the economy are under-estimated?” He quizzed.
He disclosed that gov’t is coming up with a project that is going to change the numbers of our GDP.
“We are really committed to fix these numbers issue and data,” he added.
Weighing in on the issue, IMF Resident Rep. Ruby E.M Randall pointed out the fact that the Gambia Bureau of Statistics (GBOSS) has been undergoing a rebasing exercise.
“In the process of doing that, they are also making the GDP more comprehensible,” she added.
IMF boss said there are number of sectors that are inadvertently excluded, and that are going to be captured in the economy.
Written by Abdoulie JOHN