GAMBIA AN ECONOMIC SUPERPOWER OR A LEAST DEVELOPED COUNTRY? 8 BILLION DALASI TRADE DEFICIT

As the government promises to move The Gambia from a least developed Banjul Harbourcountry to become an economic superpower, the facts of the economy are indicating that the promise is so far a dream.

The economic facts reveal that Gambia’s productive capacity is stagnant. Imports in 2009 stood at 8 billion, while domestic export was valued at 670 Million Dalasi. The re-export trade enabled the Gambia to earn 1 Billion dalasi to add to export earnings. Hence, the trade deficit for 2009 was 6 Billion Dalasi.

In 2013, the total expenditure on imports was 12 Billion Dalasi. Domestic exports earned the Gambia 414 Million Dalasi. The re-export trade added 3.3 Billion Dalasi to export earnings. The trade deficits for 2013 stood at 8.7 Billion Dalasi.

Instead of a productive economy, the Gambia has a transit economy which is vulnerable to external shocks. There is no sign that it is graduating from a least developed country status.