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Gambia News : Gambia's macro-economy on track, says apex bank boss
The Governor of Gambia's Central Bank, Momodou Bamba Saho, on Saturday
said the country's macro-economy was on track and that the
International Monetary Fund (IMF) successfully completed the fifth
review of the country's Poverty Regulatory Growth Facility arrangement
in August.
Briefing the press, Saho said the growth prospects of Gambia's
economy were unch anged, with the output projected at 3.6 per cent in
2009, compared to the 6.1 per cent in 2008, due primarily to the
slowdown in global economic activity.
According to him, the
growth in the key monetary aggregate accelerated last year and supply
grew by 18.0 per cent till the end of July, compared to the 10.1 per
cent last year.
He revealed that the nation's monetary reserve
rose marginally by 1.8 per cent, compared to 6.8 per cent during the
same period last year.
The apex bank boss further said the
banking industry remained sound, evidenced by the strong growth in
assets, capital and reserves and the decrease in the non-performing
loans ratio, while the total industry assets increased to D13.3 billion
in June, or 18.2 per cent higher than that of a year ago.
Advances
to the private sector accounted for 29.3 per cent total assets, rising
to D3.9 billion, or 30.2 per cent and loans to all sectors of the
economy increased, with the exception of tourism, he said.
"Credit
to distributive trade, building and construction, transportation,
agriculture, manufacturing and fishing increased by 18.2 per cent, 17.9
per cent, 18.2 per cent, 32.2 per cent, 153.3 per cent and 37.2 per
cent respectively, over that of last year.
"Credit to the
tourism sector, on the other hand, contracted by 17. 9 per cent," he
said, adding that the industry's total deposits increased to D8.5
billion in June, or 22.2 per cent, over that of a year ago.
Saho
stated that non-performing loans, as a ratio of gross loans, improved
from 8.3 per cent in July 2008 to 7.0 per cent in June 2009 and the
capital adequacy ratio was 33.2 per cent in June 2009, well above the
minimum threshold of 8.0 per cent.
All the banks met the minimum capital requirements, he noted.
According
to him, the end-period inflation, measured by the National Consumer
Price Index (NCPI), rose from 3.7 per cent in July 2008 and peaked at
7.0 per cent in February 2009.
"Food consumer price inflation
declined to 4.3 per cent in July 2009 from 5.1 per cent in July 2008.
In contrast, non-food consumer price inflation rose to 3.8 per cent
from 2.5 per cent in July 2008 and core inflation, which excludes the
prices of energy and volatile food items, decreased to 3.1 per cent in
July 2009 from 4.9 per cent during the same period last year," he
stated.
6194 times read
- Well is a good question but does it mean that if the economy is on track it means prices should come down or be stagnant? Am a business student and would be glad if lectured. Lets not mix our political hatered with knowledge or we all become loosers.
(Posted on December 3, 2009, 6:01 PM Lamin)
- My question is how did he came about this statistic? How did he calculated the consumer price index when the price of things are rising?
(Posted on November 28, 2009, 8:41 PM Musa Kamara)
- Mr. Governor,
My advise to you is 'quit kidding yourself". Thank you.
(Posted on September 2, 2009, 7:34 PM Ansu Koroma)
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