Gambian economy 'will grow in 2010'

Dec 30, 2009

Growth in Gambia's agricultural sector during the second quarter of the financial year means that the country's economy will grow by five per cent in 2009, according to Central Bank Governor Bamba Saho.

Growth in Gambia's agricultural sector during the second quarter of the financial year means that the country's economy will grow by five per cent in 2009, according to Central Bank Governor Bamba Saho.

He attributed the rise in gross domestic product to the nation's rice farming expansion and favourable rain conditions.

In addition, Mr Saho revealed that revenue and grants for the first ten months of 2009 reached a total of 4.3 billion dalasis, compared with 3.1 billion dalasis for the equivalent period of 2008.

Furthermore, it was announced that the National Consumer Price index recorded inflation levels of 7.1 per cent in February 2009, before dropping to 2.3 per cent by the end of October.

Also, non-food consumer price inflation was down by almost two per cent to 2.7 per cent by November.

Regarding the wider continent, Sarah Rundell recently wrote an article for African Banker in which she suggested Africa's economic growth will partly depend on the ability of small enterprises to gain access to finance.