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Central Bank of The Gambia Annual Report 2021

Foreword by the Governor

It is my pleasure to present the Annual Report of the Central Bank of The Gambia (CBG) for the year 2021. This report highlights the governance and organizational structures of the Bank, provides a review of developments in the Gambian economy, and covers the policies and activities implemented during the year.

Global Economic Outlook

  • Global economic activity picked up in 2021 following the rollout of COVID-19 vaccines that triggered the gradual lifting of pandemic-related restrictions and containment measures.
  • However, the emergence of the highly infectious Omicron variant of the coronavirus in the later part of the year resulted in renewed lockdowns and disruptions to economic activity.

Gambia’s Economic Outlook

  • The Gambian economy showed signs of recovery in 2021 from the pandemic-induced stagnation in 2020.
  • Economic activity picked up, especially in the second half of the year following the easing of pandemic-related restrictions.
  • The country’s financial system remained resilient with robust fundamentals.

Monetary Policy

  • The Monetary Policy Committee (MPC) maintained the monetary policy rate (MPR) at 10% throughout the year to keep inflation under control and support economic growth.

Balance of Payments

  • Despite robust private remittance inflows, balance of payment pressures emerged during the year.
  • The country’s current account deficit widened to 5.3% of GDP in 2021 from 5.0% a year ago due to a sharp increase in imports and a decline in exports.

Financial Sector Resilience

  • The Gambia’s financial system remained resilient with robust fundamentals.
  • Banks maintained decent liquidity and capital buffers throughout the year, despite the pandemic shock.

Fight Against Money Laundering and Terrorist Financing

  • The Bank continued to fight against money laundering (ML) and terrorist financing (FT).
  • A dedicated AML/CFT unit was created in September 2021 to deal with financial vulnerabilities.
  • The Risk Management and Legal Units were also capacitated and upgraded to departments with expanded mandates.

Payment Systems Development

  • The national payment system has evolved since its establishment in 2011 and continues to transform the financial landscape in The Gambia.
  • The Bank is currently upgrading and modernizing the infrastructure to improve the capacity to accommodate a variety of products and services.

Conclusion

In conclusion, the last two years have been challenging, and it took hard work and dedication to sail through. We remained committed to our mandate of price and financial sector stability to promote the growth and development of the Gambian economy. I want to thank the staff and Management of the Bank for their continued support and commitment during the year.

Appendix

The full report can be found in the appendix section, which includes detailed information on the Bank’s operations, financial statements, and statistical data.

Contact Us

For more information or to request a copy of the report, please contact:

Central Bank of The Gambia Banjul, The Gambia Email: info@cbg.gm Phone: +220 422 1411-2