On May 29 th , 2024, the Central Bank of the Gambia (CBG) presented before parliament's Finance and Public Accounts Committee (FPAC) its annual activity reports, audited financial statements and management letters for the year 2021 and 2022 respectively marking a significant improvement in the timely presentation of audited financial statements as per transparency rules. Updating the parliamentary finance and public accounts committee on both domestic and international economy. Providing a comprehensive review of the economic and financial developments in the country in both 2021 and 2023, this includes various policy measures undertaken by the CBG to ensure stability in the country's economy and resilience amidst global crisis and economic challenges.
On May 29 th , 2024, the Central Bank of the Gambia (CBG) presented before parliament's Finance and Public Accounts Committee (FPAC) its annual activity reports, audited financial statements and management letters for the year 2021 and 2022 respectively marking a significant improvement in the timely presentation of audited financial statements as per transparency rules. Updating the parliamentary finance and public accounts committee on both domestic and international economy. Providing a comprehensive review of the economic and financial developments in the country in both 2021 and 2023, this includes various policy measures undertaken by the CBG to ensure stability in the country's economy and resilience amidst global crisis and economic challenges.
On liabilities, in 2017, CBG liabilities and equities were 24.3bn which in 5 years significantly grew to a 52.78bn. This amount, in 2021 catapulted to 12.5bn currency in circulation. Deposits from commercial banks and the Government of the Gambia (GoTG) was GMD 9.9bn. Long term loan from the IMF was at GMD12.04bn with money market operations at GMD 1bn. In terms of profitability, the net income of the CBG in 2017 was at –2%, departing from this status quo in 2021 to reach a striking 47% of interest income. The CBG has established numerous strategic reforms to ease pressure in the market fostering a balanced and orderly environment through policies.
HIGHLIGHTS OF 2022
As at 2021, asset based of 52.7bn between end December 2021- 2022 grew to 55.9bn due to investments in security growing from 25.6bn in 2021 to 29.7bn in 2022. Increment in loan and advances grew to 7.7bn in 2022 fueled by two critical drivers. Foreign currency cash balance and deposit dropped remarkably from 16.125bn to 11.24bn in 2022 on assets. On liabilities, the CBG currency in circulation increased from 12.5bn to 14.02bn in 2022 whilst deposits decreased from 19.9bn in 2021 to 17.7bn in 2022. Long term loans from the IMF increased to 15.124 in 2022.