President Barrow commends Gambian workers for redoubling efforts towards economic growth
Banjul, Gambia (PANA) - Gambian President Adama Barrow said here Tuesday the good performance of the economy demonstrated that Gambian workers were redoubling their efforts towards the realization of economic growth.
This, he noted, had led to the country having enough foreign exchange to cover the import needs of the country for a period of five months, adding that this had improved from less than one month import cover in 2016.
Barrow made this known when he declared Wednesday, 1 May, 2019, as a public holiday throughout The Gambia in connection with observance of International Workers’ Day, acting under Section 76 of the 1997 Constitution of The Gambia.
President Barrow pointed out that the gross domestic product (GDP) had also improved, meaning that the value of goods and services in the country had been enhanced.
He added that the government was managing the debt of the country by reducing it to 88 percent from a whopping 120 percent of the GDP.
President Barrow said his government also continued to manage its domestic borrowing, which had been reflected in the latest interest rates of the Treasury bills - dropping from 23 percent to between 4.5 percent and 9 percent in his two years of coming to power.
He disclosed that the government’s lending rate had also dropped from 23 percent – 30 percent to between 13 percent and 15 percent, respectively.
He commended Gambian workers for their incredible sacrifices for the progress of the country.
“Workers’ Day is an opportunity for all Gambian to not only enjoy themselves and spend time with their family, but also to reflect on how far we have come in improving the welfare and wellbeing of all workers in The Gambia.
“Just as the government has done with the 20% increment of salaries for civil servants this year, the Barrow government would continue to grow the economy in order to translate progress into tangible benefits for all and sundry,” he concluded
-0- PANA MSS/RA 30Apr2019
