Since 1965 the state has been relying on grants and debts, budget support and development expenditures. The Minister of Finance and Economic Affairs has not allayed the fears that has been expressed over the years that grants and debts as basis for budget and development support are unsustainable.
In fact in the budget speech of 8th December 2023, the Minister of Finance and Economic Affairs did also raise the alarm when he said:
“Debt Service payments have increased from D4.3 billion in 2023 to D7.5 billion in 2024, representing a 74 percent increment year-on-year. As a share of the total GLF [Government Local Fund] appropriation, debt service comprises more than 25 percent of the total budget. This is roughly equivalent to the budget allocation to education, health and agriculture sectors combined.”
This sums up the state of the economy. The question that arises is what is the way forward. Gambians should open up a conversation on this subject. Those who do not have answers to such a question cannot lead The Gambia on the road to prosperity.
