By Ndey Sowe
The Government of The Gambia, through the Ministry of Finance and Economic Affairs (MoFEA), has successfully concluded an eight-day Debt Sustainability Analysis (DSA) training to strengthen the country’s ability to manage its debt obligations while financing long-term development goals.
The training, led by MoFEA’s Directorate of Loans and Debt Management (DLDM), was conducted in collaboration with the West Africa Institute for Financial and Economic Management (WAIFEM) and funded by the Africa Legal Support Facility (ALSF) under the African Development Bank (AfDB). Participants included officials from the Accountant General’s Department, the Central Bank of The Gambia, the Gambia Revenue Authority, and the Gambia Bureau of Statistics.
Speaking at the closing, Bakary Krubally, Director of Loans and Debt Management at MoFEA, highlighted the significance of the training, acknowledging the delays the project faced before its commencement.
He praised the efforts of WAIFEM’s leadership in supporting the initiative, stating, “I hope that this training will be very successful, and it will be a training that actually breeds knowledge that all would benefit from.”
Dr. Baba Yusuf Musa, Director General of WAIFEM, explained that since 2020, ALSF has worked closely with WAIFEM to build The Gambia’s debt management capacity. He noted that the country faces economic challenges due to the COVID-19 pandemic and external shocks such as commodity price volatility, climate change, and global economic downturns.
“Despite improvements in public debt management, institutional capacity challenges persist, including gaps in data management, analytical capabilities, inter-agency coordination, and domestic capital market development,” Dr. Musa said. “Effective and sustainable debt management is essential for The Gambia to achieve its National Development Plan goals, such as investing in infrastructure, education, and healthcare.”
He outlined that The Gambia’s capacity-building project focuses on four key components: Debt Sustainability Analysis (DSA), Medium-Term Debt Strategy (MTDS), Annual Borrowing Plan (ABP), and Institutional Strengthening.
“The DSA will assess The Gambia’s ability to manage its debt sustainably, providing insights into debt-carrying capacity, risk factors, and borrowing decisions. The MTDS will outline a roadmap for managing government debt over the next five years, balancing cost and risk considerations,” he added.
Alain-Stephane Mouwt, representative of the ALSF, expressed satisfaction that the project was finally being implemented after years of planning.
“This project aligns with the ALSF vision, which is to empower and strengthen capacities among African governments,” Mouwt said.
The training is part of ongoing efforts to reinforce The Gambia’s sovereign debt management capabilities by addressing institutional gaps and fostering collaboration among key stakeholders.
