The Gambia’s Central Bank has revealed that the country’s remittance surged to $77.5 million in 2024, representing 31.5% of the country’s Gross Domestic Product (GDP).

These big monies are sent by Gambians living abroad, making remittances one of the three biggest contributors to the country’s GDP.

Thousands of the country’s 2.5 million people heavily rely on remittances sent by their relatives living abroad, mainly in America and Europe.

Representing the governor of the Central Bank of Gambia at the stake in the nation forum, Momodou Njie, a senior adviser to the governor, said: “remittances from our diaspora plays a critical role in our socioeconomic factor. These funds sent by Gambians living abroad play significantly to household income, education, healthcare and overall economic stability of our country.

“Remittances inflow in recent years have shown a consistent upward terrain. According to the latest data we have, remittance inflows contribute approximately 31.5% of Gross Domestic Product, underscoring its critical component on the economy of The Gambia. In 2024 alone, The Gambia received over $700, 75.6 million in remittances. Reflecting a significant increase of 28. 8 million over the prior year,” he added.

By Adama Makasuba