The Governor of the Central Bank of The Gambia, Buah Saidy, has addressed growing concerns over the rising value of the CFA franc against the dalasi, announcing plans to boost national exports and reduce imports from Senegal.
The apex bank governor, who made the disclosure at a press briefing, emphasized the country’s heavy reliance on Senegalese products, including essentials such as food, construction materials, and electricity – all of which are paid for in CFA.
He noted that the increasing demand for the regional currency is driving up its value while weakening the dalasi.
To address the situation, Saidy announced support from the African Development Bank for a three-year initiative aimed at expanding Gambian exports and reducing reliance on Senegalese imports.
He also added that the Central Bank is in talks with the BCEAO governor to allow fintech companies to process two-way electronic money transfers between The Gambia and Senegal. Currently, such services are limited to sending funds to Senegal, which contributes to the currency imbalance.
Saidy believes enabling cross-border digital payments could help stabilize demand and ease pressure on the dalasi.
