The Gambia's total public debt rose to 140.3bn GMD (€1.67bn), or $1.99bn, at the end of 2025 from 129.5bn GMD a year earlier, Finance Minister Seedy Keita said in his October 23 budget speech, Foroyaa reported. The debt-to-GDP ratio fell to 72% from 76%, he said, while the IMF put the 2025 ratio at 82.1% in its July country report.
Analysis: Debt increased 8.3% in dalasi terms, by our calculation, even as the government reported a four-percentage-point decline in the debt-to-GDP ratio. Its estimate of 72% is about 10 points below the IMF's July figure of 82.1%. Differences in GDP estimates or the definition of public debt could explain the gap, but no reconciliation has been published. The ratio matters to investors in government debt. Debt service is budgeted at 16.17bn GMD (€192mn) for 2027, about one-third of government-funded spending. Lawmakers approved the bill at second reading on October 26, with a vote expected by October 29.
Source: Foroyaa Newspaper (Serrekunda), Minister of Finance's 2027 Budget Speech to the National Assembly, October 23, 2026, as reported by Foroyaa (October 23, 2026), End-December 2025 and End-December 2024 and 2025 and 2024; International Monetary Fund, IMF Country Report No. 26/175, 2025; Press, Foroyaa (via allAfrica), quoting the Finance Minister's 2027 budget statement, FY2027; Central Bank of The Gambia (CBG), CBG, Official Exchange Rates for Valuation Purposes, October 27, 2026 (daily PDF), October 27, 2026
The Gambia has allocated 900mn GMD (€10.7mn) for crop financing and fertilizer procurement in 2026, after providing 1.1bn GMD (€13.1mn) in 2025, Finance Minister Seedy Keita said in his October 23 budget speech, Foroyaa reported. The government continued to subsidize fertilizer despite rising international prices, he said.
Analysis: The 2026 allocation is 18% below the previous year's spending, by our calculation, though budget allocations and actual disbursements may differ. Reduced financing could leave less money to purchase farmers' groundnuts, while growers are seeking a higher producer price. The government continues to subsidize fertilizer, which President Adama Barrow said on October 14 sold for about 1,100 GMD (€13) per bag. Groundnut buyers, fertilizer importers and rural lenders have a direct interest in how the funds are used. The producer price, normally announced ahead of the December buying season, should help clarify the outlook.
Source: Foroyaa Newspaper (Serrekunda), Minister of Finance's 2027 Budget Speech to the National Assembly, October 23, 2026, as reported by Foroyaa (October 23, 2026), 2025 and 2026; The Point newspaper (Banjul), The Point, reporting President Barrow's campaign speech at Manduar, 14 Oct 2026, 2026; Central Bank of The Gambia (CBG), CBG, Official Exchange Rates for Valuation Purposes, October 27, 2026 (daily PDF), October 27, 2026
The Gambia's agriculture ministry paid a 25% advance of about 52mn GMD (€0.62mn) on a 2024 contract for 180 tractors in two installments, in 2025 and 2026, delaying deliveries, Agriculture Minister Demba Sabally told lawmakers on October 21, The Standard reported. Some tractors have been distributed, while others await border clearance, and he gave no delivery date, the newspaper said.
Analysis: A 25% advance of 52mn GMD implies a contract value of about 208mn GMD (€2.5mn), or 1.16mn GMD per tractor, by our calculation. The contract and supplier details have not been published. The minister said the agreement took effect only after the advance was fully paid, delaying machinery intended to help farmers prepare land before planting. Some tractors have been distributed, but others remain at the border and no completion date has been given. Farmers and equipment dealers therefore face uncertainty over delivery. The minister promised to submit supplier details to the National Assembly clerk.
Source: The Standard newspaper, Agriculture Minister Demba Sabally's answers in the National Assembly, October 21, 2026, as reported by The Standard (October 22, 2026), Paid 2025-2026 (contract signed 2024); The Standard newspaper, The Standard, October 22, 2026 (National Assembly questions), Contract signed 2024; Central Bank of The Gambia (CBG), CBG, Official Exchange Rates for Valuation Purposes, October 27, 2026 (daily PDF), October 27, 2026
The Gambia expects to have added about 375 kilometers of paved roads by the end of 2026, at an estimated cost of 10.4bn GMD (€124mn) financed entirely by the government, Finance Minister Seedy Keita said in his October 23 budget speech, Foroyaa reported. President Adama Barrow opened the 91-kilometer Kiang Kabada roads, built by China's Longjian Construction for 1.9bn GMD (€22.6mn), on October 24, The Point and The Standard reported.
Analysis: The program's average estimated cost is about 27.7mn GMD (€0.33mn) per kilometer, by our calculation. Its 10.4bn GMD total is almost twice the 5.28bn GMD planned for government-funded development spending in 2027, though the construction period was not specified. Domestic financing avoids dependence on external lender approvals but places demands on public funds alongside subsidies and debt service. Contractors and suppliers of cement and bitumen may benefit, while transport companies could gain from improved links to the Trans-Gambia Highway. The works ministry's project list could clarify the construction schedule and remaining contracts.
Source: Foroyaa Newspaper (Serrekunda), Minister of Finance's 2027 Budget Speech to the National Assembly, October 23, 2026, as reported by Foroyaa (October 23, 2026), Cumulative to end-2026 (expected) and Cumulative to end-2026 (estimate) and January to August 2026; The Point newspaper (Banjul), The Point, 'Barrow opens 91km road network in Kiang Kabada', October 26, 2026, Inaugurated October 24, 2026; Kerr Fatou, Kerr Fatou, reporting the 2027 draft estimates, FY2027; Central Bank of The Gambia (CBG), CBG, Official Exchange Rates for Valuation Purposes, October 27, 2026 (daily PDF), October 27, 2026
The Gambia spent 785.13mn GMD (€9.3mn) on diesel subsidies and 42.46mn GMD (€0.5mn) on petrol subsidies between March and September 2026, Finance Minister Seedy Keita said in his October 23 budget speech, Foroyaa reported. Retail diesel prices rose 41.8% over the same period, while petrol prices increased 33.1%, he said, adding that the subsidies kept pump prices below the level that a full pass-through of international prices would have produced.
Analysis: Diesel support averaged around 112mn GMD (€1.3mn) a month and accounted for about 95% of fuel subsidies, by our calculation. Diesel is widely used in transport, fishing and backup generators, particularly during power outages. Despite the subsidy, its pump price rose 41.8%, showing that consumers still faced substantially higher fuel costs. Diesel has cost 120 GMD (€1.43) per liter since September 1. Freight operators and generator users are especially exposed to any further increase. The petroleum ministry's November price schedule, normally effective on the first of the month, may show whether support continues.
Source: Foroyaa Newspaper (Serrekunda), Minister of Finance's 2027 Budget Speech to the National Assembly, October 23, 2026, as reported by Foroyaa (October 23, 2026), March to September 2026; CapMad, CapMad, reporting the Ministry of Petroleum, Energy and Mines price structure, Effective 1 September 2026; Central Bank of The Gambia (CBG), CBG, Official Exchange Rates for Valuation Purposes, October 27, 2026 (daily PDF), October 27, 2026
Chart of the week
Gross official reserves, US$ million, end-July 2025 to end-July 2026
Readings come with the central bank CBG's monetary policy statements, so the intervals are uneven; other month-ends are not published there. The week's lead series, public debt, has only two annual points.. Source: Central Bank of The Gambia (CBG), CBG Monetary Policy Committee press release, September 2, 2025, End-July 2025; Central Bank of The Gambia (CBG), CBG Monetary Policy Committee press release, December 4, 2025, End-October 2025; Central Bank of The Gambia (CBG), CBG Monetary Policy Committee press release, February 26, 2026, End-December 2025; Central Bank of The Gambia (CBG), CBG Monetary Policy Committee press release, May 21, 2026, End-April 2026; Central Bank of The Gambia (CBG), CBG Monetary Policy Committee Press Release, August 2026, End-July 2026.
Tender of the week
Solar water systems for five fish landing sites
Buyer
FAO (Food and Agriculture Organization), The Gambia office
Scope
Supply and installation of solar-powered water systems at the Sanyang, Kartong, Tanji, Brufut and Bintang fish landing sites; invitation to bid, offers only through the UNGM portal.
Value
Not published
Funding
FAO (donor not stated)
Closes
Wednesday, November 11, 2026
Alama Pro members get the link to the official notice for this and every other tender.
In Alama Pro this week
Deep dive: Remittances, reserves and the Gambian dalasi
10 signals with workings, from public debt, revenue, subsidies and roads to farm finance, industry, tourism grants and food imports
Five trackers, from inflation and the dalasi to Treasury bill yields and reserves, and every open tender we follow, with deadlines
