Directorate of Economic Policy and Research

Mission Statement

The Directorate of Economic Policy and Research is responsible for the coordination, formulation and monitoring of macroeconomic policies and programmes. The Directorate is the main entity that provides expert advice and assistance in the formulation of economic policy particularly in relation to macroeconomic conditions, forecasting, public finances, etc. As part of its work programme the Directorate is responsible for maintaining its short-term forecasting model and producing annual economic forecasts. The macroeconomic forecasts provide the basis for economically sensitive fiscal projections which are submitted to the Directorate of Budget in preparation for the annual budgetary processes. The Directorate acts as the main interface between the Ministry for Finance and Economic Affairs and the country Development Partners (AfDB, WB, IMF, EU, IsDB, ECOWAS, etc.).

Role and Responsibilities

Policy and planning of macroeconomic management of the country through the coordination of medium-term macroeconomic framework;
Undertake fiscal policy analysis and coordinate the preparation of medium term fiscal framework;
Conduct research on relevant macroeconomic issues affecting the economy;
Provide advice and recommendations on economic and fiscal related matters;
Provide reliable forecasts on key economic variables;
Carry-out macroeconomic surveillance and prescribe appropriate strategies to overcome potential structural and policy risks;
Coordinate macroeconomic multilateral surveillance missions of development partners and regional bodies such as the AfDB, WB, IMF, EU, ECOWAS, WAMA and WAMI;
Liaise, coordinate and participate at national, regional and international level on economic issues;
Prepare relevant reports on the economy;
Prepare robust fiscal risks analysis;
Coordinate negotiations with the African Development Bank, World Bank, International Monetary Fund and other development partners on budget support, poverty reduction and growth programmes; and
Serve as secretariat to Macroeconomic Framework Coordination Committee

Economic Modelling Department

This Department is responsible for developing and applying techniques to simulate alternative scenarios of public spending on economic growth and the balance of payments over the medium-to-long term.

Role and Responsibilities

Identify the impact of economic growth on key economic sectors of the economy
Develop analytical tools that can measure the many impacts of social and economic growth, including infrastructure and environmental impacts and suggest policy strategies to mitigate negative impacts
Develop long-term simulations of social and economic impacts resulting from changes in GDP growth and sectoral composition
In coordination with the Central Bank, the Gambia Bureau of Statistics, the Gambia Revenue Authority and the International Monetary Fund, develop a simplified Financial Programming model to assist the Ministry maintain macroeconomic policy consistency and make coherent growth projections, and
Develop the in-house capacity to develop or refine this model.

Economic Monitoring and Surveillance Department

Role and Responsibilities

Periodically compile key economic indicators to provide timely information on the evolution of the economy during the calendar year, in between the production of annual National Accounts and other economic data by the Directorate, and
Draft annual reports on the operations of the department.

Medium-Term Fiscal Framework Department

The Medium-Term Fiscal Framework Department develops the resource envelop for the annual budget and projections for 5-10 years into the future, based on estimates of domestic revenues, balance of payments trends and resources from Development Partners

Role and Responsibilities

Coordinate with relevant bodies within the Ministry (Directorate of Budget and Accountant General in particular) on aggregate expenditure levels and sectoral allocations, especially allocations between recurrent and capital expenditures, and
Draft annual reports on the operations of the department.

Macroeconomic Impact Analysis Department

The Department of Macro Economic Impact Analysis estimates the inflationary impacts and the breakdown between import requirements and demand on the domestic economy of major budget line items.

Role and Responsibilities

Estimate the macroeconomic impact of trends in world prices of petroleum and other key country imports, and
Draft annual reports on the operations of the department.

Strategic Economic Analysis Department

The Department of Strategic Economic Analysis is responsible for the development of growth and poverty reduction strategies.

Role and Responsibilities

Manage the process for developing strategies towards economic growth and poverty reduction
Identify productive sectors that are likely to become the drivers of the non-oil economy, such as:
- agriculture and tourism along the coast and in the mountains
- various forms of manufacturing, and
- a limited array of personal and business services.
Draft annual reports on the operations of the department and participate in the drafting of annual budgets.

Working Paper Series

In this paper series, the Department of Economic and Policy Research at the Ministry of Finance, will presents policy research on the economy the Gambia, through collaborations with MDAs and other research partners. Each paper aims to provide evidence and insight on a macroeconomic or development issue and aims to raise and discuss policy questions relevant to same. The papers adopt an action oriented approach, written to be accessible to policy makers, development practitioners and academics alike. Feedback and comments are welcome at smenon@mofea.gov.gm. Kindly see the Download tab below for the latest publications.

Vision Statement

Providing sound macroeconomic policies for stability, resilience, equity, inclusiveness and sustained economic growth.

Core Mandate

Ensure sound macroeconomic policy coordination;

Ensure fiscal discipline;

Ensure effective assessment and management of macroeconomic risks;

Ensure macroeconomic aggregate projections are timely and reliable.

Downloads [21]

Jan- Dec 2021 Expenditure Report Final