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Foday Joof

Principal Economist
Central Bank of The Gambia
Member since
31 May 2023
Location
Banjul
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12
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Followed by John Sims, Martha Boyle and 5 others you follow
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Foday's opinions

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Foday Joof

Currency Shocks and Trade Imbalance: The Gambia’s Dalasi Dilemma

Dr. Foday Joof, an economic expert, has linked The Gambia’s persistent dalasi volatility to its heavy trade deficit and low market confidence, warning that the country’s overreliance on imports and limited exports continues to put pressure on its currency. In an interview with The Voice, Dr. Joof explained that over 90 percent of goods consumed in...

29 July 2025

Foday Joof

The Delusion of Interest Rate Orthodoxy: Are Central Banks Gambling with Aggregate Demand?

Dr Foday Joof, a sustainable finance and economist, raised serious concerns about the continued reliance on interest rate as a tool for fighting inflation in The Gambia and other developing countries. In an exclusive interview with The Voice at the weekend, Dr. Joof describes the approach as 'counter-intuitive' to the structural realities facing mo...

24 June 2025

Foday Joof

Remittance at Risk: What a U.S Levy Means for The Gambia

The Context According to the United Nations Network on migration, an estimated 10 percent of The Gambia’s total population were living abroad in 2023 in search of better opportunities[1]. Over the past decade, private remittance inflows to the country have more than doubled. Data from the Central Bank of The Gambia (CBG) show that official remi

27 May 2025

Foday Joof

Survival not Growth: How Gambia’s Financial Ecosystem Entrenches Poverty

Context In most modern economies, access to credit is a catalyst — a tool that enables people to build, grow, and invest in their future. But in The Gambia, our financial system tells a different story: one where consumption replaces investment, and survival trumps prosperity. We remain a predominantly cash-based economy, where financial services ...

18 April 2025

Foday Joof

An Update on The Gambia’s Exchange Rate Market Pressure Index

Introduction The exchange rate market pressure (EMPI) was introduced by Joof (2024)[1] to serve as an early warning signal to detect potential currency crises in The Gambia. This blog intends to provide an updated analysis on the country’s currency volatility, focusing on the developments up to the first half of March 2025; and assessing whether t...

28 March 2025

Foday Joof

Rethinking the Weak Monetary Policy Transmission in The Gambia: The Role of the Financial System

Introduction Over the years the responsibility of stabilization policy have increasingly been place on the shoulders of central banks. However, for central banks to deliver on this mandate their monetary policy instruments--primarily short-term interest rate--must be effective in influencing aggregate demand. This implies that stabilization po

13 March 2025

Foday Joof

Why Inflation in The Gambia is a Structural Phenomenon, Not Monetary

1. Introduction Inflation is a persistent concern for many economies, and The Gambia is no exception. The Central Bank of The Gambia (CBG) has employed various measures, including interest rate adjustments, to curb inflationary pressures. However, despite these efforts, inflation remains stubbornly high. The critical question is: why? If we do no...

04 March 2025

Foday Joof

Unlocking the Potential of The Gambia's Capital Market: Where do we start?

Introduction: With a projected infrastructural financing gap of about $1 billion by 2030, the launching of The Gambia's first capital market in 2023 marks a significant step toward enhancing the country's abilty to meeting its development targets. The establishing of the vibrant capital market is crucial in fostering the country’s long-term sustai...

11 September 2024 /markets

Foday Joof

Rethinking The Financial System Amidst Climate Externalities in The Gambia

Overview Financial development is crucial for economic growth but can also serve as a double edge sword for the environment, as it contributes to both environmental quality and degradation by either exacerbating climate shocks via credit channels to eco-unfriendly industries or mitigating them by financing eco-friendly ventures. Global sustainable...

11 September 2024 /sustainable /markets

Foday Joof

Revisiting the Sunken Billions: The Gambia's Perspective

Wild-captured fisheries are critical for food security and economic growth. However, poor fisheries management practices have resulted in overfishing, causing fisheries stock depletion. The Gambia provides a remarkable context as nearly 100% of fish protein consumed in The Gambia is sourced from wild catch. Furthermore, the country often signed ag...

13 August 2024

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Foday's opinion archive

  • 2025 (6)
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