By: Saidu Jalloh, Reporter D.S
Mohamed Juldeh Jalloh, Vice President, has officially launched two significant reports prepared by the World Bank: the Country Economic Memorandum (CEM) and the Country Climate and Development Report (CCDR).
These reports address the nation’s economic growth trajectory and the pressing challenges posed by climate change. During the launch, Jalloh emphasized that the Climate and Development Report reviews the government’s progress while highlighting ongoing threats, particularly from climate change. He warned that without adequate intervention, the nation’s Gross Domestic Product (GDP) could decline by 9 to 10 percent by 2050. Key sectors at risk include agriculture, health, and infrastructure.
The Country Economic Memorandum outlines a strategic roadmap for better utilization of the country’s natural resources, enhancement of human capital, attraction of foreign direct investment, and stimulation of private sector growth. Achieving these goals will necessitate long-term reforms in job creation, climate adaptation, and mitigation strategies. The report also identifies necessary reforms to bolster economic stability, improve institutional frameworks, and increase investment in education and skills development.
Jalloh highlighted several key priorities identified in the reports to unlock the nation’s economic potential. These include restoring and maintaining macroeconomic stability through responsible government spending and economic growth. Adjusting the government’s role to better support private sector development is another priority, along with addressing challenges related to access to finance, electricity, and land.
Investment in education, particularly in technical and vocational training, is deemed essential for building human capital. The reports further stress the urgent need for prioritizing climate action. The CCDR outlines three key pathways for enhancing climate resilience: developing green energy and sustainable urban centers. Notably, mini-grid solutions have already provided electricity to 140 small towns and villages across the country.
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