Private sector key to economic growth - Gambia Chamber of Commerce

The Gambia, a small West African nation, is on the cusp of economic transformation under the leadership of President Adama Barrow. One year after the departure of former President Yahya Jammeh, the economy of the Gambia is projected to grow at a rate of 3.1 per cent in 2018. The key to this growth, according to Muhammed Jagana, President of the Chamber of Commerce, lies in leveraging the potential of the private sector. In a recent interview with CNBC Africa, Jagana highlighted the opportunities and challenges facing the business community in the Gambia. One of the pivotal factors driving economic growth in the Gambia is the Continental Free Trade Agreement. This agreement provides access to a vast market of over 50 million to 300 million people within the Economic Community of West African States (ECOWAS). Furthermore, with the implementation of the agreement, the Gambia stands to benefit from increased trade and investment opportunities across the African continent. Jagana emphasized the need for governments to address challenges such as high air traffic taxes that hinder intra-African travel and trade. He stressed the importance of creating an enabling environment for entrepreneurs to thrive and contribute to the development of African trade. Additionally, Jagana highlighted three key sectors with significant investment potential in the Gambia. First and foremost, tourism presents an attractive opportunity for growth. The Gambia has been a popular tourist destination for decades, and there is still room for expansion, particularly in attracting visitors from other African countries. Another key sector is agriculture, where value addition and export opportunities abound. The Gambia's agriculture sector has the potential to meet the growing demand for agricultural products in Africa and Europe. Finally, infrastructure and energy are critical sectors in need of investment, particularly in renewable energy. President Barrow has identified these sectors as priorities for investment during the recent Brussels Conference for the Gambia. Jagana also addressed concerns regarding past political instability that deterred investment in the Gambia. Under the previous regime, investors faced uncertainty and risk as the former president had a history of arbitrarily nationalizing businesses. However, Jagana reassured investors that the current government is committed to upholding the rule of law and protecting investments. He emphasized that the Gambia now offers a conducive environment for business growth and urged potential investors to focus on the country's economic potential rather than its political history. In conclusion, the Gambia is poised for economic growth, with the private sector playing a crucial role in driving that growth forward. By leveraging the opportunities presented by the Continental Free Trade Agreement and investing in key sectors such as tourism, agriculture, and infrastructure, the Gambia can unlock its full economic potential and pave the way for a prosperous future.