Joe,
Thanks for that stimulating eye-opener for Jammeh. I have been singing this
song for a while now and I will continue to sing it ....Gassa you can join
the chorus again....Leadership guided with honesty and a strong ambition is
what we need, not some harping ding who has no clue how his utterances will
be digested by the masses including potential invetsors. KB, thanks for
yours as always.
There is a great potential to explore and make use of with the dynamics of
the Gambian economy and the vigor of the private sector, which ought to be
well structured, clearly demarcated from the public sector, and present in
all the sectors of the economy. This can be made possible by enhancing the
spirit of entrepreneurship prevailing
in the country, which can in turn
prompt the confidence of foreign investors. The private sector accounts for
majority of the total capital formation in Gambia. The investment rate will
have to be boosted with significant financial policies that will help to
stimulate such growth in investment. A significant part of total investment
should be lured into the financial and services sectors with the use of
specific incentives, in line with the policy of diversification of the
economy. Gambia can be an attractive investment haven for a number of
reasons.
Strategic location
The successive colonization of Gambia had as root cause the strategic
location of the country, which at that time served as main port on the way
to the west. There is a lesson to be learnt from the history of slave trade
in Gambia. The Banjul port stands poised as a bridge between West Africa
and Europe and the Americas as well as other part of th
e continent, given
that many ships can rally Gambia on their way to other African countries.
There is a great potential to establish Banjul as a busy port by way of
entrepot trade.
Political Stability
With a parliamentary democracy, political stability can become one of our
greatest resources in becoming an economic haven. With transparent and
accountable leadership guided with respect for individual rights and
safeguard of constitutional provisions, the right environment will exist to
attract capital investment. With a leadership that understands the
significance of political stability anything is possible. Suffice to say
there is a lot of work to be done in this area.
Potentially Sound and Diversified Economy
Gambia can have a thriving economy, with annual rates of growth hovering
between 4% and 6%. Per capita income is growing and there is a possibility
of becoming a middle-income cou
ntry. Liberal economic policies applied are
in line with global economic liberalization and deregulation. The economic
base is can be diversified with equal resources being devoted to
agriculture, manufacturing and financial sectors.
Right to Private Property
The Constitution, I believe contains a clause guaranteeing the right to
private property, which eliminates the threat of nationalization and thus
provides an additional incentive for investors.
Fiscal and Monetary Policies
Government favors the autonomy of the Central Bank in the formulation and
implementation of monetary policies. Restraint monetary and fiscal policies
should be practiced with a view to stabilize the economy, and to boost the
confidence of investors.
Savings
The government should formulate a policy to mobilize savings in order to
reduce the resource gap, so that capital is no constraint for investment.
Skilled labour
With the current literacy growth rate, the country can offers a pool of
educated labour, easily adaptable, and very receptive to on-the-job
training. The University of Gambia and vocational training centers offer
both academic and technical training, thus providing a potential for
optimizing the development of human resources. Education should be made
affordable for all.
Investment Schemes
The leadership need to devise various schemes to encourage investment.
Enterprises being set up in the country can apply for various forms of
certificates to benefit from different investment incentives, based on
their business models. Certificates for Export Enterprises, Small and
Medium Enterprise, Strategic Local Enterprise, Agricultural Development
Certificate, Hotel Development Certificate, Hotel Management Services
Certificate, Pioneer Financial Services Schemes can be issued
to qualifying
entrepreneurs. The legal system should incorporate a number of tax
incentives for investment that differ depending on the sectors. These
incentives may include income tax relieves, investment allowances and
investment tax credits among others.
(BambaLaye)
Abdoulie A. Jallow
==============================================
"Our lives begin to end the day we become silent about things that matter."
-Martin Luther King Jr.
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