Businesses in The Gambia have benefited greatly from the country’s unwavering macroeconomic strategy, liberal trade policies and market-based economy.
The real GDP growth rate declined to 1.5% in 2014 from 4.8% in 2013; however the recovery in 2015 is projected at 5.6%. The Services sector (Trade, Tourism, Transport, Communication) contributes 62%, the Agriculture sector contributes 23% and employs 78.6% of labour force and the Industry sector contributes 15% of GDP respectively.
Thanks to prudent macroeconomic policies, monetary policies and a tight fiscal policy, the country has maintained a low inflation rate hovering around 5% for the past 3 years and sustained economic growth. Yet pressures from increasing deficit financing may undermine price stability in the medium to long term.
The Gambia has developed into a sub-regional re-export hub as industries profit from the country’s liberal trade policies and efficient port infrastructure..
There continues to be sustained improvement in basic infrastructure, including the notable expansion of the Road Network, Telecommunication System, Seaport and Airport and the Electricity System. Infrastructure Development to Improve the Business Environment includes:
- A US$21 million modernisation effort to improve airport infrastructure.
- Strategically improved road system to enhance business operations
- Expansion of the capacity of the Sea Port and warehouse complex
- Implemented fully computerised system in Port of Banjul to simplify cargo documentation procedures
- ACE project
Investment in Education and Health to provide a Pool of talented and Healthy Workforce
Developments in the Legal System to improve business confidence
- Decentralisation of the judicial system
- Development of an alternative dispute resolution system
- Improvement in the administration and scheduling of legal cases
- Development of copy and property rights legislations
Institutional Development to Support Businesses and Promote a Level Playing Field
- The Gambia Competition Commission
- The Public Utility Regulatory Authority
- The Gambia Investment and Export Promotion Agency
- The Alternative Dispute Resolution Agency
- The Credit Reference Bureau, Under the Central Bank of the Gambia (CBG)
- The Gambia Standards Bureau