Top 5 Reasons to Invest in The Gambia
Peaceful and Politically-Stable Country
The Gambia is recognised as one of the most politically stable countries in West Africa. In 2018, the nation made the largest positive improvement on the Global Peace Index, climbing 35 places to rank 76th globally. By 2023, The Gambia had further improved its standing, continuing to uphold its reputation as a peaceful and secure destination for investment and tourism.
Source: https://countryeconomy.com/demography/global-peace-index/gambia
Competitive Labor Costs
For decades, businesses in The Gambia have benefited from an abundant workforce of semi-skilled and unskilled labour. Wages in The Gambia remain significantly lower than in many West African countries across various labour categories, providing a cost advantage for businesses. As of 2024, the minimum daily wage is $0.92 USD, with average daily wages ranging between $2.50 and $4.00 USD. This cost-effective labour pool enables businesses to operate efficiently while maintaining competitive operational costs.
Liberal Market Economy
The Gambia maintains a liberal market economy characterised by sustained growth, monetary discipline, a flexible exchange rate system, and robust legal frameworks. These elements provide investors with a predictable and business-friendly environment. Economic Freedom: In the 2023 Index of Economic Freedom, The Gambia achieved a score of 57.9, ranking 101st globally and 11th among 47 countries in the Sub-Saharan Africa region. This score reflects the country's ongoing efforts to enhance economic freedom and foster a conducive environment for business operations. Labor Market Efficiency: The Gambia has demonstrated a commitment to improving labour market efficiency. The 2022–2023 Gambia Labor Force Survey provides comprehensive data on employment trends, informing policies aimed at enhancing workforce participation and productivity.
These developments underscore The Gambia's dedication to creating a dynamic and open economy, appealing to both domestic and international investors.
Sources:
https://www.gbosdata.org/downloads-file/480-2022-23-gambia-labour-force-survey-report-glfs
Strategic Location & Access to West Africa
Strategically located on the Atlantic Ocean and surrounded by Senegal, The Gambia serves as an ideal gateway to the wider West African market, which encompasses over 300 million consumers. The Port of Banjul provides access to key shipping routes, facilitating trade and serving as a regional logistics hub. In addition, The Gambia benefits from preferential trade agreements with major global markets, including the European Union, the United States (under AGOA), and ECOWAS, offering businesses significant export advantages.
Source: https://www.trade.gov/country-commercial-guides/gambia-market-opportunities
Business Friendly Environment
The Gambian Government continues to implement reforms to enhance its business environment, making it a preferred destination for profitable investments. Recent measures include the liberalisation of the ICT and energy sectors, improvements in regulatory processes, and streamlined procedures for setting up businesses. The Gambia Investment and Export Promotion Agency (GIEPA) offers a range of incentives to investors, including the Special Investment Certificate (SIC), which provides tax holidays and other benefits for eligible businesses. These initiatives reflect the government’s commitment to fostering a transparent and supportive environment for investors.
Sources:
https://www.giepa.gm/industries
https://www.trade.gov/country-commercial-guides/gambia-market-opportunities
