Facilitating Trade and enhancing the competitiveness of the country
“Leveraging information technology to enhance the sub-regional competitiveness of the services sector in efforts to reposition our economy as a regional financial hub”
FINANCIAL SERVICES
The Financial Services sub-sector is one of the critical sub-sectors making the most contribution, in terms of employment, taxation, international remittances, and trade facilitation, to the overall economic output of the economy.
Notwithstanding its contribution to the economy, this sub-sector can play a pivotal role in terms of advancing the economic development aspirations of the country through innovative financing and funding schemes.
Broadening & Deepening the Sub-sector
The banking industry of The Gambia is dominated by commercial banking activities, which are primarily focused on Money Market instruments. Even within the confines of the Money Market, the scope and depth of the existing money market instruments are limited and largely dominated by Treasury Bills, and off late, Government Bonds.
There are no active banking activities on Commercial Paper, Repurchase Agreements, Municipal Bonds, and Bankers Acceptances. These inexistent Money Market Instruments could offer unprecedented financing schemes that could unleash catalytic and game-changing options to levels of commercial and business activities in the economy. Equally instruments such as Municipal Bonds and Bankers Acceptances can facilitate major developments in the international trade space.
In our pursuit of the broadening and deepening of the Financial Services sector, albeit a gradualistic approach, our Party shall seek to first ensure synergy in our existing Financial Services activities but beyond that we would pursue the development, operationalization, and institutionalization of Industrial, Investment, and Agricultural Banks and deepening of Insurance (Health, Marine, and International Trade), Real Estate, Capital Markets, and Investment Houses.
Enhancing the Regulation & Vibrancy of the FX Market
Though the Foreign Exchange Market has some semblance of vibrancy, that vibrancy can be enhanced through strategic regulation aligned to ensuring Balance of Payments objectives and a tighter Monetary Policy stance. These objectives must equally be aligned to the country’s Re-Export Trade aspirations.
Enhancing the regulatory framework of the FX Market is a must considering the rate at which the local currency is losing value relative to the major international currencies. This loss of value is not only inimical to our economic development aspirations but have serious consequences on our economic competitiveness and could pose serious economic and social welfare implications if left unchecked.
The measures with which to bring about enhanced regulation and vibrancy of the FX Market are key preoccupations of our Party.
Enhancing Financial Services through Financial Technology
The Financial Services sub-sector has witnessed substantive change and growth over the years with improved technologies and service enhancements and Fintech has played a pivotal role in that improvement.
Within the plans of our Party to further enhance the Financial Services sub-sector, our aspiration is to bring about transformative growth in the sub-sector with Fintech to play a crucial role but more importantly for service standards, service enhancements, service knowledge, and Financial Service competence to be at the core of that transformative growth.
Noting the importance of Banking Services, Investment Services, Insurance Services, and Tax, Accounting & Financial Reporting Services, we believe that our vision and aspiration for the Financial Services sub-sector to become a reality, we must first overcome our energy and interconnectivity challenges along with the high costs associated with these basics.
Necessarily, the business environment, our existing infrastructural technology, issues of Market Access, Human Resource Competencies, and the general Competitiveness of our economy must all be equally assessed in efforts to lay the foundation to our aspiration of enhancing and transforming the Financial Services sub-sector.
We strongly believe, as a Party, that this is doable, especially under an environment of consultative engagements and adoption of best practices of what obtains within best-practice centers around the world.
Industrial, Agricultural, and an EXIM Bank
Aligned to our Maritime, Agriculture, Tourism, Manufacturing, and Agro-processing priorities of the real sectors of our economy, our Political Party will ensure congruence and alignment within the Economic Development Blueprint of the country through our economic development plans dubbed GAMBIA RISING.
In view of the significance of the Financial Services sub-sector and its relevance in transforming the country into a middle-income country, we shall institute an Industrial, Agricultural, and an Exim Bank that shall be homegrown and managed. Whereas these would be long term aspirations, plans and works on them shall commence from the onset.
The need for these banks are evident if we are to transform the economic and social landscape of The Gambia. Notwithstanding, our approach to these endeavours would be measured, consultative, and gradualistic.