By Arret Jatta
Central Bank Governor Buah Saidy has urged Gambians to take greater control of the national economy, warning that increasing number of businesses and properties are being acquired by foreign investors.
Speaking yesterday at the launch of the FinScope Consumer Gambia 2025 Survey at the Sir Dawda Kairaba Jawara International Conference Centre, Saidy said Gambians must move beyond criticism and begin investing more actively in the country’s economic future.
“I would challenge and encourage every Gambian, especially the youth population, to translate these statistics into innovation and creativity. Everybody does not have to work for the government. We cannot all be doctors, directors and engineers, but we can be businessmen, entrepreneurs and investors,” he said.
The governor argued that greater local participation in business is essential if The Gambia is to retain wealth generated within its economy.
“If we don’t take our economy into our own hands and invest in our economy, others will come and do it for us. Instead of the income staying in the country, the income will be going out,” he stated.
Saidy pointed to what he described as a growing trend in Brikama, where he said many businesses and properties have come under foreign ownership.
“I visited Brikama and I was shocked. Most of the plots from around the University of The Gambia area to when you enter Brikama and up to when you exit, it’s all taken over by investors that are not Gambians,” he said.
According to him, some Gambians have sold their properties while others have leased them to foreign investors for extended periods.
The governor said improving access to finance remains key to helping Gambians compete and invest in their own economy. He noted that the Central Bank is working with banks and other financial institutions to expand financing opportunities for local entrepreneurs.
Saidy maintained that empowering Gambians to invest and own businesses is critical to ensuring that the country’s economic growth benefits its citizens.
New bank to be set up
Meanwhile Governor Saidy, also disclosed that the long-awaited Gambia Development Bank is expected to become operational within the next six months as part of efforts to improve access to finance for Gambian businesses.
The governor admitted that limited access to finance by Gambian businesses, is one of the biggest challenges facing the country’s entrepreneurs and investors.
“We have to take responsibility and take our economy into our hands and the problem is access to finance. We are working with banks and other financial institutions to make that access to finance easy to Gambians,” he said.
Governor Saidy added that improving access to credit is critical for expanding local participation in the economy and creating opportunities for business growth.
According to him, the establishment of the Development Bank will complement ongoing reforms aimed at strengthening financial inclusion, supporting entrepreneurship and boosting economic growth.
Officials expect the Development Bank to play a key role in financing productive sectors and supporting the country’s broader development age.
