I still believe that we need a development bank to support the development of agriculture and industry. Investment in upgrading infrastructure in the country, electricity, the road network etc is most welcome. Development has to be holistic and attention has to be paid to the productive sectors of the economy and accessibility to long term finance would be an important factor in promoting sustainable and rapid growth in agriculture and industry.
In The Gambia we talk about private sector led growth, hoping that the private sector can invest heavily in the critical areas of the economy without government assistance.
In the developing situation The Gambia is in, there is a need for a development finance corporation or bank to play a catalytic role in the socio- economic situation of the country.
There is an urgent need to promote development in the critical areas of the economy, agriculture including fisheries, industry, tourism. It is high time The Gambia established a development finance corporation or an agriculture and development bank to support the key sectors of the economy by providing:
-Long term financing, addressing critical gaps for long term financing.
-Provide financial intermediation and related services for the transformation of the agricultural sector, support SME and industry, assets financing equity participation.
Business advisory services.
A development finance institution would also enhance financial inclusion.
The Gambia needs to be placed on a high growth path over a long period of time to support a growing population and put the country on a sustainable path to development.
The GDP per capita in The Gambia is 666.47 and we have to move this higher up the scale to be on that path (2000 per capita). Market forces would not help achieve the growth that is required without government intervention.
Abdou Sahra Janha
