FINANCIAL INDUSTRY OF THE GAMBIA

Amidst persistent economic hardship due to military rule in Gambia for 13 years now, there is some light at end of the tunnel. Suntou Touray says the private sector financial service industry is promising. Mr. Touray during a recent visit met some of his friends and past work colleagues who now serve in key positions at various financial service establishments. They told him their story and now he tells us what they told him.

Private sector financial service industry of Gambia is gaining pace despite the hostile economic environment the small West African nation is exposed to. Highly skilled specialists in management and financial disciplines have settled on stable jobs offered by private sector financial services establishments with lucrative benefits. Without doubt, there is extensive impact on the formal sector arena of employment that has seen the highest rate decline in recent times due to severe political interference. Competition in the financial service industry means that head hunt for talent goes with the commitment to provide value for output. By many attractions of the generous offers in a buoyant financial industry it is common to see young and promising personnel from government switching to the informal sector for better gains.

After all the shocking news emanating from bad governance there is occasion for relief to know that private sector financial service is gaining steady progress. That does not mean the economic prosperity promised by president Jammeh in all his pronouncements. Though president Jammeh may prefer to claim the success of Gambia’s private sector financial industry as mark of his government’s achievements, this is highly disputable. The simple reason is that public sector performance is progressing on backward motion leaving behind a trail of destitution and hardship.

Amid unreliable and hostile economic environment, financial service establishments in Gambia’s informal sector perform quite satisfactory. The measure of success for the sector is by way of lucrative remuneration packages dished out to a well motivated staff in various establishments.

It is the Gambia we are talking about, a country where one man claims to be owner of the tiny land not just head of state. He tries to take credit for the hard work of others.

Private sector financial service industry of The Gambia is very promising. There is a feel of buoyancy and low volatility in the banking and the property market. Returns of even low risk investments are high. Whatever the reason behind this is hard to pinpoint. It may have to do with heavy foreign investment.

Currently many graduates in finance and accountancy and a compliment of banking qualifications attract bumper pay packages. A personal friend of mine who left the government in protest of low pay is now earning per month over D25,000.00. This doesn't include the D120,000.00 housing allowance for the year and a new car for home and work. Outside Gambia this is peanuts but lot of money for a Gambian working and living at home. There are visible indicators of high spirit for people working in the investment businesses.

Inflation rate is low at present and forecasts are much promising with the World Bank doing its bit to control the finance sector. A lot of British investors are choosing the Gambia even though they are aware of its political drawbacks.

Key reason why foreign investors keep pumping cash into our informal sector financial service industry is something to do with our good nature and less aggressive behaviour. The Gambia produces very competent graduates in finance and accountancy and pay rates are reasonable as compared to England, Nigeria or Ghana. A Gambian would be happy taken home 10% less than his/her counter part in Nigeria or Ghana and the investor feels much saver accepting the risk of our country.

Rate of competition is also very low from native Gambians. The banks are doing well. Even the Islamic Bank rewards savings handsomely. For Gambian brothers and sisters with some spare cash there is reason to consider investment in the homeland either in property or savings. You will not regret it.

The volatile part of our growth is politics. This is the only major player in the external environment of business posing as threat to the buoyancy and growth in foreign investments. Such a threat can be converted into renewed economic strength whenever the current hostile political environment is changed. That change is to serve the best of interests for citizens and investors alike and for restoration of peace and harmony in Gambia.

Gambians should take keen interest in the property industry. To neglect that cardinal part of our country's business has the prospects of leading to some regrets sooner or later. Chunks of land now fall in the hands of profiteering foreign investors and property developers as they take firm grips of a growing financial industry. A good number of developers particularly British are purchasing vast square miles of land for resale at higher prices or developing it for increased value. Native Gambians have even better opportunities if only they care to take advantage of what this booming industry offers. Unless Gambians engage the financial machinery, the potential loss can be enormous. No government can stop the trend of free market taken over politics. Even when the current unsuitable military regime phases out, The Gambia our home land is still ours. For the moment, the success story of young talents in the financial disciplines serves as case of growing berries on rocky land. It goes to confirm that for talents, even the most hostile political environment can be exploited for true gains. To our good brothers and sister who dare to take up this challenge in driving the Gambian economy during such stormy political weather you deserve your place.