A high profile consultative meeting with the business community and
other stakeholders including bankers was held at the National Assembly
chambers in Banjul on Monday with the objective of discussing the
impact of the current global crisis and to work out contingency plans
in the case of any eventuality.
The speaker of the National Assembly Fatoumata Garba Jahumpa underlined the importance of a contingency plan for a country like the Gambia with its vulnerable economy. She commended the government for successfully steering the economy without a rise in the price of commodities.
Finance and Economic Affairs Minister Musa Gibril Bala Gaye noted that where bigger and stronger economies have been shaken by the global crisis, The Gambia with its smaller economy is bound to be affected. He recommended wider use of the waters of the River Gambia for agriculture through flood irrigation.
On his part, the Trade and Industry Minister, Abdou Kolley said the private sector is the engine of growth for the Gambian economy, adding that The Gambia with its smaller economy is bound to be affected by the global crisis sooner or later. He also described the country as having one of the most liberal economies in Africa.
Other contributors included the President of the Gambia Chamber of Commerce and Industry, Bai Matarr Drammeh and the Governor of the Central Bank, Momodou Bamba Saho who both alluded to the country’s strong and stable banking system.