Finance Minister presides over SCB seminar

Tuesday, September 26, 2017

The Minister of Finance and Economic Affairs, Hon. Amadou Sanneh, recently presided over the official opening of the Standard Chartered Bank sovereign capacity seminar for the Government of The Gambia.

 The capacity-building seminar, attended by senior representatives from the Central Bank of The Gambia, SCB staff members among others, was organised by the Standard Chartered Bank, and held at the Ocean Bay Hotel. 

In declaring the seminar open, the Finance Minister, Hon. Amadou Sanneh, said the purpose of the meeting was to initiate a long-term engagement between the government and all stakeholders in the financial sector, especially instituting and strengthening both the financial and capital markets in The Gambia.

He said the Gambian economy is overwhelmingly dependent on tourism and agriculture-related activities.

According to Minister Sanneh, over the years, the lack of quality infrastructure across sectors has been one of the main bottlenecks to developing key sectors of the economy, such as agriculture, energy and infrastructure.

He said in the country, long-term sources of capital for banks are low since short-term deposits constitute the bulk of their capital.

He added that the development of financial market is extremely important to the general health of any economy, adding that deepening the financial sector and expanding financial intermediary in the form of a capital market is potentially transformational to the Gambian economy.

He commended the Standard Chartered Bank for organising the forum, saying it underlines the bank’s commitment to the development of the economy, its leadership role in the industry and support of the reform agenda.

For his part, CEO of SCB, Olukcorede Adenowo, noted that building a sustainable business could contribute to the real economy, promote sustainable finance and lead the way in their communities.

The CEO further noted that Standard Chartered would continue to be a responsible investor in the country, assisting in advisory, access to capital and support in the infrastructure investment plan. 

Author: Abdoulie Nyockeh