The
Chairman and CEO of Q-Group, Mr Mohammad Jah, has called on government to
address the challenges confronting businesses within the country to increase
local private investment and ownership.
Mr.
Mahammed Jah underscored the need “To have a meaningful transformation of the
country’s economy and the empowerment and participation of its local businesses
is fundamental pillar. No country will prosper without a strong private sector.
When we talk about local private ownership we are also talking about ownership
by Gambians or residents of The Gambia”
He
further suggested Gambianisation as a philosophy of meaningful transformation
for the country’s economy.
Mr.
Mohammad Jah was delivering the keynote address at the 2017 GCCI Golden Jubilee
Business Award Dinner as part of the ongoing 50th anniversary of the country’s
apex and oldest business association.
This
year’s business award dinner was hosted by The Gambia Chamber of Commerce,
Industry, Agriculture and Employment Association on the theme: “The Economy;
Transformation of Gambia’s Business Empowerment” In attendance were proprietors
of businesses in the country, members of the public sector as well as the
diplomatic crops.
The
golden jubilee business award dinner was a fun-filled event, with one serious
delivery aptly followed by a humorous act from either the MOC, presenters with
a soft side or an awesome performance by young talents from the Ämadu Bansang
Joberteh School of Music”.
In
his address, the chief guest of honor and speaker Mr. Mohammad Jahadded said
that “100 biggest taxpayers in The Gambia carry more than 80% of government
revenue. This shows that there is a heavy burden of taxation on the real
economy and in addition to this we have one of the highest interest rates in
the world because of government borrowing”
The
tax burden, which remains one principal concern of the business community in
the country, illustrates the need to scale up the transformation of the
economy..
“There
is the challenge of inadequate resources to track expatriating profits by the
big profit generators, absence of financial credit to support small/medium
businesses, high interest rates, the unreliable and uncompetitive cost of
energy and low employment creation capacity in the country,” Mr Mohammad Jah
added.
The
CEO of Q-Group, speaking at the 2017 GCCI award dinner, said, “I do not have a
problem with foreign businesses making millions. But I have problem with
foreign businesses repatriating over 90% of their profits.”
Earlier,
Mr. Alhaji Alieu Jobe, former president of GCCI, lauded President Adama Barrow
for his support to the business sector. He picked out the appointment of the
ambassador for the business sector as a decision that is encouraging.
The
highpoint of the 2017 GCCI award dinner were the closing remarks by H. E.
President Adama Barrow and the awards presented to deserving businesses.
This
year, GCCI awarded four categories of outstanding local businesses.
The
emerging business awards went to Takaful Insurance for its remarkable
performance in the business of compensation for loss, damage, illness, and death.
Bank of the Year went to Guaranty Trust Bank one of the largest banks in the
country that provides financial services. The leading business of the year
award went to Africel, and the best business concept went to Deka, an up and
coming software company. The indigenous entrepreneur award went to Q-Group one
of the countries’ innovative and largest tax compliant companies.