Jul 5, 2010, 3:12 PM
The Balance of Payment Technical Committee (BOPTC) comprising the Central Bank of The Gambia, Gambia Bureau of Statistics and The Gambia Investment and Free Zone Agency was established to guide and co-ordinate the private Capital Flows Project: Census of International Transactions and Investor Perception.
The second census focussed on private capital flows in and out of The Gambia and Investor Perceptions covering the period 2003-2004. The first census covered the period 1999-2000.
Under the auspices of the project, a day Closing/ Dissemination Workshop was yesterday convened at the Paradise Suites Hotel in Kololi.
Delivering the welcoming remarks, a representative of the Department of State for Finance and Economic Affairs, Mrs. Ada Gaye, emphasized that the development of the economy should be private sector led. "It's therefore important to know the quantum of inflows in order to rate the private sector performance in creating the investment and employment growth that is desire by our policies". According to her, international and national data has shown that private investment has become increasingly important to The Gambia relative to the size of the economy and to the official inflow. "In line with best practice and given its desire obtain accurate statistics for informed policy making, government identified the private capital flow survey as the most efficient means to address the deficiency inherent in the compilation of capital flow data". She thanked the Department for International Development of UK Government, Development Finance International and West African Institute for Financial and Economic Management for their financial and technical support.
Deputising for the Governor of Central Bank of The Gambia, Mrs. Oumie Samba called on the investors to make the best use of the country's favorable business environment. She stressed that the country has enjoyed growth and micro economic stability characterised by low inflation and healthy reserve cover. Government is committed to improving economic governance and reforms in the finance sector to attract more foreign direct investment as evidence in the increase in the number of banks from seven to11 in the last two years.
Mam Cherno Jallow, CEO Gambia Chamber of Commerce and Industry, said that the private sector is please to be associated with the forum.