Gambia
Chamber of Commerce, Industry, Agriculture and Employers’ Association (GCCI) on
Friday held its annual general meeting (AGM) for 2016 on Friday 31 March 2017
at its Kerr Jula Head office in Bijilo.
The
meeting, in which the Chamber expressed its readiness and determination to
revive the efficacy of the business sector in the country after last year’s
political snag, among other things, dilated on GCCI President’s Report, the
Auditor’s Report and Financial Statements for the period ending 31 December
2016.
It
also discussed the adoption of Auditor’s Report and Financial Statements as
well as the amendments to the constitution.
The
private sector apex body’s net surplus for the year ending 31 December 2016
dived to D570,000 from a net surplus of D6,526,000 in 2015, largely due to a
sharp drop in fund-raising activities/income of D1.6 million in 2016 from D8.2
million in 2015.
This
was blamed on a turbulent year ranging from the Senegal-Gambia border closure
to foreign exchange and market policy by government and the political impasse
the nation went through by the end of the year under review.
While
the Chamber’s income decelerated to D13.4 million in 2016 from D18.3 million in
2015, its expenditure increased to D12.9 million in 2016 from D11.7 million in
2015.
The
President of GCCI, Muhammad Jagana, whose report was read on his behalf by
GCCI’s vice president Babucarr Khan, said GCCI has continued in its advocacy
and representation campaign by engaging policymakers, the president and
ministers regularly to seek feedback and map the way forward on matters of
growth and development of the business sector in the country and the chamber.
‘’In
collaboration with the Ministry of Trade and GIEPA, we have also proposed to hold the much awaited annual Economic
Summit, which will provide opportunity for the Private Sector to table its
agenda for the President and his cabinet for consideration and action.”
He
said they were also pleased to report that TAF Entrepreneurs Network (CLUB TEN
), which is the brainchild of an indigenous business leader in the Gambia and
the sub-region, Mr Mustapha Njie, the
CEO Taf Africa Homes, to mentor young entrepreneurs, network and share
experiences was “active and kicking”.
Mr
Jagana further said GCCI continued to pursue its commitment to promoting
agriculture through sectorial consultations as it sought to empower its members
to meaningfully contribute to the realization of overall national development
endeavors.
He
revealed that The Gambian-Turkish Business Council was reconstituted to ensure
effective business opportunities in Turkey for the private sector which also
elected Mrs Fatou Senghore and Fatima Trading as Chairperson.
The
report also revealed that GCCI in partnership with The International Labor
Office in Dakar and Emanic Consulting Co. Ltd convened and facilitated various
forums and training programmes attended by various employers in the Private
sector as well as the GCCI Employers’ Association Committee members and ILO
representatives from Dakar and Abuja respectively.
‘’The
main aim of the forum was to create awareness on the role and responsibilities
of employers as well as to launch both the Employers’ Guide on the Labor Laws
of The Gambia and the Taxation Guide for Medium Small and Micro Enterprises
(MSMEs) in The Gambia,’’ he said.
He
said that since the ECOWAS Inter State Road Transit (ISRT) operations commenced
in the Gambia in 2013; they had seen the re-emergence of The Gambia’s
competitive edge in regional trade, despite some serious disruption.
‘’There
is no doubt that 2016 was a very difficult year and the business community felt
and lived this in many ways. Apart from the border challenge and suspension of
trans-national trade, commercial travelling, foreign exchange scarcity and
government interference, the Gambian private sector experienced serious
economic and political threats. The chamber saw serious decline in our Trade
Fair income as well as inter-State Regional Transit (ISRT) and reduced exports,
resulting in much reduced overall revenue,’’ he said.
He
further noted that at the height of the tension, the GCCI as the Voice of
Gambian Business was compelled to take a decisive position very early for the
wider common good.
As
a result of the former President’s refusal to accept the will of the electorate,
many multi-nationals and local businesses shut down and tens of thousands fled,
causing additional “huge losses to our economy at the end of the year”, he
stated.
“Despite
all the challenges and frustrations, I am happy to report that we continued to
represent and advocate for the private sector at many forums, corporate
institutions and committees both locally and internationally.’’
The
GCCI president also commented on the fact that “taxes are still high for our
fragile economy, complex and not uniform”, whilst the previous government
“placed a lot of regulations on foreign currency leading to a closure of many
businesses” in The Gambia.
He
pointed out that “the GCCI will urge the new Government” to take decisive
action on delivering real reform to the business tax system and business
environment “to stop the massive amount of capital flight we have experienced
recently”.
Mr
Jagana concluded that they assure members and stakeholders that they will
endeavour to work closely with the newly-elected Government to ensure that the
National Economic Council is revived and will meet regularly to share advice on
economic matters.
“In
GCCI, the new Gambia will find us together with the private sector, as worthy
partners in development,” he stated.
