It
has been said over and again that the private sector is the engine of growth.
This was also reechoed at the 2017 GCCI Golden Jubilee Business Award Dinner
held on Friday 12 May 2017 at the Coco Ocean Spa and Resort.
As
emphasised by the keynote speaker on the occasion, no country develops its
economy and provides enough employment for its citizens without the full
participation of the private sector.
A
government governs and puts in place regulations and policies to ensure law and
order and a level playing field for all – including the general populace and
members of the public and private sectors. It also provides employment but the
bigger chunk of job creation is provided by the private sector in addition to
its role of promoting economic growth and reducing poverty.
It
is therefore widely acknowledged that the private sector is an essential
component in the alleviation of poverty since it provides more and different
economic opportunities in a country.
In
the case of The Gambia we have been made to know that the “100 biggest
taxpayers in The Gambia carry more than 80% of government revenue”.
The
private sector therefore needs more consideration from the government and
regulators, especially in light of taxation, which has been the headache and
cry of our businesses ranging from small and medium-scale businesses to
companies and firms in the country.
Various
taxes on businesses in this country have squeezed many SMEs and entrepreneurs
out of business, coupled with other cost of running business in the country
like heavy electricity bill.
All
these and more need to be revisited to ensure a strong leg businesses in this
country can stand on.
The
Q-Group chief executive officer outlined some of the challenges businesses in
The Gambia are faced with. He said: “There is the challenge of inadequate
resources to track expatriating profits out of the country by the big profit
generators, absence of financial credit to support small/medium businesses,
high interest rate, unreliable and uncompetitive cost of energy and low
employment creation capacity in the country.”
It
is therefore essential that the Barrow government pays heed to concerns of the
private sector, since it is the engine of economic growth in the country.
“No
country will prosper without a strong private sector. ”
Muhammed
Jah