Experts say that aside accounting for over 90% share of the total employment rate on the continent, MSMEs also represent about 30% of exports hence the need for support and development of this sector in Africa.
The Gambia just like many developing countries is beginning to realise the potential of MSMEs in the country’s development endeavors.
Just like The Gambia, it would be amazing to come to the reality of the significant contributions of MSMEs, most of which are in the manufacturing sector.
In Wednesday’s edition of The Point, we published an article in which the Tourism Diversification and Resilience in The Gambia Project under the Ministry of Tourism and Culture launched the first cohort of the Micro Small and Medium Enterprise Accelerator Programme in The Gambia. This initiative is not only timely, but crucial as it will go a long way in boosting small businesses especially those in the tourism sector.
The project, funded by the World Bank, at a tune of US$68M, would significantly help transform both the country’s formal and informal sectors especially in promoting and diversifying tourism products and market by strengthening institutional framework, improving linkages between local suppliers and large-tourism businesses and building resilience.
In addition, what is even interesting about this initiative is that MSMEs penetrate global markets by exporting through clusters, joining global value chains, and exporting directly or indirectly.
This ambitious programme just launched in essence aims to provide innovative, needs-based BDS, financial access and market access to entrepreneurs and MSMEs, building and strengthening ecosystems and supply chains within the tourism sector across the country, aimed at creating jobs among youth, and women.
It is a fact that the tourism sector is a significant contributor to the Gambia’s Domestic Products and employment creation. Also, the sector is a major source of direct investment, having attracted millions of dollars over the past five years.
After the devastating impact by the 2019 coronavirus pandemic, experts believe the sector is recovering as international tourists’ arrivals increase this year.
We commend the Ministry of Tourism and all the stakeholders who contributed towards the success of this project. The aggressive campaign they embarked on these past years has paid dividends as seen in the number of investments in the country by international institutions.
Empowering MSMEs in the country is like supporting sustainable development, as it accounts for a substantial amount of economic activity in the country, thus boosting intra-African trade.
To the 60 MSMEs that make up the first cohort of this accelerator programme in The Gambia, take ownership of the project.
The initiative is a millstone achievement and it is of significant importance to the country’s tourism sector. Therefore, it is our collective efforts to nurture and harness the opportunities that come along with this project.