During the event, GUBA President Mustafa John emphasised the association’s mission to “provide a platform for the breeders to excel” by addressing essential challenges like access to finance. “Ecobank’s sponsorship will empower our members to sustain and grow their businesses,” he stated.
John also raised concerns about the depreciation of the Gambian dalasi, which has increased import costs for vital supplies such as animal feed and livestock, mainly sourced from Senegal.
The exchange rate has risen significantly, raising fears of higher prices for Tobaski rams. “The high rates leave us at the mercy of cross-border markets,” John lamented, urging the government to explore measures to stabilise the currency.
While acknowledging the complexities of a “free market,” he called for interventions to address the rapid depreciation of the dalasi.
Bank representatives presented tailored financial products during the session, sparking discussions on loans and funding opportunities for breeders.
However, Saihou Mboge, acting manager at Ecobank Senegambia branch, pointed out that while there are structured loan schemes available, it was too late to promise immediate loans to the association. Nonetheless, they would consider it and work on a plan.
Additionally, Acting MD Mboge urged members to open Ecobank accounts to minimize high tariffs on the CFA, as the bank operates in 33 countries, including Senegal and Mali, where dealers purchase rams.
“If you have an Ecobank account, you can deposit your money and withdraw it in Senegal or Mali in their local currency. All you need to do is inform your account officer of the amount you wish to withdraw while abroad, and it will cost you less than black market rates,” Mboge emphasised.
Meanwhile, Ecobank representatives promised to set up a stall at the trade fair where they would register members on their app, Eco-Express, for easy payment and banking.
GUBA is also encouraging local ram breeding to reduce reliance on imports, though John admitted, “we have a long way to go.”
This Ecobank partnership is said to represent a proactive step towards supporting the livestock sector amid economic challenges. Breeders welcomed the discussions, especially regarding financing, but stressed the need for long-term solutions to exchange rate volatility.
As the Tobaski Trade Fair approaches, stakeholders remain hopeful that this collaboration will alleviate financial burdens while highlighting the sector’s critical role in Gambia’s economy.
