It is clear from all indications that foreigners have dominated the business sector in the economy. The question now is, can we as a country redefine the future of our economy that will ensure the economic empowerment of Gambians. Even the traditionally owned and operated small and medium size businesses by Gambian citizens have been hijacked by foreigners.
It is okay to open the doors of the country to foreign investors but it cannot be a totally free and liberalized trading activity that ends up pushing aside or killing indigenous business. We are our own enemy when it comes to the empowerment of citizens. We have seen how some foreign shop owners engage in nefarious business activities. We have seen how some Gambians allow themselves to be used by foreign business mafias to fight their fellow citizens in order to kill their businesses in various fields.
Again, it must be said that we are our own enemies in terms of our empowerment. We have seen some opposition outcries over the government awarding contracts to Gambian business companies. We are our own enemies if we don’t want to see the empowerment of the QGroup, Jah Oil, TAF holdings, INNOVARX Global Health, ECOTRA, Gambian private sector players in rice production, Cashew Nuts processing, etc among others. Most countries in the world are engaged in economic containment strategies geared towards empowering their citizens in business.
The America first policy means effectively putting business in the hands of the American industry and wealth creation for Americans. Recently, we heard the decision by the government of Tanzania which banned foreigners from running all small and medium size business enterprises traditionally run by Tanzanian citizens. The cashew nuts trade was nationalized and it is part of the country’s cash crop for exports. In Uganda, most businesses are in the hands of citizens. Our citizens will be overwhelmed by poverty as long as the economic environment of the country is dominated by non Gambians. Who do we think is bringing drugs to the country, bringing fake medicines into the country, engaging in high foreign exchange rates, injecting bribery and corruption in the system, smuggling hard currency out of the country, imposing hardship on the population through rising cost of living, etc among others.
If we don’t think hard about the economic situation of the country and encourage through policy decisions the empowerment of the Gambian private sector players, we are our own enemies. The government should review the business environment and continue to give priority attention to supporting the Gambian private sector players and industry as part of an economic empowerment strategy that will create wealth for Gambians and to excite economic independence and prosperity of citizens. A new national economic order is in the supreme interest of the Nation.
Economic empowerment strategy that will put ownership of business in the hands of Gambians, create wealth for Gambians, create employment for youths, excite economic independence of the country and prosperity of the people. Right now, there is no middle class as such in the country. It is the very rich and the very poor in society.
The economic empowerment of Gambians could end this disparity in incomes. Our citizens will be overwhelmed by poverty as long as the business environment is dominated by non Gambians. We have heard about the uprisings in South Africa against foreign business concerns. The Central Bank of the Gambia and the Gambia government should open a Commercial and Development wing in the Trust Bank Ltd with the Capital and mandate to engage in credit financing to support Gambian businesses and entrepreneurs and development projects at affordable interest rates for the economic empowerment of Gambians.
The welfare and concerns of the people will be better addressed through such financial and economic inducement schemes of the government. Trust Bank Ltd has amply demonstrated that it is here for Gambians and not here to milk the economy away from the country.
The world is rapidly moving towards economic diplomacy .
The Gambia must get it right. Economic diplomacy that will attract investments, projects, development assistance both at the bilateral and multilateral levels and as well as economic containment strategies that will strengthen national sovereignty and economic independence. Our independence as a country is not complete unless we are seen to be an economically viable State and free from the clutches of domination by external influences.
When policy advisers know what is right in economic management and they are not setting proper foundation for government action then there is reason to worry about the outlook of
the country. The need to engage minds for a national economic reconstruction drive cannot be overemphasized.
Like other countries in the region, the Gambia also has all the natural and mineral resources backed by trained manpower to leverage on to build a competitive and prosperous economic order for accelerated socioeconomic advancement.
