By Fatou Bojang
The Gambia Chamber of Commerce and Industry (GCCI) held a Membership Business Forum on Thursday, focusing on empowering its members and discussing the critical role of the agricultural sector in the economy.
Mustapha John, president of the GAM United Breeders Association, emphasized that the agricultural sector is vital for The Gambia’s economy. It contributes over 25% to the Gross Domestic Product (GDP) and employs 75% of the workforce, especially women.
However, he noted that the sector faces significant challenges, including limited mechanization, inadequate infrastructure, and a heavy reliance on food imports.
“Growth opportunities exist through expanding cultivation, developing irrigation systems, enhancing agro-processing, improving market access within ECOWAS, and leveraging technological advancements to modernize farming practices,” he stated.
Mustapha stressed that overcoming these challenges requires increased investment in mechanization and irrigation, improved post-harvest management, and the establishment of agricultural credit schemes with favorable terms.
Ebrima Sanyang, a representative from SuperSonicz, highlighted the stability of the banking sector in Gambia, which consists of 12 banks (11 commercial and 1 Islamic) and over five microfinance institutions, primarily focusing on agricultural investments.
“While banks are hesitant to lend to agriculture due to perceived risks, microfinance institutions are more active in this area. However, their funding tends to be short-term, typically lasting around five years,” he explained.
Ebrima pointed out several challenges facing the sector, including a high non-performing loan rate of 16% and rising interest rates, with the current Monetary Policy Committee (MPC) rate at 17%.
He urged the GCCI to facilitate connections between its members and financial institutions to identify key sectors that require financing.
Ebrima advocated for public-private partnerships and government initiatives, such as loan insurance packages for farmers, to address challenges in agriculture. He also mentioned SuperSonicz’s significant agricultural investment, amounting to D100 million this year. Sanyang called for stakeholder collaboration to enhance access to affordable resources and improve the agricultural sector.
Sanyang called for stakeholder collaboration to enhance access to affordable resources and improve the agricultural sector.
