Monday, October 3

Barrow says Gambia has 10 years AfCFTA national implementation strategy

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Speaking during the State of the Nation Address (SONA), President Adama Barrow revealed that as The Gambia prepares to start trading under the AfCFTA framework, his government now has a 10-year AfCFTA National Implementation Strategy, 2021-2031.

The President made this revelation at Parliament on Thursday, saying to optimise benefits from the AfCFTA, the Senegambia Bridge will serve as a catalyst to attract strategic investments and contribute to the diversification of the economy.

In a related matter, he added that his government has participated actively in ECOWAS integration programmes, and has a National Regional Integration Policy and Strategy, 2021-2025.

“On investment and export promotion, the Trade Ministry, through GIEPA, developed a new National Export Strategy (2021-2025). It outlines key priority areas for the realisation of our national export development aspirations.”

Mr. Barrow continued that the Ministry of Trade would launch the Entrepreneurship Development Fund this year to support cottage industries and businesses with a soft revolving loan scheme on a more sustainable basis. He added that the institutional structure of the Entrepreneurship Development Fund, Trust Committee, has been set up, and GIEPA serves as the secretariat for the Fund.

“My government has reduced the business incorporation fee from D10,000 to D4,000 and assessed the market conditions for the establishment of a Credit Reporting System to improve on the business environment.”

In the past five years, he continued that the Ministry of Trade implemented programmes and projects that attracted investments and supported the development of trade and the private sector in the country.

To promote stability, President Barrow stated that the Ministry is working with importers to increase importation and supply of essential commodities and stabilise commodity prices.

“Review of the National Trade Policy is in progress to develop appropriate instruments that would improve The Gambia’s competitive edge and strengthen the productive sectors.”