Delivering the launching statement on behalf of President Adama Barrow on Friday at the Sir Dawda Kairaba Jawara Conference Centre in Bijilo, VP Jallow added that the market will assist in addressing the infrastructure challenges that could destabilise the country’s long-term growth and development.
“Capital markets serve as an essential organised system for free flow of capital, raised through debt or equity. This would no doubt assist in developing deep and liquid government bond markets, where local resources could be mobilised for innovative financing.”
VP Jallow indicated that it is projected that this development in the financial sector will boost resilience, stimulate growth, transform the economy, and enhance domestic financial stability by providing new tools to raise funds and manage liquidity risks.
With financial resilience and stability, he further highlighted that The Gambia would be better positioned to implement policies that enhance job creation, infrastructure development, and access to basic services, thereby raising the living standards of citizens to decent and dignified levels.
“My government is uncompromisingly committed to creating the enabling environment for the financial sector to thrive. We have resolved as well to make the private sector an engine for growth, transformation, and job creation. I am confident that the capital market will ultimately create the right tools to achieve these goals,” he noted.
He went on to say that the Capital Market and Security Act will serve as the principal regulatory document for the Capital and Security Market to ensure a dynamic, fair, transparent, and efficient system that supports economic development.
In accordance with the Green Recovery-focused National Development Plan (2023 – 2027) and the Long-Term Development Vision 2050, he said, it is planned and expected that the capital market would be a vital pillar in providing the required funding through its diverse product offerings and financing mechanisms.
“A UNDP Policy Brief, issued in June 2021, underscored the urgent need for the country to adopt financing mechanisms that would underpin and ensure the delivery of our national development plan, support pandemic recovery efforts, and reinforce the realisation of the country’s long-term climate vision,” VP revealed.