The Gambia is a small country bordering the Atlantic Ocean and Senegal, with an area slightly less than twice the size of Delaware and is the smallest country on the continent of Africa. It has a population of 1.2 million. The terrain is mainly the flood plain of the Gambia River flanked by low hills. English is the official language. The Gambia has generally had a peaceful political climate during 30 years of independence. Violence of any kind is rare, and there is a strong cultural preference for dialogue and negotiation to resolve disputes.
Other than its main natural resource, fish, The Gambia has no important mineral or other natural resources and has a limited agricultural base. About 75 percent of the population depend on crops and livestock for their livelihood. Small-scale manufacturing activity features the processing of peanuts, sesame seed and oil, fish and hides.
The re-exportation of merchandise through the capital city Banjul's efficient port normally constitutes a major segment of economic activity. The Gambia's market is essentially free, meaning no import licensing, no foreign exchange limitations, no SGS inspection, rapid clearing of imports from the port, and little port corruption. The Gambia has also benefited from a rebound in tourism. The government's commitment to a liberal and open economic environment, free market and foreign investment is an integral part of its recognition of the potential of the private sector. There is no distinction in treatment between foreign and national investors and no restrictions on investment in any sector.
The government has just completed an extensive privatization campaign. The Gambia currency (Dalasi) floats freely and is readily convertible against all major currencies inside the country. There are no restrictions on repatriation of profits. The constitution provides for the protection of private ownership of property and guarantees compensation in case of acquisition by the state.
The government is looking to increase incentives to companies making investments in government manufacturing, agriculture, livestock, fishing, forestry, mining and quarrying, and tourism. They also support services such as air cargo, banking and finance, and tourist related transport. These sectors are seen as having high development potential.
The World Bank is working with the government to implement the "Gateway Project," this would transform The Gambia into a major gateway to the West African coast. By improving its ports and airports, it would be designated as a free zone to facilitate export-related manufacturing and other activities. Significant concessions are expected to be given to companies siting in the free zones, including a ten year tax holiday, exemption from customs duties and other fees for intermediate goods, supplies for manufacturing and capital equipment.
For more information, do not hesitate to contact us
U.S. Embassy Banjul, The Gambia