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Santanfara
3460 Posts |
 Posted - 01 Dec 2007 : 10:35:56
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Gambia’s Success Story in Private Sector Financial Service Industry
By Suntou Touray
Banjul, Gambia
Amidst persistent economic hardship due to military rule in Gambia for 13 years now, there is some light at end of the tunnel. Suntou Touray says the private sector financial service industry is promising. Mr. Touray during a recent visit met some of his friends and past work colleagues who now serve in key positions at various financial service establishments. They told him their story and now he tells us what they told him.
Private sector financial service industry of Gambia is gaining pace despite the hostile economic environment the small West African nation is exposed to. Highly skilled specialists in management and financial disciplines have settled on stable jobs offered by private sector financial services establishments with lucrative benefits. Without doubt, there is extensive impact on the formal sector arena of employment that has seen the highest rate decline in recent times due to severe political interference. Competition in the financial service industry means that head hunt for talent goes with the commitment to provide value for output. By many attractions of the generous offers in a buoyant financial industry it is common to see young and promising personnel from government switching to the informal sector for better gains.
After all the shocking news emanating from bad governance there is occasion for relief to know that private sector financial service is gaining steady progress. That does not mean the economic prosperity promised by president Jammeh in all his pronouncements. Though president Jammeh may prefer to claim the success of Gambia’s private sector financial industry as mark of his government’s achievements, this is highly disputable. The simple reason is that public sector performance is progressing on backward motion leaving behind a trail of destitution and hardship.
Amid unreliable and hostile economic environment, financial service establishments in Gambia’s informal sector perform quite satisfactory. The measure of success for the sector is by way of lucrative remuneration packages dished out to a well motivated staff in various establishments.
It is the Gambia we are talking about, a country where one man who claim to be the owner of the tiny land not just head of state. He tries to take credit for the hard work others.
Private sector financial service industry of The Gambia is very promising. There is a feel of buoyancy and low volatility in the banking and the property market. Returns of even low risk investments are high, whatever the reason behind this is hard to pinpoint. It may have to do with heavy foreign investment.
Currently many graduates in finance and accountancy and a compliment of banking qualifications attract bumper pay packages. A personal friend of mine who left the government in protest of low pay is now earning per month over D25,000 ,this doesn't include the D120,000 housing allowance for the year and a new car for home and work.
Outside Gambia this is peanuts but lot of money for a Gambian working and living within the Gambia. There are visible indicators of high spirit for people working the investment businesses.
Inflation rate is low at present and forecasts are much promising with the World Bank doing its bit to control the finance sector. A lot of British investors are choosing the Gambia even though they are aware of its political drawbacks.
Key reason foreign investors pumping cash into our informal sector financial service industry is some thing to do with our good natured and less aggressive behaviour. The Gambia produces very competent graduates in finance and accountancy and pay rates are reasonable as compared to England, Nigeria or Ghana. A Gambian would be happy taken home 10% less than his/her counter part in Nigeria or Ghana and the investor feel much saver accepting the risk of our country.
Rate of competition is also very low from native Gambians. The banks are doing well. Even the Islamic Bank rewards savings handsomely. For Gambian brothers and sisters with some spare cash there is reason to consider investment in the homeland either in property or savings. You will not regret it.
The volatile part of our growth is the politics. This is the only major player posing as external threat to the buoyancy and growth in foreign investments. Such a threat can be converted into renewed economic strength whenever the current hostile political environment is changed. That change is to serve the best of interests for citizens and investors alike and for restoration of peace and harmony in Gambia.
Gambians should take a keen interest in the property industry. To neglect that cardinal part of our country's business has the prospects of leading to some regrets sooner or later. Chunks of land now fall in the hands of profiteering foreign investors and property developers as they take firm grips of a growing financial industry. A good number of developers particularly British are purchasing vast square miles of land for resale at higher prices or developing it for increased value. Native Gambians have even better opportunities if only they care to take advantage of what this booming industry offers. Unless Gambians engage the financial machinery, the potential loss can be enormous. No government can stop the trend of free market taken over politics. Even when the current unsuitable military regime phases out, The Gambia our home land is still ours. For the moment, the success story of young talents in the financial disciplines serves as case of growing berries on rocky land. It goes to confirm that for talents even the most hostile political environment can be exploited for true gains. To our good brothers and sister who dare to take up this challenge in driving the Gambian economy during this stormy political weather you deserve your place.
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Surah- Ar-Rum 30-22
"And among His signs is the creation of heavens and the earth, and the difference of your languages and colours. verily, in that are indeed signs for men of sound knowledge." Qu'ran
www.suntoumana.blogspot.com |
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kayjatta
2978 Posts |
Posted - 01 Dec 2007 : 11:22:19
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Suntu Touray, welcome back from the Gambia, and thanks for the overview of the financial situation of the Gambia. Despite your eloquent recapture of the prospect of the private sector in the Gambia, I have a few concerns I would like to raise.
You have not given statistical informations of your claims, such as :
1.The inflation rate which you said is low.
2.The contribution of the private financial sector to the overall employment rate.
3.What has happened to employment in general dispite growing financial sector development?
4.The profitability of the financial sector, notwithstanding the high compensation given to its professional employees?
I am with the suspicion that the financial health of an industry is not often indicative of the extravagant salaries of its top and mid level employees.This could only be a symptom of elitism.
I also seem to have the notion that the Gambian economy's over dependence on the mushrooming of the financial services without a developed productive base could be a harbinger of troubles to come. what do you think?
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Edited by - kayjatta on 01 Dec 2007 12:46:10 |
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Dalton1
3485 Posts |
Posted - 01 Dec 2007 : 14:38:12
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uncle Suntou,
Good write up! I only hope that is part one of infinity.
i will analyse your piece once i have time and we will debate more on it. Meanwhile thanks for sharing your personal experience.
urs in kin
Dalton |
"There is no god but Allah (SWT); and Muhammad (SAW)is His last messenger." shahadah. Fear & Worship Allah (SWT) Alone! (:
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Santanfara
3460 Posts |
Posted - 01 Dec 2007 : 14:56:56
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kay,good questions .you raised very valid questions there.what i narated is what can be assess with ease .i am not at liberty to have the government figures .the prospects of growth in the financial service sector is clear for all to see ,whether it is a boobuling mushroon ,i can't tell.but even the world bank is accepting the government figures of 7% growth in gross demomestic growth.that is high by our standards.also banks use our shores for save heaven and as a base for servicing foriegn transactions ,that will add value in our employment sector as well.the extend of renumerations varies according to qualifilications and experiences,even the usage of the service of security men is some thing that has increase for insurance purposes.employment has been enhanced.
statistics is hardly available brother kay ,for now i will accept what those in the industry are saying and what i can evidently see .the number of banks ,i mean new banks is now up to 8 .banks don't just pup-up ,they smell some thing .
my advice is for citizens to look deeply into property market so that we can avoid the southern african situation.banks buy lands and they buy many of it.we need lands for our progenes ,there may be a potential comflict of interest.
yero thanks ,analyse the little piece.
the article was published by http://www.allgambian.net/NewsDetails.aspx?id=178
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Surah- Ar-Rum 30-22
"And among His signs is the creation of heavens and the earth, and the difference of your languages and colours. verily, in that are indeed signs for men of sound knowledge." Qu'ran
www.suntoumana.blogspot.com |
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kayjatta
2978 Posts |
Posted - 02 Dec 2007 : 06:45:35
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| Thanks for your response... |
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