Investment Vision 2011 Series: The Republic of The Gambia
Gambia continues to receive commendations for its prudent policies regarding diverse sectors of engagement, especially in the economic sector
-International Monetary Fund, 2011
The Republic of The Gambia (hereafter referred to as Gambia) is one of Africa's smallest countries, surrounded by Senegal, except for a short strength of the Atlantic coastline. The Gambian coast offers miles of superb golden beaches with high temperatures year round and long hours of sunshine.
With over 250 million consumers in the Economic Community of West African States, Gambia is well-placed as an emerging gateway to markets in both West Africa and Europe.
The River Gambia, from which the country derives its name, is navigable and forms the country's main commercial channel. Trade, transport and tourism contribute to a large share of the country's value, with economic growth in the past three years averaging 6.3%. These factors have contributed to ranking Gambia as one of the high-growth economies in Western Africa (African Economic Outlook, 2011).
The International Monetary Fund (IMF) indicates that the Gambian economy performed well in 2010. The domestic economy grew by 5.5%, boosted by strong growth in agriculture (Central Bank of Gambia). Real GDP growth is forecast to rise to 6% in 2011 and 6.1% in 2012 as agriculture benefits from a sharp increase in public spending (Gambia Country Report, 2011). Statistics show that agriculture accounts for roughly 30% of GDP and employs about 80% of the labour force (Nigerian Tribune, 2011).
In this report
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