The Vice President of the Gambia, Muhammed B.S, the Minister of Finance, Seedy Keita, the Governor of the Central Bank, and other dignitaries
By Fatou Sillah
The Central Bank of the Gambia launched the country’s first capital market on Friday at the Sir Dawda Kairaba Jawara International Conference Center in Bijilo.
The bank is leading the effort to establish a capital market in The Gambia, following the passage of the Capital Market and Securities Act (2021) and the Central Bank’s appointment to establish and oversee the Securities and Exchange Commission (SEC) and the Gambian Stock Exchange. The SEC will regulate the stock exchange.
Vice President Muhammed B.S. Jallow announced at the launch ceremony that the Capital Market and Securities Act will be the primary regulatory framework for the capital market, ensuring fairness, dynamism, transparency, and efficiency.
“The Capital Market and Security Act will serve as the principal regulatory document for the capital and security markets to ensure a dynamic, fair, transparent, and efficient system that supports economic development. In accordance with the green recovery focus of the national development plan for 2023–2027 and the long term development vision to 2050. It’s planned and expected that the capital market will be a vital pillar in providing required funding through its diverse product of forex and financing mechanisms,” he said.
Seedy Keita, the Minister of Finance and Economic Affairs, has said that the Gambia’s financial system has been unable to meet the country’s financial and economic needs for sustained economic growth, poverty reduction, and human and physical infrastructure development since independence.
“The Gambia’s financial architecture has been limited since the independence of the Country and has been unable to meet the financial and economic needs of the country for sustained economic growth, poverty reduction, and human and physical infrastructural development. We are gathered here today to launch one of these initiatives, which is the first capital market of the Gambia, and that would over time provide ordinary Gambians and private sector opportunities for investments in securities such as stocks and bonds and to raise affordable capital to fund their investments and grow their businesses,” he said.
Buah Saidy, the Governor of the Central Bank of the Gambia, emphasizes the significance of the capital market, highlighting the multifaceted benefits it offers. He states, “The essence of having a capital market in the Gambia encompasses the following, Capital markets not only facilitate the mobilization of long-term savings and investment but also assist in price discovery in the case of credit instruments and enhance disclosure through perfect information flows between economic agents.”
Saidy further underscores that capital markets contribute to the efficient allocation of resources by directing long-term investments toward sectors where they are most essential. The development of the capital market fosters economic growth and serves as a substantial source of funding for the corporate sector, playing a pivotal role in overall economic advancement.