Business

Statistics

• GDP: US$2.4 billion (2009).
• Main exports: Peanut products, fish, cotton, palm products and re-exports.
• Main imports: Food, fuel, machinery and transport equipment.
• Main trade partners: India, China, UK and Senegal.

Economy

The economy of The Gambia is basically agricultural, with groundnuts (nuts, oil and cattle cake) accounting for 50% of total exports. Tourism is a significant generator of foreign exchange. Forestry and fishing are also important and banking is a new growth area. Rice is one of the main staples; some is homegrown but most is imported. There are no viable mineral deposits. The small but fast-growing industrial sector is dominated by agro-industrial activities.

Government economic strategy aims both to stimulate agricultural productivity and position The Gambia as a regional hub for trade, finance and telecommunications.

Over the last decade, substantial infrastructural progress has been made although wide-reaching investment in roads, public transport and power generation has been sporadic.

Overall, the economy has performed fairly well, achieving annual growth since 2000, with 3.5% growth in 2009. However, despite having benefitted from recent IMF, World Bank and African Development Bank debt relief initatives, The Gambia has external debts of US$165 million (2008) and remains heavily dependent on international aid.

Business Etiquette

Businessmen wear jackets and ties for business meetings. A personal approach is important in Gambian business circles. It is advisable to take business cards; their use is appreciated though not universal.

Office hours: Mon-Thurs 0800-1600, Fri 0800-1230.

Business Contacts

The Gambia Chamber of Commerce and Industry
55 Kairaba Avenue, PO Box 3382, Serrekunda, The Gambia
Tel: 437 8929.
Website: www.gambiachamber.com

The Gambia Investment Promotion and Free Zones Agency (GIPFZA)
GIPFZA House, 48A Kairaba Avenue, PO Box 757, Serrekunda, The Gambia
Tel: 437 7377.
Website: www.gipfza.gm