The country’s economy has shown resilience amidst global economic challenges, with a 4.3% real Gross Domestic Product (GDP) growth in 2022, showing a strong rebound from COVID-19 impacts. Improved agricultural production and infrastructure investment were primary factors that contributed to growth. With 5.5% projected GDP growth between 2023 and 2025, the outlook is favorable for the country and investors are granted security in their investments.
Untapped Energy Resources
Located not far from the Sangomar oil field – set to enter production in mid-2024 – The Gambia presents significant potential for offshore oil and gas exploration. Recent geological findings in the MSGBC basin have revealed several promising discoveries. Eager to capitalize on regional hydrocarbon success, The Gambia has multiple offshore blocks available for exploration.
Business Friendly Reforms
To encourage investors, the Gambian government is quickly streamlining business procedures. The SWBR Act 2013, for example, allows for online registration for firms, taxes, and social security. Changes in taxation replaced sales tax with VAT and reduced corporation and turnover tax rates.
Meanwhile, electricity access has also been increased, with a modernization program aiming for 24/7 availability and $600 million in spending. Infrastructure and ICT upgrades improved port facilities and border commerce operations. These steps seek to establish an investor-friendly climate, making The Gambia a desirable location for lucrative business opportunities.
Regional Expansion Opportunities
Enclaved within Senegal and located in close proximity to Guinea-Conakry and Guinea-Bissau, The Gambia maintains positive diplomatic relations with its neighbors and serves as an excellent launchpad for businesses aiming to commence operations in the region. The official language of the country is English, which also facilitates exchanges with English-speaking countries in the West African region such as Nigeria and Ghana. As such, opportunities for investors to expand their footprint regionally further consolidate the country’s investment attractiveness.
Strategic Port Location
With weekly access for ships from the Atlantic to the Americas, The Gambia Ports Authority manages the Port of Banjul, which is ideally located in the River Gambia estuary, 26 nautical miles from the busy Atlantic shipping routes. The port is known as one of West Africa’s safest and most effective seaports, with secure anchoring and navigability up to 300 km inland. The port, located inside the Atlantic Trade Triangle, acts as a vital center for the ECOWAS market of over 300 million people, and can carry 1.5 million TEUs per year and has a 750-meter quay, large storage spaces, and an 8.5-meter draft.
International investors looking at the promising opportunities in The Gambia are invited to attend MSGBC Oil, Gas & Power 2023, which will be held on November 21-22 in Nouakchott, Mauritania. Fafa J Sanyang, The Gambia’s Minister of Energy, Hydropower and Hydrocarbons, will present the country’s potential prospects to worldwide players.
