Banjul International Airport - the one and only international airport in The Gambia – is to be upgraded and positioned as a regional hub that will link the West African sub-region with the rest of the world, the Director General of Gambia Civil Aviation Authority (GCAA), Mr. Fansu Bojang revealed on Wednesday while submitting the activity report of the Authority at the National Assembly.
“The GCAA is vigorously working towards achieving this objective,” he told the Lawmakers. “The Authority has put in place various incentives to encourage the creation of a home-based airline, a key requirement for the realization of a hub-and-spoke system. Running parallel with this, the Authority is also actively and progressively pursuing other existing major carriers with the view of luring them into Banjul.”
He said The Gambia has signed an Open Skies Agreement with the United States of America, and Banjul International Airport (BIA) has approved to serve as a Last Point of Departure for flights into the United States of America.
“In addition, it is hoped that major in-roads would be made in convincing major carriers, such as Delta Airlines and Ethopians Airlines, into serving Banjul as a destination in the very near future,” he said.
Mr. Bojang further said works that were executed in 2009, particularly within the context of BIA, continued to address the infrastructure requirements necessary for the realization of this goal.
“Now that the industry is breathing a bit of fresh air, following what was arguably, a financially suffocating period; the GCAA will continue to pursue discussions with government leading to the restoration of airport tariff to their pre-June 2007 levels as well as the introduction of, at least, the Airport Development Fee (ADF) in the fee structure of BIA,” he said.
He added that investments being made by the government in terms of expanding and renewing airport infrastructure and facilities make the generation of revenue through the introduction of a development levy compelling case.
He continued: “This will literally subsidize the cost of operating the Airport in order to maintain the desired level of international standards. This resulted in huge financial burden on the Authority while at the same time not achieving its anticipated result of attracting more carriers into BIA. Hence lifting of the hold would see the Authority gradually ease back onto a sound financial footing while maintaining international standards and continuing to reinvest into major developmental areas for the continued modernization of BIA.”
He explained that Phase 1 of the Banjul International Airport Improvement Project is nearing completion. To this end, he said the GCAA through the Gambia Government secured additional funding from international funding agencies; in particular the Kuwait Fund, Saudi Fund and OPEC Fund for International Development for the implementation of Phase II of the Project.
“This Phase shall include works for the expansion of the current apron, construction of an ultra-modern fire and rescue service station, replacement of the Instrument Landing System (ILS) as well as refurbishment and possible expansion of the existing Passenger Terminal Building. This Phase will automatically kick-in following the completion of Phase I, and it will also cater for the infrastructural needs of the Authority for the foreseeable future and thus putting BIA on a competitive footing in attracting major carriers into the country” he noted.
Monday, February 21, 2011
Gambia’s Human Development Index Ranking Drops
The UNDP’s 2010 Global Human Development Report 2010 has placed The Gambia 151 out of 169 countries ranked in its Human Development Index.
The latest ranking means the country has dropped by one per cent from its 2009 ranking.
The Human Development Index (HDI) measures a country’s average achievements in three basic aspects of human development. These are health, education and income.
The HDI ranking is part of the UNDP’s Global Human Development Report 2010 on the theme ‘The Real Wealth of Nations: Pathways to Human Development’. It was launched by the Vice President, Dr Aja Isatou Njie-Saidy on Wednesday at the Kairaba Beach Hotel. The 2010 HDR is the 20th anniversary of the edition. The report was launched at global level by the UNDP Administrator Helen Clark on 4th November 2010.
The Gambia is ranked below many countries in the region including Ghana (130), Benin (134), Nigeria (142), Senegal (144), and above some countries such as Sierra Leone (158), Mali (160) and Liberia (162).
The HDI was introduced as an alternative to conventional measures of national development, such as level of income and the rate of economic growth. The HDI was created to emphasize that people and their capabilities should be the ultimate criteria for assessing the development of a country, not economic growth alone.
In her launching statement, the Vice President of The Gambia, Dr Isatou Njie-Saidy, said: “An analysis using the gender inequality index, as stated in the 2010 report, noted that investments in girls and women to have equal educational and employment opportunities, access to health services, participation in decision-making at all levels, is a catalyst to a nation’s human development given its multiplier effects.”
Against this backdrop, she said, The Gambia is poised to achieving universal primary education by 2015 “as parity was attained at this level as early as 2003”. “The Net Enrolment Ratio rose from a low of 45 per cent between 1991/1992 to about 75 per cent in 2008/2009,” she added.
On health, the Vice President said that some significant progress have been made focusing on the three health-related Millennium Development Goals (MDGs) 4, 5, and 6 and relevant targets such as child and maternal mortality, and morbidity; HIV/AIDs; and Malaria reduction.
She continued: “Overall, there has been considerable achievement in child survival as infant mortality rate according to national census dropped from 217 per 1000 in 1973 to 75 per 1000 live births in 2003. Maternal mortality also declined from 1050 per 100,000 in 1990 to 730 per 100,000 in 2001 and 556 per 100,000 live births in 2006.
On the other hand, the prevalence of HIV infection dropped from 2.8 per cent in 2006 to 1.4 per cent in 2007, whereas, HIV 2 dropped from 0.9 in 2006 to 0.5 per cent in 2007 receptively.
On malaria, recent data from the six sentinel sites showed that the incidence of malaria has been declining in the country. “The number of under-five year old children sleeping under insecticide treaded bed nets has increased from 15 per cent in 2000 to 49 per cent in year 2006,” she said.
The HDR 2010 adopted the holistic approach by using a variety of information related to different aspects of human life, concentrating on what remains to be done, and focusing on key priorities such as climate change, mortality and morbidity, poverty and deprivation, as well as inequality and insecurity, with room to accommodate new concerns and considerations including forecasts of the natural levels of the Human Development Index.
Janis James, who spoke on behalf of the UNDP resident coordinator, Ms Chinwe Dike, and the Vice Chancellor of the University of The Gambia, also spoke at length about the report and its significance.
The latest ranking means the country has dropped by one per cent from its 2009 ranking.
The Human Development Index (HDI) measures a country’s average achievements in three basic aspects of human development. These are health, education and income.
The HDI ranking is part of the UNDP’s Global Human Development Report 2010 on the theme ‘The Real Wealth of Nations: Pathways to Human Development’. It was launched by the Vice President, Dr Aja Isatou Njie-Saidy on Wednesday at the Kairaba Beach Hotel. The 2010 HDR is the 20th anniversary of the edition. The report was launched at global level by the UNDP Administrator Helen Clark on 4th November 2010.
The Gambia is ranked below many countries in the region including Ghana (130), Benin (134), Nigeria (142), Senegal (144), and above some countries such as Sierra Leone (158), Mali (160) and Liberia (162).
The HDI was introduced as an alternative to conventional measures of national development, such as level of income and the rate of economic growth. The HDI was created to emphasize that people and their capabilities should be the ultimate criteria for assessing the development of a country, not economic growth alone.
In her launching statement, the Vice President of The Gambia, Dr Isatou Njie-Saidy, said: “An analysis using the gender inequality index, as stated in the 2010 report, noted that investments in girls and women to have equal educational and employment opportunities, access to health services, participation in decision-making at all levels, is a catalyst to a nation’s human development given its multiplier effects.”
Against this backdrop, she said, The Gambia is poised to achieving universal primary education by 2015 “as parity was attained at this level as early as 2003”. “The Net Enrolment Ratio rose from a low of 45 per cent between 1991/1992 to about 75 per cent in 2008/2009,” she added.
On health, the Vice President said that some significant progress have been made focusing on the three health-related Millennium Development Goals (MDGs) 4, 5, and 6 and relevant targets such as child and maternal mortality, and morbidity; HIV/AIDs; and Malaria reduction.
She continued: “Overall, there has been considerable achievement in child survival as infant mortality rate according to national census dropped from 217 per 1000 in 1973 to 75 per 1000 live births in 2003. Maternal mortality also declined from 1050 per 100,000 in 1990 to 730 per 100,000 in 2001 and 556 per 100,000 live births in 2006.
On the other hand, the prevalence of HIV infection dropped from 2.8 per cent in 2006 to 1.4 per cent in 2007, whereas, HIV 2 dropped from 0.9 in 2006 to 0.5 per cent in 2007 receptively.
On malaria, recent data from the six sentinel sites showed that the incidence of malaria has been declining in the country. “The number of under-five year old children sleeping under insecticide treaded bed nets has increased from 15 per cent in 2000 to 49 per cent in year 2006,” she said.
The HDR 2010 adopted the holistic approach by using a variety of information related to different aspects of human life, concentrating on what remains to be done, and focusing on key priorities such as climate change, mortality and morbidity, poverty and deprivation, as well as inequality and insecurity, with room to accommodate new concerns and considerations including forecasts of the natural levels of the Human Development Index.
Janis James, who spoke on behalf of the UNDP resident coordinator, Ms Chinwe Dike, and the Vice Chancellor of the University of The Gambia, also spoke at length about the report and its significance.
Friday, February 4, 2011
GAWFA: Building safety net for the poor
The Gambia Women’s Finance Association is on the onward match of building a safety net for the poor and promoting the economic empowerment of Gambian women. Lamin Jahateh reports the call on the general public of its new finance company to buy its shares up for sale, in a drive to building the company’s equity and capital for sound business operations.
The latest financial institution to be launched in The Gambia is calling on the general public to join its cause of building safety net for the poor and promoting the economic empowerment of Gambian women by buying its shares to provide an opportunity to change a woman’s life
Established in 1987 as a not-for-profit NGO, the Gambia Women’s Finance Association (GAWFA) recently launched its own financial institution called GAWFA Finance Company, to provide trade finance for Gambian women who would like to expand their businesses or establish new ventures.
“The c
Pic: GAWFA CEO, Oley Njie Mbye
Company has 6,100,000 ordinary shares for sale, at ten dalasis (D10) per share,” says GAWFA’s chief executive officer Oley Njie Mbye. “I urge you to please reach out and get GAWFA shares today and not tomorrow. Please help build safety nets for the poor and promote the economic empowerment of Gambian women.”
Mrs Mbye calls on the general public to review the company’s prospectus, complete an application, make a sound decision and invest in GAWFA’s shares.
She said: “With GAWFA shares you are providing an opportunity to change a woman’s life one day at a time, providing safety nets for the poor, empowering women at the socio-economic level and creating the opportunity to make positive changes to a new generation.
“In addition you are contributing to make GAWFA sustainable both financially and institutionally to reach the mission and vision of the organization,”
Hannah Davis, chairperson of GAWFA board, said by purchasing the shares of GAWFA Finance Company one is providing an opportunity to contribute to the economic empowerment of Gambian women. “I urge you to buy GAWFA Finance Company limited shares,” Mrs Davis says.
Beatrice Allen, a board member of GAWFA, added: “The shares of the company are up for sale to the general public but specifically for women, because really we want to be able to do for women what nobody else has done for them so we want to encourage the women first to buy. Nonetheless, we have got some allocations for other members of the public, both companies and individuals, who want to buy shares.”
“We encourage strategic investors both national and international level to invest and buy GAWFA’s shares,” a statement from the company says, adding: “GAWFA is the first and the largest microfinance institution in The Gambia established since 1987 and an affiliate of Women’s World Banking network headquartered in New York. GAWFA’s activities are intended to promote social and economic changes in The Gambia.”
Brief background about GAWFA
GAWFA’s vision is to build a sustainable financial institution that meets the aspirations of women in the vanguard of an evolving financial system, and to regain market leadership by 2020 with a share of at least 50% of the market represented by low Gambia women.
The association has it mission to offer an innovative financial solution that contributes to lasting economic and social benefits for low income Gambian women and their families; and create value for our shareholders and stakeholders.
GAWFA was incorporated in September 1987 with the main objective of catering for the financial needs of the poor and low-income women of The Gambia. The association was the first micro-finance institution to be licensed by the Central Bank of The Gambia.
Over the years, the association has grown from under 100 members to over 48,948 clients, over 90% of whom live in the rural areas.
GAWFA provides financial service to low-income women engaged in income generating activities, such as farmers, traders, and handicraft. It continues to provide services that are innovative, flexible and meet the needs of each category of its clients as they grow in a profitable and sustainable manner.
Between 1994 and 2007, GAWFA disbursed over D127 million as loans. The association was also able to build a culture of savings among women with more than 48,000 clients accumulating a net savings of D12 million.
GAWFA offers three loan products - individual loans, solidarity group loans, and large group loans. Group loans represent 65% of GAWFA portfolio and are concentrated outside Banjul. Individual loans represent 35% of GAWFA disbursement in 2006, and Greater Banjul accounts for 83% of the individual loans disbursed in 2006.
GAWFA achieved a high growth in both credit and savings operations over the past five years, but the credit operations have increased more rapidly than the savings.
The latest financial institution to be launched in The Gambia is calling on the general public to join its cause of building safety net for the poor and promoting the economic empowerment of Gambian women by buying its shares to provide an opportunity to change a woman’s life
Established in 1987 as a not-for-profit NGO, the Gambia Women’s Finance Association (GAWFA) recently launched its own financial institution called GAWFA Finance Company, to provide trade finance for Gambian women who would like to expand their businesses or establish new ventures.
“The c
Company has 6,100,000 ordinary shares for sale, at ten dalasis (D10) per share,” says GAWFA’s chief executive officer Oley Njie Mbye. “I urge you to please reach out and get GAWFA shares today and not tomorrow. Please help build safety nets for the poor and promote the economic empowerment of Gambian women.”
Mrs Mbye calls on the general public to review the company’s prospectus, complete an application, make a sound decision and invest in GAWFA’s shares.
She said: “With GAWFA shares you are providing an opportunity to change a woman’s life one day at a time, providing safety nets for the poor, empowering women at the socio-economic level and creating the opportunity to make positive changes to a new generation.
“In addition you are contributing to make GAWFA sustainable both financially and institutionally to reach the mission and vision of the organization,”
Hannah Davis, chairperson of GAWFA board, said by purchasing the shares of GAWFA Finance Company one is providing an opportunity to contribute to the economic empowerment of Gambian women. “I urge you to buy GAWFA Finance Company limited shares,” Mrs Davis says.
Beatrice Allen, a board member of GAWFA, added: “The shares of the company are up for sale to the general public but specifically for women, because really we want to be able to do for women what nobody else has done for them so we want to encourage the women first to buy. Nonetheless, we have got some allocations for other members of the public, both companies and individuals, who want to buy shares.”
“We encourage strategic investors both national and international level to invest and buy GAWFA’s shares,” a statement from the company says, adding: “GAWFA is the first and the largest microfinance institution in The Gambia established since 1987 and an affiliate of Women’s World Banking network headquartered in New York. GAWFA’s activities are intended to promote social and economic changes in The Gambia.”
Brief background about GAWFA
GAWFA’s vision is to build a sustainable financial institution that meets the aspirations of women in the vanguard of an evolving financial system, and to regain market leadership by 2020 with a share of at least 50% of the market represented by low Gambia women.
The association has it mission to offer an innovative financial solution that contributes to lasting economic and social benefits for low income Gambian women and their families; and create value for our shareholders and stakeholders.
GAWFA was incorporated in September 1987 with the main objective of catering for the financial needs of the poor and low-income women of The Gambia. The association was the first micro-finance institution to be licensed by the Central Bank of The Gambia.
Over the years, the association has grown from under 100 members to over 48,948 clients, over 90% of whom live in the rural areas.
GAWFA provides financial service to low-income women engaged in income generating activities, such as farmers, traders, and handicraft. It continues to provide services that are innovative, flexible and meet the needs of each category of its clients as they grow in a profitable and sustainable manner.
Between 1994 and 2007, GAWFA disbursed over D127 million as loans. The association was also able to build a culture of savings among women with more than 48,000 clients accumulating a net savings of D12 million.
GAWFA offers three loan products - individual loans, solidarity group loans, and large group loans. Group loans represent 65% of GAWFA portfolio and are concentrated outside Banjul. Individual loans represent 35% of GAWFA disbursement in 2006, and Greater Banjul accounts for 83% of the individual loans disbursed in 2006.
GAWFA achieved a high growth in both credit and savings operations over the past five years, but the credit operations have increased more rapidly than the savings.
Friday, January 28, 2011
SSHFC IN GOOD STEAD
MD urges managers to keep up the momentum
The Social Security and Housing Finance Corporation is in good stead in terms of performance, in terms of how government thinks about the institution and in terms of corporate governance, Mr Tumbul Danso, Managing Director of the institution, reveals.
Pic: MD Tumbul Danso
“In terms of performance, you will recall that during the 2010 budget speech the performance of the Corporation has been one of the best among the parastatals. Two years ago, we made a surplus of over D97 million at the end of the year,” the managing director told the media practitioners on Thursday during a day-long sensitization organized by his institution for journalists from both the print and electronic media and held at their head office in Banjul.
He said the ‘wonderful performance’ of the Corporation has been recognized by the government in the sense that about two years ago “we were paid a national bonus payment of three months because we have this bonus agreement that we have entered into with the government”. At the end of every year the Corporation is assessed and bonus is paid base on performance, which is a demonstration of the wonderful performance of the institution.
The 2010 budget statement has indicated that the consolidated gross income of the Corporation increased from D268.7 million in 2007 to D502.05million in 2008 while recurrent expenditure increased from D98.7 million to D255.33 million. Thus, the corporation recorded a consolidated Net Surplus of D97.1 million. Total Net Assets grew from D3.09 billion in 2007 to D3.5 billion in 2008.
MD Danso explained that a couple of years back the Corporation was also promoted by the government from being category three institution to category one institution.
He said in terms of corporate governance, they continue to manage the affairs of the Corporation to the best of their abilities.
“All these has gone to demonstrate that the Corporation is in good stead in terms of performance, in terms of how government things about us,” the Managing director noted. “So I will definitely urge the managers of different section of the Corporation to ensure that they keep up the strength to make the Corporation reaches higher heights.”
He said: “We want to make sure that we keep ourselves involved in all the best practices just like it is done in other advance countries. I believe if other countries can do it, we in Africa can also improve on our system.
The Corporation is considered as one of the best in Africa and this had been demonstrated in terms of how many sister institutions has sent staffs on attachment to our institution, to come and study our system so that they can also replicate that in their institution.”
MD Danso told the media practitioners that Corporation has two main components that is the housing component and also social security component. The corporation is mandated by the government through an Act of parliament to provide social security services to the general public through membership it is also mandated to implement housing projects on behalf of the government. “Since 1982 we have been doing exactly that,” he said.
He explained that each of these two components has sub-components. Under the social security component there is the national provident fund, federated pension scheme, and the industrial injuries compensation fund. The housing finance fund under the housing component is to implement housing projects on behalf of the government.
He described the relation between the Corporation and the press as “mutual”. “It’s one of a symbiotic relationship for the mutual benefit of both parties. The corporation needs the press to help in its education campaign because we are involves in a whole lot of educational campaign and we need the press in that regard. The press also needs us to give them information to enable them to disseminate that information to the general public.”
He told the journalists: “We welcome any journalists anytime you want to visit us, our doors are open to you anytime you need our services. We are available at any point you needs us to give information on any aspect of our activities.”
The training was meant to create awareness, enhances compliance, and informs the media practitioners on the regulations that govern various schemes of the Corporation.
Pic: MD Tumbul Danso
“In terms of performance, you will recall that during the 2010 budget speech the performance of the Corporation has been one of the best among the parastatals. Two years ago, we made a surplus of over D97 million at the end of the year,” the managing director told the media practitioners on Thursday during a day-long sensitization organized by his institution for journalists from both the print and electronic media and held at their head office in Banjul.
He said the ‘wonderful performance’ of the Corporation has been recognized by the government in the sense that about two years ago “we were paid a national bonus payment of three months because we have this bonus agreement that we have entered into with the government”. At the end of every year the Corporation is assessed and bonus is paid base on performance, which is a demonstration of the wonderful performance of the institution.
The 2010 budget statement has indicated that the consolidated gross income of the Corporation increased from D268.7 million in 2007 to D502.05million in 2008 while recurrent expenditure increased from D98.7 million to D255.33 million. Thus, the corporation recorded a consolidated Net Surplus of D97.1 million. Total Net Assets grew from D3.09 billion in 2007 to D3.5 billion in 2008.
MD Danso explained that a couple of years back the Corporation was also promoted by the government from being category three institution to category one institution.
He said in terms of corporate governance, they continue to manage the affairs of the Corporation to the best of their abilities.
“All these has gone to demonstrate that the Corporation is in good stead in terms of performance, in terms of how government things about us,” the Managing director noted. “So I will definitely urge the managers of different section of the Corporation to ensure that they keep up the strength to make the Corporation reaches higher heights.”
He said: “We want to make sure that we keep ourselves involved in all the best practices just like it is done in other advance countries. I believe if other countries can do it, we in Africa can also improve on our system.
The Corporation is considered as one of the best in Africa and this had been demonstrated in terms of how many sister institutions has sent staffs on attachment to our institution, to come and study our system so that they can also replicate that in their institution.”
MD Danso told the media practitioners that Corporation has two main components that is the housing component and also social security component. The corporation is mandated by the government through an Act of parliament to provide social security services to the general public through membership it is also mandated to implement housing projects on behalf of the government. “Since 1982 we have been doing exactly that,” he said.
He explained that each of these two components has sub-components. Under the social security component there is the national provident fund, federated pension scheme, and the industrial injuries compensation fund. The housing finance fund under the housing component is to implement housing projects on behalf of the government.
He described the relation between the Corporation and the press as “mutual”. “It’s one of a symbiotic relationship for the mutual benefit of both parties. The corporation needs the press to help in its education campaign because we are involves in a whole lot of educational campaign and we need the press in that regard. The press also needs us to give them information to enable them to disseminate that information to the general public.”
He told the journalists: “We welcome any journalists anytime you want to visit us, our doors are open to you anytime you need our services. We are available at any point you needs us to give information on any aspect of our activities.”
The training was meant to create awareness, enhances compliance, and informs the media practitioners on the regulations that govern various schemes of the Corporation.
GAWFA heralds new beginning for Gambian Women
The new finance company launched by the Gambia Women’s Finance Association (GAWFA) to provide trade finance for women could be the start of better days to come for the country’s hardworking women. Lamin Jahateh reports.
Gambia Women’s Finance Company has launched its own finance institution – GAWFA Finance Company – to meet the business and trade finance needs of Gambian women in line with women economic empowerment.
The launching of GAWFA Finance Company, with celebration of joy, pride and victory, is a clear testimony that GAWFA is on the verge of achieving its vision of building a sustainable financial institution that will meet the aspirations of women in the vanguard of an evolving financial system, and regain market leadership by 2020 with a share of at least 50% of the market represented by local Gambian women.
“This is a timely and a very important move by GAWFA towards the economic and social empowerment of women and the development of the country at large,” said Aja Ida Faye Hydara, Executive Director of Women’s Bureau, while launching the GAWFA Finance Company on behalf of the Vice-President and Minister of Women’s Affairs, H.E. Aja Isatou Njie-Saidy, on Wednesday at the GAWFA headquarters in Kanifing.
“Launching GAWFA Finance Company today is a welcome move as the company is here to contribute to the empowerment of Gambian women,” she said, adding that though GAWFA has contributed and continues to contribute to the development of a lot of women in the country, “there is still a long way to go”.
Pic: CEO of GAWFA, Olie Njie Mbye, delivering her statement
GAWFA’s Chief Executive Officer Oley Njie Mbye, in her remarks, said: “At GAWFA we promote self-sufficiency, empowerment and capacity building which are integral not only for economic empowerment but also to human services and development in general. Having the resources for strategies alone is not enough but effective outcomes and sustainability are also fundamental for the advancement of women.”
The launching of GAWFA Finance Company is seen by many as a step in the right direction as it will provide banking services to that segment of the society who are hitherto “left out by the commercial banks” thus unable to access loan. Majority of these unbanked population are women many of whom are poor.
Gambian women are faced with the challenge of what is considered the “poverty trap”. The poor women are striving to escape from poverty but are limited to do so by using the meagre resources they own. The challenges of obtaining loans from financial institutions can be attributed to many factors of the “poverty trap”, but without loans or advances to augment their businesses and realise returns that can transform their economic conditions they would continue to wallow in the vicious cycle of poverty.
The GAWFA CEO, who has been a bank executive with over 16 years of diverse leadership experience, said: “Women are the most impoverished and underprivileged in the world. But we save bigger long term goals and are more committed to make positive changes in our lives progressively. We have effective leadership skills in managing scarce resources and can start something small and grow it big for better economic conditions.
She added: “It is therefore a moral obligation as global citizens not to lean back and ask what our governments are doing or can do; we need to get up and stand firm on our feet, roll our sleeves up and do our own part. We have our own part to play and ask ourselves what we can do for our country and the world in general to contribute directly or indirectly in many ways to socio-economic development.”
Mrs Njie-Mbye highlighted the unprogressive notion that women are generally expected to take secondary, passive role in obtaining credit, but major role in the household. “We are usually considered less suitable than men for higher responsibility on loan acquisition. It is paramount we solidify our own institution through microfinance, and have the ability to influence, or make decisions that affect our lives and be independent.”
The launching of GAWFA also witnessed the presentation of an award by staff of GAWFA to their CEO Njie Mbye, for being a wonderful and a competent leader who always lead by example.
According to Hannah Davies, chairperson of GAWFA board, GAWFA is the leading and first microfinance institution established since 1987 in The Gambia with over 48,948 members and over 13,682 active borrowers. “We also have several branch offices spread in the rural areas in The Gambia,” she said.
Aja Adulette Sey, a senior member of GAWFA, said GAWFA is here to uplift the status of women to eradicate poverty, as women are at the bottom of the poverty pyramid.
GAWFA delivers a bouquet of corporate services to its clients including capacity building through its partners and interrelated organizations.
Gambia Women’s Finance Company has launched its own finance institution – GAWFA Finance Company – to meet the business and trade finance needs of Gambian women in line with women economic empowerment.
The launching of GAWFA Finance Company, with celebration of joy, pride and victory, is a clear testimony that GAWFA is on the verge of achieving its vision of building a sustainable financial institution that will meet the aspirations of women in the vanguard of an evolving financial system, and regain market leadership by 2020 with a share of at least 50% of the market represented by local Gambian women.
“This is a timely and a very important move by GAWFA towards the economic and social empowerment of women and the development of the country at large,” said Aja Ida Faye Hydara, Executive Director of Women’s Bureau, while launching the GAWFA Finance Company on behalf of the Vice-President and Minister of Women’s Affairs, H.E. Aja Isatou Njie-Saidy, on Wednesday at the GAWFA headquarters in Kanifing.
“Launching GAWFA Finance Company today is a welcome move as the company is here to contribute to the empowerment of Gambian women,” she said, adding that though GAWFA has contributed and continues to contribute to the development of a lot of women in the country, “there is still a long way to go”.
Pic: CEO of GAWFA, Olie Njie Mbye, delivering her statement
GAWFA’s Chief Executive Officer Oley Njie Mbye, in her remarks, said: “At GAWFA we promote self-sufficiency, empowerment and capacity building which are integral not only for economic empowerment but also to human services and development in general. Having the resources for strategies alone is not enough but effective outcomes and sustainability are also fundamental for the advancement of women.”
The launching of GAWFA Finance Company is seen by many as a step in the right direction as it will provide banking services to that segment of the society who are hitherto “left out by the commercial banks” thus unable to access loan. Majority of these unbanked population are women many of whom are poor.
Gambian women are faced with the challenge of what is considered the “poverty trap”. The poor women are striving to escape from poverty but are limited to do so by using the meagre resources they own. The challenges of obtaining loans from financial institutions can be attributed to many factors of the “poverty trap”, but without loans or advances to augment their businesses and realise returns that can transform their economic conditions they would continue to wallow in the vicious cycle of poverty.
The GAWFA CEO, who has been a bank executive with over 16 years of diverse leadership experience, said: “Women are the most impoverished and underprivileged in the world. But we save bigger long term goals and are more committed to make positive changes in our lives progressively. We have effective leadership skills in managing scarce resources and can start something small and grow it big for better economic conditions.
She added: “It is therefore a moral obligation as global citizens not to lean back and ask what our governments are doing or can do; we need to get up and stand firm on our feet, roll our sleeves up and do our own part. We have our own part to play and ask ourselves what we can do for our country and the world in general to contribute directly or indirectly in many ways to socio-economic development.”
Mrs Njie-Mbye highlighted the unprogressive notion that women are generally expected to take secondary, passive role in obtaining credit, but major role in the household. “We are usually considered less suitable than men for higher responsibility on loan acquisition. It is paramount we solidify our own institution through microfinance, and have the ability to influence, or make decisions that affect our lives and be independent.”
The launching of GAWFA also witnessed the presentation of an award by staff of GAWFA to their CEO Njie Mbye, for being a wonderful and a competent leader who always lead by example.
According to Hannah Davies, chairperson of GAWFA board, GAWFA is the leading and first microfinance institution established since 1987 in The Gambia with over 48,948 members and over 13,682 active borrowers. “We also have several branch offices spread in the rural areas in The Gambia,” she said.
Aja Adulette Sey, a senior member of GAWFA, said GAWFA is here to uplift the status of women to eradicate poverty, as women are at the bottom of the poverty pyramid.
GAWFA delivers a bouquet of corporate services to its clients including capacity building through its partners and interrelated organizations.
Thursday, December 30, 2010
Finance Minister counters Sidia Jatta’s comment on agriculture
The Minister of Finance, Hon. Abdou Kolley has countered the claimed by Hon Sidia Jatta, National Assembly Member for Wuli West, who said there is no growth in the agricultural sector in 2010 because the 2011 budget statement has it that national output from crops, livestock, forestry and fishing activities is projected to grow by 4.6% in 2010 compared to a growth of 9.8% in 2009.
“To me there is no growth, there is downward trend because in 2009 agricultural growth was 9.8% and 2010 it was 4.6%, so if I understand this statistic, agriculture is going downwards, it is not going upwards,” Hon. Sidia Jatta said at the National Assembly in Banjul during the adjournment debate on the 2011 budget statement.
The Finance Minister, Hon Abdou Kolley, in response, said when you look at growth from one year to another, to say that because in the previous year you have 9.8% growth and this year you have 4.8%, so there is no growth, “I disagree with that analysis”.
“You can say yes, there is growth but at a lesser pace compared to the previous year why because if you look at agriculture from where we were coming from, we had several years of drought and low agricultural production as a result, then come 2008 and 2009 with good rain and bumper harvest, so we had a big jump in agricultural production and growth, once you have a jump in agricultural productivity and growth, the subsequent years will not be that significant because you are already at a solid base and moving forward, that those not mean there is no growth,” Hon said.
Gov’t calls for private sector participation in agriculture
The Gambia Government has called for greater participation of the private sector in agriculture saying that agriculture should not be seen as a part time business activity but a real time business venture that can generate wealth and income just like any other business.
Hon. Kolley said the private sector should invest in productive sectors of the economy like agriculture, which would eventually bring about a structural transformation of the economy given the contribution the agricultural sector makes in terms of creating employment, raising farmers’ incomes, improving food security, increasing foreign exchange earnings and tax revenue.
Hon. Kolley was responding to concerns raised by the National Assembly Members that despite many resources been devoted to the agricultural sector yet still the expected impact is not been felt.
The Finance Minister said government cannot do it all alone, the private sector should also come forward and invest in agriculture. He said provisioning of farm implements and fertilizer is among the many areas that the private sector can invest into, as the government is moving towards the commercialization of agriculture.
“We all know that the current form of agriculture, which is subsistent and rain feed agriculture will not and is not the solution to our agriculture, the Ministry of Agriculture is cognizant of this and this has been adequately highlighted in the GNAIP and the main thrust of that Program is the move towards the commercialization of agriculture and greater involvement of the private sector,” Hon. Kolley said.
He said the Gambia National Agricultural Investment Programme (GNAIP) if successfully implemented will go a long in modernizing the agricultural sector so that it will be able to contribute the desired level as expected by all. “It is also in this drive the government has decided to increase the funding to the sector to help the sector in meeting most of its requirements or objectives.”
The government has doubled the budget allocation to the agricultural sector from 3 percent in 2010 to 6 percent in 2011.
“To me there is no growth, there is downward trend because in 2009 agricultural growth was 9.8% and 2010 it was 4.6%, so if I understand this statistic, agriculture is going downwards, it is not going upwards,” Hon. Sidia Jatta said at the National Assembly in Banjul during the adjournment debate on the 2011 budget statement.
The Finance Minister, Hon Abdou Kolley, in response, said when you look at growth from one year to another, to say that because in the previous year you have 9.8% growth and this year you have 4.8%, so there is no growth, “I disagree with that analysis”.
“You can say yes, there is growth but at a lesser pace compared to the previous year why because if you look at agriculture from where we were coming from, we had several years of drought and low agricultural production as a result, then come 2008 and 2009 with good rain and bumper harvest, so we had a big jump in agricultural production and growth, once you have a jump in agricultural productivity and growth, the subsequent years will not be that significant because you are already at a solid base and moving forward, that those not mean there is no growth,” Hon said.
Gov’t calls for private sector participation in agriculture
The Gambia Government has called for greater participation of the private sector in agriculture saying that agriculture should not be seen as a part time business activity but a real time business venture that can generate wealth and income just like any other business.
Hon. Kolley said the private sector should invest in productive sectors of the economy like agriculture, which would eventually bring about a structural transformation of the economy given the contribution the agricultural sector makes in terms of creating employment, raising farmers’ incomes, improving food security, increasing foreign exchange earnings and tax revenue.
Hon. Kolley was responding to concerns raised by the National Assembly Members that despite many resources been devoted to the agricultural sector yet still the expected impact is not been felt.
The Finance Minister said government cannot do it all alone, the private sector should also come forward and invest in agriculture. He said provisioning of farm implements and fertilizer is among the many areas that the private sector can invest into, as the government is moving towards the commercialization of agriculture.
“We all know that the current form of agriculture, which is subsistent and rain feed agriculture will not and is not the solution to our agriculture, the Ministry of Agriculture is cognizant of this and this has been adequately highlighted in the GNAIP and the main thrust of that Program is the move towards the commercialization of agriculture and greater involvement of the private sector,” Hon. Kolley said.
He said the Gambia National Agricultural Investment Programme (GNAIP) if successfully implemented will go a long in modernizing the agricultural sector so that it will be able to contribute the desired level as expected by all. “It is also in this drive the government has decided to increase the funding to the sector to help the sector in meeting most of its requirements or objectives.”
The government has doubled the budget allocation to the agricultural sector from 3 percent in 2010 to 6 percent in 2011.
Monday, December 27, 2010
Central Bank to revoke some banking licenses
Six out of the fourteen banks in country are at risk of having their banking license been revoked by the Central Bank of The Gambia due to their inability to raise their minimum capital requirement to D150 million by December this year, as directed by the Central Bank of The Gambia
Two years ago, the Central Bank of The Gambia raised the minimum capital requirements of commercial banks to D150 million and D200 million to be observed by end December 2010 and 2012 respectively “in order to strengthen the country’s banking system”.
Hitherto, the minimum capital requirement was pegged at D60 million.
The Minister of Finance, Hon Abdou Kolley, while tabling the budget statement and economic policy financial year 2011 before the National Assembly in Banjul on Friday, said the latest assessment indicates that eight of the fourteen banks had already met the capital requirement of D150 million.
“The six banks that are yet to meet the requirements are being rigorously monitored by the Central Bank of The Gambia,” he said.
Although the Central Bank of The Gambia is optimistic that all banks would observe the capital requirement, the Finance Minister said: “The CBG is resolved not to grant request for forbearance if a bank fails to meet the requirement and to mitigate systemic risk that may arise from the revocation of a banking license, the CBG shall take the following actions: invoke section 45 of the Banking Act 2009 and take over the bank, thereafter the CBG may invoke Sections 48 and 51 of the Banking Act 2009 and place the institution in conservatorship to be sold, merged or restructured, and apply to the High Court for compulsory liquidation under Section 52 of the Banking Act as a last resort.”
While announcing the increment of the minimum capital two years ago, the Central Bank says the action has been taken in view of its desire to deepen the financial sector and "in pursuance of the Gambia’s Vision 2020 aim of transforming the country into a financial centre"
Thisday, a Nigerian newspaper has reported that the Managing Director of GTBank said the new capital base had increased the challenges of banks operating in that country.
Mr Lekan Sanusi said only the creative financial institutions were likely to survive the industry competition and deliver returns commensurate to the expanded capital base.
The Gambia, which used to be serviced by less than four commercial banks until a few years ago, has in recent times been affected by the phenomenon of an upsurge in the number of banks registered here, mainly from Nigeria.
GTBank MD said the Gambia could only take a certain number of banks.
He was quoted as saying: "But do we really need as much as 14 banks in a relatively small country like The Gambia? If you divide the number of banks in this country by the population of about 1.7 million, you have an average of 100,000 people per bank. Revenue is going down. What I know is that in the long run, people will count their numbers.
At the end of the 2009 financial year, the Gambia’s banking industry recorded total loss of about 45 million Dalasis. Ten of the banks declared losses.
Two years ago, the Central Bank of The Gambia raised the minimum capital requirements of commercial banks to D150 million and D200 million to be observed by end December 2010 and 2012 respectively “in order to strengthen the country’s banking system”.
Hitherto, the minimum capital requirement was pegged at D60 million.
The Minister of Finance, Hon Abdou Kolley, while tabling the budget statement and economic policy financial year 2011 before the National Assembly in Banjul on Friday, said the latest assessment indicates that eight of the fourteen banks had already met the capital requirement of D150 million.
“The six banks that are yet to meet the requirements are being rigorously monitored by the Central Bank of The Gambia,” he said.
Although the Central Bank of The Gambia is optimistic that all banks would observe the capital requirement, the Finance Minister said: “The CBG is resolved not to grant request for forbearance if a bank fails to meet the requirement and to mitigate systemic risk that may arise from the revocation of a banking license, the CBG shall take the following actions: invoke section 45 of the Banking Act 2009 and take over the bank, thereafter the CBG may invoke Sections 48 and 51 of the Banking Act 2009 and place the institution in conservatorship to be sold, merged or restructured, and apply to the High Court for compulsory liquidation under Section 52 of the Banking Act as a last resort.”
While announcing the increment of the minimum capital two years ago, the Central Bank says the action has been taken in view of its desire to deepen the financial sector and "in pursuance of the Gambia’s Vision 2020 aim of transforming the country into a financial centre"
Thisday, a Nigerian newspaper has reported that the Managing Director of GTBank said the new capital base had increased the challenges of banks operating in that country.
Mr Lekan Sanusi said only the creative financial institutions were likely to survive the industry competition and deliver returns commensurate to the expanded capital base.
The Gambia, which used to be serviced by less than four commercial banks until a few years ago, has in recent times been affected by the phenomenon of an upsurge in the number of banks registered here, mainly from Nigeria.
GTBank MD said the Gambia could only take a certain number of banks.
He was quoted as saying: "But do we really need as much as 14 banks in a relatively small country like The Gambia? If you divide the number of banks in this country by the population of about 1.7 million, you have an average of 100,000 people per bank. Revenue is going down. What I know is that in the long run, people will count their numbers.
At the end of the 2009 financial year, the Gambia’s banking industry recorded total loss of about 45 million Dalasis. Ten of the banks declared losses.
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