AGM has welcomed the government’s decision to increase tariffs on imported foreign cement bags into The Gambia.
AGM firmly believes that this decision should be implemented across all imported goods without any exceptions to support local manufacturing industries.
DIGITAL TAX STAMP:
To ensure revenue assurance and protect local manufacturing goods, the current government and GRA have introduced a digital tax stamp.
This means that products made in The Gambia will now be identified with a digital tax stamp.
All factories registered under AGM and registered with GRA have agreed to this innovation and digitization. However, AGM is currently in discussions with the Ministry of Finance to ensure that the cost of the sticker and machine application, provided by SICPA, the contractor designated to administer the policy on behalf of GRA, is reasonable.
AGM remains a steadfast partner in encouraging Foreign Direct Investment (FDI) and supporting local entrepreneurs to further President Adama Barrow’s vision of industrializing The Gambia and meeting his goal of creating 150,000 jobs for youth.
Manufacturing is important for The Gambia as a policy for development for several reasons:
1. Employment Generation: Manufacturing industries tend to create more jobs compared to other sectors, such as agriculture or services sector, especially for low-skilled workers. This can help reduce unemployment and underemployment rates, alleviate poverty, and improve living standards.
2. Economic Diversification: The Gambia heavily rely on agriculture, tourism, service sector, imports, which are often vulnerable to external factors such as climate change, fluctuations in commodity prices, and resource depletion. Manufacturing offers an opportunity for economic diversification, reducing dependency on such sectors and making the economy more resilient to external shocks.
3. Value Addition and Higher Productivity. Manufacturing involves adding value to raw materials through processing and production, leading to higher productivity and increased efficiency.
This can contribute to overall economic growth and competitiveness, as well as enable countries to capture a larger share of the value chain.
4.Technology Transfer and Innovation: Manufacturing industries often require investments in technology and innovation, which can facilitate technology transfer from more advanced economies. This helps the sector to acquire new skills, knowledge, and technologies, driving productivity growth and industrial upgrading.
5. Export Opportunities. Manufacturing goods for export markets can generate foreign exchange earnings, improve the balance of trade, and enhance integration into the global economy. By producing and exporting manufactured goods, The Gambia can tap into international markets and take advantage of comparative advantages.
6. Infrastructure Development. Developing a strong manufacturing base requires investments in infrastructure such as transportation, energy, and telecommunications. These infrastructure investments not only support manufacturing activities but also benefit other sectors of the economy, improving overall connectivity and accessibility.
7. Social Development. Manufacturing industries often provide better wages, working conditions, and opportunities for skill development compared to other sectors, such as agriculture or the informal services. This can contribute to social development, including poverty reduction, improved education, and better healthcare.
Overall, manufacturing can play a crucial role in driving economic growth, creating jobs, reducing poverty, and promoting sustainable development. However, achieving these benefits requires supportive policies, investments in human capital and infrastructure, and efforts to address barriers to industrial development, such as access to finance, technology, and markets.
There are several barriers to industrial development in The Gambia, and overcoming them requires a combination of policies, investments, and strategic interventions. Some common barriers and potential solutions include:
1. Limited Access to Finance. Many small and medium-sized enterprises (SMEs) in The Gambia struggle to access financing due to limited access to credit, high interest rates, and insufficient collateral. To overcome these barriers:
– Establish specialized financing mechanisms, such as government-backed loan programs or microfinance institutions, to provide affordable credit to SMEs.
– Strengthen financial infrastructure, such as credit reporting systems and risk assessment mechanisms, to improve access to formal financial services.
– Reduce government domestic borrowing in avoiding the crowding out effect by government versus the private sector.
– Encourage private sector participation by providing incentives for banks and financial institutions to lend to SMEs.
2. Lack of Infrastructure. Inadequate infrastructure, including transportation, energy, and telecommunications, can hinder industrial development by increasing production costs, reducing efficiency, and limiting market access. To address this barrier:
– Invest in infrastructure development through public-private partnerships (PPPs) and targeted government investments, especially the energy sector.
– Prioritize infrastructure projects that support industrial activities and regional integration, such as roads connecting industrial zones to ports, the full implementation of ECOWAS protocols on free movements of goods.
– Improve regulatory frameworks and streamline approval processes to accelerate infrastructure development and attract private sector investments.
3. Skills Shortages and Education Gaps: A skilled workforce is essential for industrial development, but The Gambia face shortages of skilled workers and mismatches between education and industry needs. To overcome this barrier:
– Strengthen vocational training programs and technical education to provide workers with the skills needed for modern manufacturing.
– Foster partnerships between educational institutions, industry associations, and employers to align training programs with industry needs.
– Promote lifelong learning and skills upgrading through apprenticeship programs, on-the-job training, and continuing education initiatives.
4. Limited Access to Technology and Innovation: The Gambia often lack access to advanced technologies and face challenges in adopting and adapting new ĝ through partnerships with multinational corporations, research institutions, and international organizations.
– Provide incentives for technology adoption and innovation, such
as tax credits, grants, and research and development (R&D) subsidies.
– Promote collaboration between industry and academia to support applied research, technology development, and knowledge exchange.
5. Weak Regulatory Environment and Governance: Inefficient regulatory frameworks, corruption, and lack of transparency can impede industrial development by increasing costs, creating uncertainty, and undermining investor confidence. To tackle this barrier:
– Strengthen regulatory institutions and streamline bureaucratic processes to improve the ease of doing business.
– Enhance transparency and accountability through anti-corruption measures, public procurement reforms, and enforcement of laws and regulations.
– Promote good governance practices, such as stakeholder engagement, public consultation, and regulatory impact assessments, to ensure that policies and regulations support industrial development goals.
6. Market Access and Trade Barriers: Limited access to regional markets, trade barriers, and restrictive trade policies can constrain industrial development by limiting export opportunities and
hindering competitiveness. To overcome this barrier:
– Implement trade agreements and regional economic integration initiatives such as the ECOWAS Trade liberalization Scheme to expand market access and reduce trade barriers.
– Provide export incentives, such as export credit guarantees, trade finance facilities, and export promotion programs, to support SMEs and facilitate entry into regional markets.
– Strengthen trade facilitation measures, such as customs reforms, harmonization of standards, and investment in trade-related infrastructure, to reduce transaction costs and improve market access.
By addressing these barriers through targeted policies, investments, and reforms, The Gambia can unlock the potential for industrial development, promote economic growth, and achieve sustainable development goals.
Company profile
Salaam Cement
CHOOSE FOR YOUR FUTURE
The first Cement manufacturing Company in the history of Gambia.
Salam Cement Company is owned by a Gambian, Muhammad Sillah. The company has been in existence in The Gambia for over two decades. Mr Sillah started by buying cement locally. He later ventured into importing and then to re-bagging. Years later, the industrialist went into production, which he sees as the only solution to solving the nation’s cement challenge. He has been going from height to height, even with no foreign backing or support to the company.
PRICES
FRIDAY, WEEK OF 14TH
1bag of Cement 42.5r: Jah Cement =D 355
1bag of Cement 42.5r: Salaam company = D390
1bag of Cement 42.5r: GECEM =D388
1bottle of water 1.5ml = *6 @110
1bag of flour 50kg Nassim = D1900
1bar of Ion rot 12mm
1bag of detergent powder 10kg = D700 and D850
1 plastic bucket= 55/pc Basin = 95/pc
1 Oil drum: D1700 10litre D900
