The Gambian Banker

Sunday, November 6, 2011 is Eid’l Adha. Eid’l Adha or Tobaski, as it is commonly called in our part of Africa, is one of the two Eids celebrated by over one billion Muslims all over the world. The other Eid (Eid’l Fitr) was celebrated just over two months ago to mark the end of the fasting month of Ramadan.

Eid’l Adha on the other hand is celebrated by Muslims worldwide to honor Prophet Ibrahim’s willingness to sacrifice his own son, Ismail, as an act of obedience to Allah. It was narrated that Ibrahim (Abraham) was at the verge of sacrificing his son, Ismail, when Allah intervened by sending angel Gibril to deliver Ibrahim a ram to sacrifice instead.

It is important to remind Muslims that the real purpose of

By Ebrima Kolley, Faraba Banta

Kuloro United on Saturday 11th June eliminated Sohm United in the late hon. Kebba Touray Memorial Trophy Tournament. The two sides locked horn at Faraba Banta football field, at 4:30pm, both sides hoping to proceed to the final. However, things did not turn right for the Sohm Boys as they lost in the regular time. Sohm United played the whole game putting pressure on the kuloro team. In the 96^th minutes Kuloro had a free kick on which they capitalized and found the net.

On Sunday 12th June, at Kuloro football field Faraba Banta United were knocked out of the competition by the Tubakuta Boys in the post-match shoot-out following a nil-nil draw in the regular time.

By Lamin Jahateh, Banjul

Shares of a new sub-regional reinsurance company, WAICA Reinsurance Corporation, formed by the West African Insurance Companies Association (WAICA), are up for sale at one dollar per share.

A delegation of the Corporation was recently in The Gambia,  as part of the ‘equity road show’ of the institution to its member countries, to have meetings with potential investors,  including individuals, companies and governments, to raise the initial capital of an institution conceptualised thirty years ago by the founding fathers of WAICA.

By Lamin Jahateh, Banjul

The Central Bank of The Gambia has expressed concern about the emergence of countries such as China and India as new credit sources to Low Income Countries (LICs), like The Gambia, saying it has “raised new risks and challenges” to the borrowing countries.

China and India are becoming the major creditors for most of the Low Income Countries, including those in the sub-Saharan Africa, as the financial crisis have limited the ability of the financing sources like the World Bank and International Monetary Fund, to give loan.

By Lamin Jahateh, Banjul

Stakeholders from both the private and the public sectors had converged on Tuesday to commence the formation of National Export Strategy for the Gambia, which is aimed to improve the international competitiveness of the country leading to enhanced export performance.

Pic: Naffie Barry, Perm. Sec., Min. of Trade, Regional Integration and Employment

Organized by Gambia Investment and Export Promotion Agency (GIEPA), the three-day national retreat, held at the Kairaba Beach Hotel in Senegambia, is to develop a framework for the Gambia national export strategy by reviewing existing national and sectoral studies and reports.

The Gambian Banker's Lamin Jahateh Speaks with WFP Rep. in Banjul

The World Food Programme Representative in The Gambia has observed that it will be difficult for The Gambia to attain food-sufficiency under the country’s current state of food production, which is based on rain-fed agriculture.

Gambian farmers heavily rely on rainfall for crop production and the pattern of rain is now becoming more and more erratic due to the climate change phenomenon.

Speaking to this reporter at his office at the UN House in Cape Point, Bakau, Malcolm Duthie said that for the country to be able to feed itself “we have to move from rain-fed agriculture to irrigated agriculture so that we can have all-year-round crop production”.

By Lamin Jahateh, Banjul

The International Monetary Fund has expressed concerned over The Gambia’s “heavy debt burden” most of which use to take large stock of the country’s outstanding treasury bills.  In 2010, interest on debt consumed about 20 percent of government revenues.

However, the IMF mission failed to disclose the amount owed by government.

The total fiscal deficit of The Gambia for 2011 is estimated at D466.36 million representing about 2 per cent of GDP.  This is expected to be financed by foreign and domestic borrowing amounting to D833.82 million and D120 million respectively.

By Lamin Jahateh, Staff Reporter, Banjul

Since a renewed directive from the Gambia government was announced recently, scare has somehow engulfed a great number of GSM subscribers, who are apprehensive about giving their personal details to GSM operators to obtain SIM card.

The Gambia government has issued a directive calling on all GSM operators in the country to register the personal details of any person who wants to purchase a SIM card from them, as well as get all unregistered subscribers (more than 800,000 sim cards in use) to turn in their personal details for registration with their respective GSM operators within a limited space of time in the second quarter of this year.

Lamin Jahateh, Banjul

Barely six months after it started operations, precisely in December 2010, QCell claimed it is roaming all over the world with 550 partners in 208 countries worldwide. “This means that QCell has a minimum of one roaming partner in every country,” the company says.

QCell’s Chief Executive Officer Muhammed Jah described his company’s roaming service as a piece of innovation that exemplifies convenience and simplicity. Its reach is limited only by the number of countries in the world.

The Gambian Banker’s reporter Amat JENG Chats with Mrs. Ayesha

A remarkable life path has been bestowed on the SBEC International School director, Ayesha Njie-Nyang, who on May 6 this year was crowned Businesswoman of the Year by the country’s apex private sector body - the Gambia Chamber of Commerce and Industry (GCCI) -  at its business award dinner held annually to recognise and reward excellence in business performance in The Gambia.