By: Binta Jaiteh
Honorable Mambureh Njie, Minister of Finance and Economics has assured that the Gambia Capital Market and Security Bill 2021 will boost the economy and end poverty because.
He disclosed that the “Government has requires funds to carry out capital intended projects that will be beneficial to the inhabitants of the country. More so, it is evident that government over relying on banks financing and treasury bills have proven to be unsustainable. Leading intended consequences relating to borrowing which carried out by the private sector, increase tertiary for political inference and general deterioration of the country’s physical position.”
“Due to this factor, the government has decided to create a capital market to this end establish a national tars port to lunch and develop systematic functional security in the Gambia,’’ he said
Honorable Mamburay therefore explained the rationale for the capital and security bills to its relevance to the current and future development trajectory.
In his explanation, he said the capital market is a place for trading, security, bonds and stuff with longer maturity than one year by channelling and saving investment between suppliers to reduce capital flight and ultimately boost economic growth and welfare.
Worthy of consideration in this exchange, he said generally speaking those with capital includes retail and institutional investors whilst it is company government and people who seek capital.
However, the minister moved a motion for the bill to be considered and enacted by the assembly because research has shown that there is a positive relationship between capital accumulation and real economic growth in relation to the country’s national circumstance.
He went further that capital markets are critical to the phase of the Gambian economic reform process. And it can also contribute greatly to the maintenance of the private sector, as an engine of growth in the Gambia.
