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Making the Economy WorkTuesday, September 30, 2008 As the
world reels from the global financial crisis, there is need for experts and
non-experts alike to review what is happening. No matter what happens, we can
never insulate ourselves from the crisis that is now rocking the world. At the
local level, we insist that there is need to revamp and revitalise our economy.
Businesspeople across the country agree that the economy is biting harder and
harder. Things are so bad now that many businesses are folding up.
If Wall Street can fall back on bailout, we think that the Gambian authorities should consider doing something to make business more attractive to business. In light of this, we suggest that governmentreduce personal and corporate income tax. It should also reduce customs duties and taxes so as to encourage investors to bring their money and goods into the country. If this is done, the Gambian economy will be made competitive –vis-à-vis those of her neighbours. The Gambia Ports Authority (GPA) has to make sure that its tariffs are also reduced to stay competitive with what obtains in the sub region. Besides, the value added tax (VAT) should be reduced in order to make The Gambia the hub and gateway of the sub region. The fact that government has already encouraged the influx of banks to operate in the country is an indication of its readiness to make the economy work for the benefit of everybody. But the banks themselves would find it difficult to operate profitably in an economy where businesspeople have to grapple with high and multiple taxes. Business in
general is dull; employment is down. Businesspeople are merely putting a bold
face on it. Underneath the cheerfulness is pain and anxiety over what would
happen next, or how to break even. We need other economic operators to come and
play their part in the economic development of this country. That can only
happen when government participates by reducing these taxes that are slowing
down or maiming business. We want Despite the
global financial crisis, we must plan ways and means that will help us cope
with the situation. We therefore suggest that government should organize a
one-day forum with businesspeople, the Gambia Revenue Authority ( “The is no art which one government sooner learns of another than that of draining money from the pockets of the people”. Adam Smith |
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