Gambia: Minister urges entrepreneurship, industrialization for Africa's growth

Banjul, Gambia(PANA) - The promotion of entrepreneurship and industrialization in Africa and Gambia in particular will significantly enhance economic growth, Gambia's Minister of Trade, Regional Integration and Employment, Dr. Isatou Touray, said Thursday.  

Speaking at Gambia's launch of the African Economic Outlook Report 2017, Touray said that in view of the persistently unstable commodity prices and feeble economic growth globally, African countries should champion entrepreneurship and industrialization to blossom.

“Africa must embrace the promotion of entrepreneurship and industrialization as key development priorities for economic diversification and structural transformation for sustainable development and poverty eradication,” she said.

Entrepreneurship and Industrialisation unlock the potential of African entrepreneurs for accelerating Africa’s industrial transformation, says the African Economic Outlook 2017.

“Sound macroeconomic policy management now entrenched in many countries, a generally improving and favourable business environment, and a more diversified economic structure, particularly towards the services sector and light manufacturing, all support strong future growth,” said Ms Mamonyane Lekoetje, UNDP Resident Representative in Gambia.

According to the report, The Gambia is characterized by high debt and high interest rates and growth in 2016 was estimated at 2.1%, down from 4.4% in 2015.

"This is mainly explained by policy slippage on reforms, the crowding out of private investment, an average agricultural season and a year-end political scenario that tamed the tourism season," it said.
-0- PANA MSS/AR 5Oct2017

05 october 2017 17:41:28

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