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Political Risk in The Gambia: Named after the small river around which its borders fluctuate, the country hosts a dictatorship established in a coup. The country also hosts Hizbollah operatives who conduct international financial transactions, and is one of the top African cocaine transshipment points to Europe.
Local businesses are considering fleeing to Sierra Leone to escape a raft of seemingly arbitrary and protectionist laws promulgated by the President for potentially personal reasons. Many small business owners and foreign investors see Sierra Leone as a better alternative, and are considering migrating their businesses.
InThe Gambia beat Sierra Leone in measures of taxation, getting credit, starting a business, and — of key interest to foreign investors — protection of investors. It fared less well on the other six metrics measured by the World Bank. The President of Gambia is a colorful character with a long name: Hizbollah and the Drug Trade in The Gambia Members of Hizbollah have been known to use West Africa as a central point to launder money and transport drugs to fund their operations, including supporting the Syrian Regime.
In the case of The Gambia, the U.
Kassim Tajideen was designated as a supporter of Hizballah. Treasury, Kassim Tajideen embezzled funds to Hizballah through his brother, a Hizballah commander in Lebanon. It is a lucrative and cash-rich business which allows them to generate revenues, create smoke and mirrors, and launder money from other activities.
Their company, Tajco, was described as an international trade and real-estate company that purchased and developed properties in Lebanon on behalf of Hizballah and generated millions of dollars in proceeds used to provide financial support to Hizbillah.
However, the Tajco case stems from the LCB money laundering case. The dealers with Dutch and Venezuelan nationalities came from West Africa. Small Businesses in The Gambia Most current small business entrepreneurs in Gambia initially decided to invest to utilize their academic and professional skills, acquired from studying and training in The Gambia, other African nations, and internationally.
Some Gambians have even decided to return home to improve the economic conditions of The Gambia, which include providing employment for low-income Gambians.
Examples of small businesses that opened in this small African nation since are restaurants, supermarkets, electronic supply and service stores, print and media businesses, health and beauty parlors, gyms, and import and export businesses.
Political Tensions Nonetheless, political threats do occur for there have been attempts to overthrow President Jammeh, who overthrew President Dawda Kairaba Jawara in a coup on July 22, Previous attempts have been nonviolent and have yet to seriously affect businesses.
However, there is a possibility that future political strife could be more forceful and disrupt business practices. As a result, many small business owners are considering relocating their ventures.
It encourages import substitution, but is also an impetus for foreign investors to take foreign currency outside of The Gambia. Therefore, the President has permitted a maximum of 10, USD to be taken out of The Gambia and required that currency be declared at each exit point.
These taxes include corporate income tax, municipality tax, social security contributions, a national education levy, municipal business licenses, and the Value Added Tax VAT.
Entrepreneurs and consumers blame tax increases for increased prices of goods and services. In a confidential interview, one businessman stated that his profit margin has decreased every year, since he has to increase prices due to increases in taxes. Nonetheless, there has been speculation on whether or not the money obtained from taxes by the government has been used towards improving services and infrastructure of The Gambia.
Major government expenditures include health at The lack of a constant flow of power has caused business owners to expend funds on generators and fuel, costs that have been passed to consumers in increased prices of goods and services.
It is disadvantageous to the livelihood of Gambians, at least in the short run, because they rely on and can afford cheap imports.
On June 4,he was given 72 hours to leave The Gambia.10 Sample Exit Interview Questions March 10, by Patricia Lotich Leave a Comment One of the most important aspects of managing any business is having a good understanding of customer expectations.
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Just as football referees dress a certain way, and Japanese chefs cook a certain way, writers in certain disciplines follow a certain set of. Our latest thinking on the issues that matter most in business and management. analysing business needs and pinpoint how we can best help you achieve This Drake White Paper explains how effective exit interviews provide As discussed, research shows that employee turnover can cost organisations times annual salary, which, with average turnover at approximately 11 per cent, can have a.