The Gambia

• 01 Steady growth above 5% — the World Bank estimated growth at about 5.9% in 2025 and expects 5.3% in 2026, while inflation slowed from 16.9% in 2023 to about 7% in mid-2026.
• 02 A remittance economy — diaspora remittances reached USD 872 million in 2025 according to the Central Bank — more than about a third of output — making them the largest source of foreign currency.
• 03 High debt and fiscal reform — public debt is about 64% of GDP in mid-2026 with a “high risk” rating, and debt service is about 30% of 2026 budget spending.
• 04 Expanding infrastructure — new roads around Banjul with Saudi financing, the Senegambia Bridge (2019), an expansion of the Port of Banjul, and a plan to achieve universal electricity access by 2030.
• 05 A long-standing Saudi partner — the Saudi Fund for Development has been present since 1977 with 15 loans exceeding USD 181 million, and in September 2026 it raised financing for the Greater Banjul Roads project to USD 60 million.

• The presidential election on 5 December 2026 and the formation of the government afterwards.
• The trajectory of public debt and its servicing.
• Commissioning of the new power units and the Soma solar plant.
• Completion of the final phase of the Islamic Summit roads.
• Implementation of the trade financing framework with the International Islamic Trade Finance Corporation.
• The 2026/27 tourism season.

Analysis813

• $2.59 bn — GDP 2025 — World Bank.
• 5.9% — growth 2025 (estimate) — World Bank; Central Bank 6.4%.
• 7.0% — inflation — July 2026 — World Bank; 16.9% in 2023.
• $919 — per capita 2025 — World Bank.

• 2023: 5.9% (actual)
• 2024: 5.6% (actual)
• 2025: 5.9% (estimate)
• 2026: 5.3% (forecast)
• 2027: 5.2% (forecast)
• 2028: 5.2% (forecast)

8

• 2023: 16.9%
• 2024: 11.7%
• 2025: 7.9%
• 2026f: 5.8%

• $872m — remittances 2025 — Central Bank
• $585m — reserves — 4.5 months of imports
• 14% — policy interest rate — after the 2026 cut
• GMD — the dalasi — flexible exchange rate

11

• Total (including external financing): about 59 billion dalasi (draft budget)
• Domestic revenue and grants: 35.87 billion dalasi (+11.7%)
• Expenditure and net lending: 36.49 billion dalasi (+13%)
• Debt service: 13.5 billion dalasi — about 30% of spending
• Education, health and agriculture: 10.82 billion dalasi (about a quarter of the budget)
• Submission: to the National Assembly on 3 November 2025

• 2023: 78.0%
• 2024: 79.1%
• 2025: 76.4%
• Mid-2026: 64.1%

• −1.7% — deficit / GDP — first half of 2026.
• 26% — domestic debt / GDP — 2025, Central Bank.

911

• Debt service 13.5
• Education, health and agriculture 10.8
• Salaries 10.3
• Subsidies and transfers 8.0

• 36.5bn — domestic spending 2026 (GMD) — budget
• 30% — debt service share of spending — 2026
• 64.1% — debt / GDP — mid-2026
• +84% — increase in agriculture allocations — 2026

910

• 10 — sectors classified — in this file
• 2 — announced government projects — electricity · roads and port
• 0 — officially documented opportunities — at the time of publication
• 3 — foreign-currency pillars — remittances · tourism · exports

• 2024: 776
• 2025: 872

• $872m — remittances 2025 — +12.4%.
• 22–31.5% — of GDP (2024) — World Bank versus Central Bank.

11

• $872m — remittances 2025 — Central Bank
• $2.4bn — size of the foreign-exchange market — 2025
• 4.5 — months of imports in reserves — 2025
• +12.4% — remittance growth — 2025

• 120.7k — visitors — first half of 2026 — World Bank; +5.4%.
• Oct–Apr — tourist season — charter flights from Europe.

9

• Beach and resort — Kotu, Kololi and Senegambia: hotels and restaurants on the Atlantic, and the base of European winter tourism.
• Nature and birds — mangroves, the Abuko and Makasutu reserves and river trips: a specialised product for birdwatchers.
• History and roots — Kunta Kinteh Island, Juffureh and the Wassu circles: cultural tourism linked to the African diaspora.

9

• 120.7k — visitors — first half of 2026
• +5.4% — arrivals growth — first half of 2026
• 2 — World Heritage sites — 2003 · 2006
• 6 — months of the main season — October–April

• 135k t — cereals 2025 — +20% on the average
• 25k t — groundnuts purchased — 2024/25
• +84% — agriculture allocations — 2026 budget
• ~244k — in acute food insecurity — June–August 2025

• 2017 (government): 36%
• 2024 (World Bank): 69%
• 2024 (Energy Compact): 74%
• 2026 (government): 90%

• 158 MW — installed capacity — about 102 MW available (2024).
• +74 MW — new planned capacity — 24 Brikama (October 2026) + 50 Soma solar.

• 158 MW — installed capacity — about 102 available
• +74 MW — planned capacity — 2026 and beyond
• 69–90% — access to electricity — depending on source and year
• 2030 — universal access target — Energy Compact

• ~2,300 km — paved roads — calculated total: 800 before 2017 + 1,500 since (according to the government).
• $60m — Saudi financing for Greater Banjul roads — total after the September 2026 agreement.

• 1,500 km — new roads since 2017 — according to the government
• 3 — quays after the expansion — instead of one
• 2019 — Senegambia Bridge — January
• $60m — Saudi road financing — to 2026

• 49.5% — internet users — 2024, World Bank.
• 2 — World Heritage sites — 2003 · 2006.

Item — status according to the sources reviewed

• Responsible body: the Gambia Investment and Export Promotion Agency (GIEPA): promotion, private investment certificates and incentives under its law, and follow-up of investors after establishment — current conditions to be verified with the agency.
• Legal framework: a legal system based on English common law; English is the language of contracts and administration.
• Corporate tax: the higher of 27% of taxable profit or 1% of turnover (2% if the accounts are not audited).
• Value-added tax: 15%; registration is mandatory above annual turnover of two million dalasi.
• Currency: the dalasi, with a floating exchange rate; a foreign-exchange market of $2.4 billion a year (2025). Rules on the transfer of profits and capital are to be reviewed with the Central Bank.
• Regional framework: member of ECOWAS (trade liberalisation scheme) and of the African Continental Free Trade Area; a large neighbouring market in Senegal via the Senegambia Bridge.
• Public finances: high debt and debt service of about 30% of expenditure; this affects the state’s capacity to pay and the guarantees on public projects.
• Political timing: presidential elections on 5 December 2026; the pace of major decisions is expected to be affected by the electoral calendar.

• 27% — corporate tax — or 1% of turnover
• 15% — value-added tax — standard rate
• ECOWAS — regional market — in addition to the continental trade area
• EN — contract language — common law

17

• Why study it? Dairy and food products already account for two-thirds of Saudi exports to The Gambia, and the port and the bridge provide access to neighbouring markets.
• Potential investors: exporters of dairy and processed foods, and distribution and cold-storage companies.
• Needs verification: import rules and standards, ECOWAS duties on products from outside the region, freight costs.
• What the data supports: Saudi exports of SAR 37.8 million (2025), of which dairy, eggs and honey account for 25.1 million; a trade finance framework with the International Islamic Trade Finance Corporation (2026).
• Relevant local bodies: Ministry of Trade and Industry; Gambia Ports Authority; Gambia Investment and Export Promotion Agency.
• Challenges: market size, European and regional competition, exchange-rate volatility.
• Open question: could a regional warehouse in Banjul also serve Senegal and Guinea-Bissau?

Area worth studying, not a ready-made opportunity22

• Why study it? Rice is a staple food that is mostly imported, local production is rising and the budget has doubled its support for agriculture.
• Potential investors: food-security investors, rice millers and food manufacturers.
• Needs verification: the land tenure system along the river banks, irrigation, energy for manufacturing.
• What the data supports: cereals of about 135,000 tonnes (2025, +20% on the average); agriculture allocations up 84% in 2026.
• Relevant local bodies: Ministry of Agriculture; Gambia Investment and Export Promotion Agency.
• Challenges: rainfall and salinity, electricity, working capital.
• Open question: what is the minimum viable size of a modern rice mill serving the local market?

Area worth studying, not a ready-made opportunity

• Why study it? A welcoming Muslim country with a winter season, beaches and heritage, and an existing hotel base that relies on limited European markets.
• Potential investors: hospitality, travel and hotel management companies.
• Needs verification: air links from the Gulf, sector incentives, the condition of existing hotels.
• What the data supports: 120,713 visitors in the first half of 2026 (+5.4%); two World Heritage sites.
• Relevant local bodies: Ministry of Tourism and Culture; Gambia Tourism Board.
• Challenges: seasonality, air connectivity, regional competition.
• Open question: is there scope for a winter tourism product aimed at Gulf markets?

Area worth studying, not a ready-made opportunity9

• Why study it? Demand exceeds supply, and more than three-quarters of households cook with firewood and charcoal.
• Potential investors: developers of solar power, storage and clean cooking solutions.
• Needs verification: the independent power producer framework, power purchase agreements, the buyer’s creditworthiness.
• What the data supports: available capacity of ~102 MW (2024); a target of 30% renewables and universal access by 2030; a target to mobilise $247 million from the private sector.
• Relevant local bodies: Ministry of Petroleum and Energy; National Water and Electricity Company (NAWEC); Public Utilities Regulatory Authority (PURA).
• Challenges: the utility’s financial solvency, currency, maintenance.
• Open question: which model is preferable: grid-connected plants, home systems or mini-grids?

Area worth studying, not a ready-made opportunity

• Why study it? A large flow of remittances and a Muslim community of 96%, with a need for savings, investment and housing channels.
• Potential investors: Islamic banks, fintech companies and takaful insurance.
• Needs verification: the regulatory framework for Islamic finance, licensing requirements.
• What the data supports: remittances of $872 million (2025); a trade finance framework worth $250 million with the International Islamic Trade Finance Corporation (2026).
• Relevant local bodies: Central Bank of The Gambia; Ministry of Finance.
• Challenges: market size, competition, compliance risks.
• Open question: do the regulations allow Sharia-compliant housing or investment products aimed at the diaspora?

Area worth studying, not a ready-made opportunity

• Why study it? The port is expanding and the bridge has made the country a corridor between northern and southern Senegal.
• Potential investors: port operators and logistics and storage companies.
• Needs verification: concession or partnership models, the timetable for the expansion.
• What the data supports: an additional berth of 345 metres (from one vessel to three); a container yard of 22,000 m²; the Senegambia Bridge (2019).
• Relevant local bodies: Gambia Ports Authority; Ministry of Transport and Works.
• Challenges: traffic volume, competition with Dakar.
• Open question: which services will be offered to the private sector once the expansion is complete?

Area worth studying, not a ready-made opportunity

• Why study it? A need for specialised services, direct Saudi experience in medical volunteering, and interest in telemedicine.
• Potential investors: providers of healthcare, medical devices and telemedicine.
• Needs verification: professional accreditation, public procurement, partnerships with the private sector.
• What the data supports: 18 specialised obstetric and gynaecological operations by a volunteer team from the King Salman Centre (December 2025); telemedicine among the areas proposed by the Saudi Fund for Development (2026).
• Relevant local bodies: Ministry of Health.
• Challenges: purchasing power, human resources.
• Open question: which specialised services could be provided locally instead of travelling abroad for treatment?

Area worth studying, not a ready-made opportunity

• Why study it? An Atlantic coast active in artisanal fishing, with large losses due to weak refrigeration and processing (analytical note).
• Potential investors: aquaculture, processing and cold-chain companies.
• Needs verification: production and stock data, the regulatory framework, health standards for export.
• What the data supports: a coastline of about 80 km; fishing centres at Tanji, Gunjur and Bakau.
• Relevant local bodies: Ministry of Fisheries and Water Resources.
• Challenges: environmental sustainability, electricity, community sensitivities.
• Open question: what processing opportunities would not put pressure on fish stocks?

Area worth studying, not a ready-made opportunity

• 8 — areas to study — not ranked by preference
• 0 — officially documented opportunities — at the time this edition was prepared
• $250m — trade finance framework — Islamic Trade Finance Corporation
• 38m — riyals of Saudi exports — 2025

• Market entry: through a local agent or distributor, or a registered company; public projects through ministries, public bodies and development financiers.
• Language and contracting: English is the language of administration, contracts and the courts.
• Size and region: a small local market; viability often lies in serving Senegal and West Africa through ECOWAS.
• Currency and payment: the dalasi has a floating exchange rate; cash and digital transfers are common.
• Logistics: the Port of Banjul and the bridge are the two main hubs; unstable electricity is an operating cost that must be factored in.
• Business culture: a friendly and conservative environment; appointments through official channels; respect for protocol and religious customs.

3 sourcesSources111317

• 1. What is the effect of the electoral calendar (5 December 2026) on decisions and appointments?
• 2. What incentives are available through the Gambia Investment and Export Promotion Agency, and on what conditions?
• 3. How are profits and capital transferred, and what are the exchange-rate risks?
• 4. Who is the partner’s ultimate owner, and are there any disputes or tax liabilities?
• 5. What electricity is available for the project, and what is the cost of alternatives?
• 6. What ECOWAS duties and rules of origin apply to the product?
• 7. What is the public counterparty’s capacity to pay, given the debt situation?
• 8. What dispute-settlement mechanisms are available?

Analysis

• 27% — corporate tax — or 1% of turnover
• 15% — value-added tax — standard rate
• GMD — the dalasi — flexible exchange rate
• EN — working language — English

17

• Visa: the entry requirement for an ordinary Saudi passport (prior visa or entry authorisation) and the fees are to be confirmed with the Embassy of The Gambia to the Kingdom in Riyadh before travel.
• Flights: no direct flights from the Kingdom as far as could be verified; connections via hubs such as Dakar, Casablanca or Brussels (schedules to be checked).
• Point of entry: Banjul International Airport (Yundum), whose rehabilitation the Saudi Fund for Development helped to finance.
• Currency and payment: the dalasi (GMD) has a floating exchange rate; cash is common, and cards are accepted in the larger hotels.
• Language: English is official; Mandinka, Wolof and Fula are widely spoken.
• Time: UTC+0 — three hours behind Riyadh.
• Climate: a dry season from about November to May (the best time for visits), and a rainy season from June to October.
• Health: vaccination requirements (including yellow fever) and malaria prevention guidance are to be reviewed with the health authorities before travel.
• Electricity: approximately 230 volts; mostly British-style sockets (check the adaptor); possible outages.
• Political timing: presidential elections on 5 December 2026; it is advisable to avoid the weeks around them for official missions.

• Before travel — confirm the visa; yellow fever certificate; travel insurance covering medical evacuation; review official travel advice.
• On arrival — organised transport with a known local partner; allow for ferry and road times when travelling within the country.
• In meetings — appointments through official channels; documents in English; respect for protocol and religious customs.

4 sourcesSources2161820

• UTC+0 — three hours behind Riyadh — Banjul time
• GMD — the dalasi — floating exchange rate
• November–May — the dry season — the best time to visit
• EN — working language — English