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10-28-2009 Serrekunda - The Gambian economy used to rely very heavily on the re-export trade to boost up its export earnings. In fact, in 2006 the Secretary of State for Finance indicated that "about 65 percent of imports are classified as imports for domestic consumption and the balance for re-exports." He informed the Nation that re-exports are estimated to increase to 2.6 billion" Interestingly enough, the total value of re exports in 2008 is put at 23,724,000 or 23.7 Million dalasi. The Minister of Finance and Economic Affairs needs to conduct a study to explain to the Nation the factors affecting the re-export trade. Government derives revenue from taxes on International trade among other sources. In 2008 the tax derived from international trade was put at 877 Million dalasi. It is put at 725 Million dalasi for 2009. Any decline in the re-export trade is likely to impact on tax on international trade. It is becoming increasingly clear that sub regional integration is indispensable to the development of the economy of scale for the Gambia to expand and sustain the productive base of its economy.Source: allAfrica |
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