Gambiaj.com – (BANJUL, The Gambia) – The Gambia has ranked among the lowest-performing economies in the inaugural Business Ready 2024 (B-READY) report, a new World Bank initiative assessing global business climates. The report, which replaces the controversial Doing Business rankings, evaluates economies based on three key pillars: Regulatory Framework, Public Services, and Operational Efficiency.

The B-READY report, the World Bank’s flagship assessment of business environments and investment climates worldwide, evaluates the regulatory framework and public services directed at firms. It provides comparable data across economies and over time, offering actionable evidence to promote reforms for a stronger private sector.

Regarding The Gambia’s rating, the Ministry of Trade, Industry, Regional Integration, and Employment, in partnership with the World Bank, held a four-day national workshop on the conceptual approach of the Business Ready (B-READY) methodology in April.

In September, Gambian specialists and their World Bank counterparts assessed the technologies used for pilot data collecting and subsequent phases of evaluation. The initiative aligns with efforts to enhance the business environment and investment climate, ultimately fostering economic growth and development in the country.

Out of the 50 countries included, The Gambia scored particularly poorly in the Public Services pillar, highlighting significant gaps in infrastructure and government support for business activities. With an average pillar score of just 20.11 out of 100, The Gambia fell into the bottom quintile, underscoring challenges in providing digitalized, transparent, and efficient services crucial for private sector growth.

Challenges Identified

The report pinpoints inefficiencies in public service delivery as a major barrier to business operations. Issues such as unreliable utility services, delays in obtaining permits, and a lack of coordinated government systems hinder operational efficiency. For example, the time required to secure environmental and construction permits in low-performing economies can exceed two years, stifling investment opportunities.

Moreover, The Gambia’s scores in Regulatory Framework (53.37) and Operational Efficiency (48.44) indicate persistent regulatory and bureaucratic hurdles, although these areas showed slightly better performance compared to public services.

Potential for Improvement

Despite its ranking, the B-READY report offers actionable insights for The Gambia to reform its business environment. The framework emphasizes not only regulatory adjustments but also the need for robust public service delivery systems that facilitate business compliance and enhance competitiveness.

The report showcases examples of low-income countries, like Rwanda, which have achieved top-tier performance in several areas by prioritizing operational reforms and digital adoption. This highlights that significant improvement is achievable even with limited resources.

Looking Ahead

The B-READY initiative aims to encourage reform by providing transparent, data-driven benchmarks. With plans to include over 180 economies by 2026, the annual report will track The Gambia’s progress in addressing its business environment challenges.

For The Gambia, embracing the report’s findings could be pivotal in fostering a vibrant private sector, which the World Bank underscores as a critical driver of job creation, innovation, and sustainable development.