Botswana I Ethopia I The Gambia I Ghana I Kenya I Malawi I Mauritius I Namibia I Nigeria I Senegal I South Africa I Swaziland I Tanzania I Togo I Uganda I Zambia I Zimbabwe The Gambia has had a stable government since 2002 but the growth of the economy has been in spite of this. The government has consistently sent confusing messages to private entrepreneurs and directly undermined important sectors of the economy, such as the re-export trade, with ill-considered interventions and changes in the law.
Although Standard Chartered is the market leader in banking, second-placed Trust Bank is growing rapidly and deserves the award for best bank in the country. Its market share has steadily increased from 29% in 2002 to 34% at the end of 2004 and the bank is the most profitable in the market, with after-tax profits up 15% in 2004 to $4.98 million.
Trust Bank was established in 1997, was listed on the stock exchange in 2002 and has a refreshing approach to its role in Gambian society – it boasts of having the highest tax bill in a country where tax evasion is endemic. Moreover, it continues to innovate in the market and will shortly offer its customers internet banking.