The Central Bank of The Gambia (CBG) has mandated commercial banks to eliminate non-Gambian staff outside approved expatriate quotas by December 31, 2026, per a September 19 directive signed by Second Deputy Governor Ousman Mendy. The order, addressed to managing directors of banks including Nigerian lenders like Guaranty Trust Bank (GTB) and Zenith Bank, requires institutions to replace foreign workers with Gambian nationals while ensuring operational continuity and skill transfer. The directive follows an August meeting where CBG officials discussed banking sector employment practices, citing a recent internal study revealing a
The CBG’s letter emphasized compliance with the Labour Act 2023 and its guideline 9 on expatriate staffing, which outlines quotas and conditions for foreign worker employment. It noted that banks had
The directive targets foreign employees not covered by approved quotas, not an immediate ban, and allows banks until 2026 to restructure staffing. Nigerian banks, which have expanded in The Gambia as part of regional operations, face heightened scrutiny under the policy. The CBG stressed that compliance must balance labor law adherence with maintaining financial sector stability, though the exact implementation details remain unclear. The move aligns with broader regional efforts to prioritize local employment in key industries.
The ruling has sparked discussions about its impact on cross-border labor mobility and banking sector efficiency. While the CBG framed the measure as necessary for economic self-reliance, critics question its feasibility given the specialized roles of foreign staff. The directive underscores The Gambia’s evolving approach to foreign workforce regulation, reflecting tensions between national employment goals and globalized financial sector needs.