Gambia's Central Bank Orders 11 Banks to Review Foreign Staff by 2026

The Central Bank of Gambia (CBG) has directed 11 commercial banks operating in the country to review their foreign staff and replace them with Gambians possessing the required qualifications by December 31, 2026. This move is aimed at increasing local participation in the banking sector. The banks affected include Access Bank Gambia, Ecobank Gambia, First Bank Gambia, Guaranty Trust Bank Gambia, and Zenith Bank Gambia, among others.

According to the CBG, the decision was made after an examination of the recruitment practices in the sector revealed that some non-Gambian employees were occupying positions exceeding the officially recognized quotas for expatriates. The central bank's study found that certain situations did not comply with the Labour Act of 2023 or the rules applicable to expatriate personnel. As a result, the CBG has issued a circular, signed by Second Vice-Governor Paul J. Mendy, requiring the banks to make the necessary adjustments.

The Labour Act of 2023 regulates the employment of expatriates in Gambia, allowing companies to recruit foreign workers when the required skills are not locally available, provided that the necessary procedures are followed. The law also requires employers to prepare Gambian employees to take over positions and organize the transfer of professional knowledge. A quota for expatriates should not be granted when the necessary skills are already available in the country.

The CBG's decision does not imply that all banking jobs held by foreigners must be eliminated. Rather, it aims to ensure that banks comply with the regulations and prioritize the employment of Gambians with the required qualifications. The central bank has asked the banks to proceed gradually with the replacement of foreign staff to avoid disruptions to their activities.

Several of the banks affected are part of foreign banking groups with operations in multiple African countries. These include Access Bank, First Bank, GTBank, and Zenith, which are linked to Nigerian banking groups, while Ecobank belongs to a pan-African group. However, this foreign presence does not necessarily determine the number of employees who will be required to leave their positions.

The CBG has not disclosed the exact number of employees who will be affected by the decision or their distribution among the different banks. The central bank's circular does not specifically mention any bank as having breached the regulations. Instead, it requires all 11 banks to review their foreign staff and make the necessary adjustments.

The banks have until the end of 2026 to comply with the CBG's directive. Failure to do so may result in sanctions, including fines of at least 500,000 dalasis for employing expatriates without the required authorization. The CBG's move is aimed at promoting local participation in the banking sector and ensuring that Gambian employees acquire the necessary skills and knowledge to take over positions currently held by foreigners.

Key points

• The Central Bank of Gambia has given 11 banks until December 31, 2026, to review their foreign staff and replace them with qualified Gambians where possible.
• The decision aims to increase local participation in the banking sector and ensure compliance with the Labour Act of 2023.
• The affected banks include Access Bank Gambia, Ecobank Gambia, First Bank Gambia, and Zenith Bank Gambia, among others.