Central Bank of The Gambia Orders Replacement of Foreign Bank Staff

The Central Bank of The Gambia (CBG) has announced a policy requiring commercial banks to replace certain non-Gambian employees with qualified Gambian nationals by December 31, 2026. This directive affects all banks operating in the country, including Nigerian-owned banks such as Access Bank (NGX: ACCESSCORP), FirstBank, and Zenith Bank (NGX: ZENITHBANK), as well as regional banks like Ecobank.

The CBG's decision follows an industry review that identified a high number of non-Gambian employees exceeding approved expatriate quotas, which is inconsistent with The Gambia’s Labour Act 2023 and Guideline 9 on expatriate employment in the banking sector. Critics, including Gambian commentator Alpha Bah and Nigerian economist Chukwunonso Ihuoma, have raised concerns about the feasibility of quickly filling these positions with qualified locals and the potential for increased operational costs and disruptions in banking services.

Emerging markets analyst Ike Ibeabuchi warned that the loss of specialized foreign personnel could hinder critical banking functions, emphasizing the need for flexibility in staffing across regional operations.