Chairperson’s statement adopt the Global Reporting Initiatives (GRI) standards as well as the Consultative Group to Assist the Poor (CGAP) Social Performance Taskforce Indicators. This is further reflection of our commitment to corporate social responsibility as we seek to develop relations with communities and civil society. To support the Company’s continued growth, we recognised the importance of best corporate governance practices and consistency throughout the organisation. In that regard, we created the position of Chief Credit Officer, promoting from within in early 2008 to reflect the importance of our microfinance business. Separate statements on Corporate Governance and Social Responsibility are contained elsewhere in this report.
Outlook The current financial crisis and the global credit crunch will continue to cast a shadow over the global economic performances, particularly for developing countries. The outlook for The Gambia is re-assuring as the Government and the Central Bank of The Gambia are committed to ensuring sound fiscal and monetary policies that continue to position the country as a preferred destination for Foreign Direct Investment. Economic growth will no doubt slow down and the declining prices of fuel and other basic commodities will most likely stem the inflationary pressures. Interest rates will remain relatively stable as the Government continues to enjoy the fruits of the Highly Indebted Poor Countries (HIPC) and Multilateral Debt Relief Initiative (MDRI) debt relief approved by the International Monetary Fund in December 2007. At the Company level we would focus on further re-capitalising the Company in lieu of the new capital adequacy requirements of the Central Bank as well as for financing the growth of our business and strengthening our basic infrastructure. This will position us to invest in latest smart technologies that will enable us to extend outreach to the remote communities of The Gambia that need financial services the most. 2009 will be a year of consolidation for the Company as we seek to leverage on our extensive network and improve the productivity of our people. This will 10
enable us to deliver exceptional services to our customers with the objective of increasing the footprint in our outlets for all products and service offerings. With increasing competition within the financial services sector, evidenced by the increasing number of new commercial banks slated to open during the first half of the year, we would focus on our core microfinance business, which traditionally is more resilient during economic downturns anchored on our Blue Ocean Strategy in which we seek to create an uncontested market space, break the cost leadership and differentiation trade off, and through the voice of our customers create new demand for our products and services.
Acknowledgments I want to personally recognise the services of Mr. Alpha Barry who had to step down from the board early in the year as a representative of the international shareholders. Mr. Barry was quite pivotal not only as board director but provided valuable advice and encouragement to the founders during the formative stage of the Company and we pray for his continued well being and success with Deloitte. Mr. Barry was replaced by Mr. Alieu Secka on 24th July 2008 and I extend our warmest welcome to him. I would like to register our sincere gratitude to all our Deposit for Development customers for their support to the good causes of Reliance as part of their corporate social responsibility.
Conclusion I wish to conclude by placing on record my Board’s gratitude to all stakeholders who helped us make 2008 a remarkable year, you the Shareholders, the Government and the Central Bank. We express particular gratitude to our development and business partners, our esteemed customers as well as our dedicated and professional staff at Reliance. I trust all of you will continue supporting our endeavour to use financial services as a platform to change lives of our people and communities.
Mrs.Amie N.D.Bensouda Chairperson of the Board of Directors Dated 25th March 2009