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The Gambia’s Pathway to Prosperity
Reading Time: 6 minutes
Good Morning, honored guests, ladies and gentlemen. I would like to express my appreciation to Minister Njie for the kind introduction. It is a pleasure to be here today in Banjul to speak to such a distinguished audience at this moment of new possibilities for The Gambia.
You represent a true cross-section of this society—reflecting many different interests but sharing the hopes of all Gambians. These hopes found expression in the peaceful political transition of 2017. In just two days here, I am struck with admiration by the energy, determination, and patience of this nation. You have embraced your country’s challenges and opportunities, and your efforts are beginning to bear fruit. What I have sensed is a road to hope and a bright future. Or, in other words, a pathway to prosperity. This is what I would like to address in the time I have this morning.
Let me first set the stage by offering a quick overview of the economic setting in sub-Saharan Africa and The Gambia. As you know, the region has benefited from solid growth over the past two decades. But the past four years have proven more challenging. We have witnessed a divergence of economic fortunes—with diversified, well managed economies continuing to grow and many resource-dependent countries encountering difficulties.
While this pattern has continued recently, we are seeing regional growth regain some momentum. The International Monetary Fund (IMF) estimates that growth in sub-Saharan Africa should accelerate this year to 3.5 percent from 3 percent in 2018. We expect it to expand at close to 4 percent over the medium term. This is good news.
We are very pleased to see that the Gambian economy has rebounded strongly. Growth in 2018 reached 6.6 percent and prospects for sustained growth are positive over the medium term. Inflation has dropped to just above 6 percent, and gross official reserves have increased to about 3 months of imports. This remarkable progress has been achieved through your government’s efforts to stabilize the economy with support from Gambians living abroad, the private sector, and international partners.
There also has been progress in developing infrastructure, which is crucial to ensuring sustained growth. The recently opened Senegambia Bridge, which I am going to visit later today, is a prime example of this progress. It is a symbol of The Gambia’s efforts to deepen economic ties to the rest of the region.
The bridge is also a good segue to the theme of my speech: The Gambia’s pathway to prosperity. As a road, it is a pathway in the literal sense. But it is also a pathway in figurative sense, symbolizing the role of enhanced trade and connectivity in building prosperity. At the same time, domestic policy efforts will be needed to build this pathway.
Enhanced trade is one pillar of the pathway to prosperity. Africa is now moving ahead with creating the Continental Free Trade Area, which The Gambia recently endorsed. This initiative has the potential to boost intra-African trade and growth across many dimensions. It can add jobs, foster competition, help increase investment, and spur the spread of knowledge and technology.[1] All of which could provide significant benefits to The Gambia.
The agreement itself, however, is but one step. To fully benefit from it, the significant nontariff bottlenecks to trade that exist across the region will also need to be tackled. These include infrastructure shortcomings, logistical costs, and other hurdles that hinder cross-border trade.
If these issues are addressed, regional trade integration can help maximize the returns on important public investment, such as the Senegambia bridge, and consolidate the recent pick-up in private sector activity and lending that is integral to sustainable development in The Gambia. On this point, it is important to note that this private sector-led growth needs to be supported through responsible lending by financial institutions to Gambian businesses large and small. Vigilant supervision of banks and other credit institutions will help to ensure financial stability in the face of growing private capital inflows.
Trade integration will also help frame the reforms of this country’s state-owned enterprises. In many cases, the long-term viability of those companies will depend on increasing their regional orientation.
Take the example of the energy sector. The stabilization of electricity output has contributed to your country’s stronger growth. So, the ongoing investment in the electricity transmission not only will link the Eastern and Northern parts of the country, it will also open doors to West Africa’s power networks by enabling cross-border energy trading, including under the flagship OMVG project uniting The Gambia, Guinea Conakry, Senegal, and Guinea Bissau with the aim of harnessing the water resources of The Gambia River Basin to produce low-cost renewable energy for the member countries.
In the same vein, investment to upgrade the port of Banjul could create a new trans-shipment hub for the region. Seen in this context, the Senegambia Bridge could be just one step in the development of the Trans-Gambia corridor within Economic Community of West African States (ECOWAS).
Regional integration and cooperation are particularly important for improving the structure of the economy and enhancing competitiveness. Let me offer two examples:
First, agriculture could be an important contributor to The Gambia’s pathway to prosperity. Regional trade integration and improved infrastructure will be key to growing this important sector of the economy.
On Sunday, I visited Radville Farms, outside Banjul and their processing plant and transit facility near Yundum airport. It was great to see how automation and advanced irrigation techniques are helping to produce high-value and high-yielding crops, boosting exports, and providing high-value employment for many skilled workers, especially women.
In the future, weather tracking, satellite imaging and other sophisticated technological solutions (including artificial intelligence) will be needed to modernize agriculture. They will help to create a farming sector that is more environmentally attuned and resilient to climatic shocks. This is especially important for small and fragile ecosystems like The Gambia’s. Agriculture will then be better able to meet national goals of food self-sufficiency and creation of new export markets.
Second, tourism and other services also remain essential to your future. Regarding tourism, it is great to see The Gambiaattracting record numbers of visitors. New hotels, roads, and other amenities will attract more tourists and will help rebrand your country’s tourism offerings, including by branching out into eco-tourism and water sports. The ongoing expansion of transport infrastructure will facilitate tourism, including better connections to the region. These connections, importantly, will also allow goods to move around the region and help develop trade-related services, including re-exports.
Regional economic integration and cooperation will also strengthen The Gambia’s external position. Exports, private capital inflows, and remittances from Gambians working abroad are rebounding and are likely to increase further with regional integration. This will help build foreign exchange reserves and strengthen confidence in the Dalasi.
So, there are grounds for optimism about the economic outlook. The gains we are witnessing will support your efforts to improve the quality of life for all Gambians. We are already seeing progress in the reduction of maternal and infant mortality rates, and so much more is envisaged under the National Development Plan.
This highlights that, beyond regional integration, there are other important areas of reform to move The Gambia along the pathway to prosperity, which are also key for achieving the Sustainable Development Goals. I would like to highlight three areas:
First, unlocking financial support from donors is one critical challenge. This can be addressed by resolving The Gambia’sunsustainable public debt situation. In this regard, I am pleased to report that at a recent roundtable meeting in Washington, D.C., most creditors indicated support for debt relief. Your government and its advisors are following up on this development.
Second, fostering inclusive growth and addressing social needs is another priority. This means attacking poverty through programs aimed at aiding vulnerable households and creating jobs for unemployed youth. By lowering debt service costs, debt relief can also create budget room to address these needs as well as other budget priorities, including the reform of state-owned enterprises.
Third, strengthening the rule of law and increasing accountability and transparency will also be crucial steps toward sustainable growth. The Janneh Commission revealed the extent of financial mismanagement and misappropriation during the previous regime. More focused efforts will be needed to recover stolen domestic and foreign assets.
The IMF joins the rest of the international community in applauding the governments’ commitment to transitional justice reform through the work of the Commission of Enquiry and the Truth, Reconciliation and Reparations Commission, and the recently established National Human Rights Commission. We also note the plans to establish an Anti-Corruption Commission.
We also join the international community in support of the security sector reforms, which are essential for modernizing the state and strengthening the rule of law.
To conclude, I would like to discuss the role of the IMF.
The Fund provided emergency support in 2017 and is continuing our engagement through a Staff-Monitored Program. In the future we may be able to move to a medium-term program with concessional financing.
In addition, along with international partners and supporting countries, the IMF is strongly committed to helping The Gambia strengthen key institutions, including by providing our technical expertise and training.
It is essential that the assistance of the international community, including the IMF, is closely linked to your country’s development priorities. Please be assured that we stand ready to listen to your ideas and proposals—and to provide all the help we can.
We look forward to working with you as you proceed along your pathway to prosperity.
Thank you for your time and attention. I am happy now, together with IMF colleagues, to answer any questions you may have.
SOURCE International Monetary Fund (IMF)
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Cannabis
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Innocan
Innocan Pharma Initiates FDA Approval Process for Liposome Injection Therapy for Chronic Pain
With its submission of a Pre-IND Meeting Request Letter, Innocan initiates the regulatory process with the U.S. Food and Drug Administration (FDA) for the approval of its prolonged CBD release technology for human use
HERZLIYA, Israel and CALGARY, AB, April 22, 2024 /PRNewswire/ — Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) (“Innocan” or the “Company”), is pleased to announce that is has reached a key milestone: the Company submitted its letter of application for a Pre-IND meeting, the first phase in the FDA approval process in the United States for Innocan’s Liposome-Cannabidiol (LPT-CBD) injectable treatment of chronic pain.
With the global market for pain therapeutics widely expected to exceed US$100 billion by 2032[1], LPT therapy which requires only one single monthly subcutaneous injection, is positioned as a highly attractive alternative to opioid-based approaches. Opioids have and continue to take a significant human toll in recent years, with more than three-quarters of drug overdose deaths in the United States involving opioids, according to the United States Center for Disease Control and Prevention[2].
Innocan’s therapy has shown consistent efficacy in multiple pre-clinical trials in recent years of it’s LPT-CBD injectable treatment through prolonged and controlled release of CBD in animals with chronic pain conditions. Innocan’s Pre-IND Meeting Request Letter to the FDA is a key milestone and important first step in seeking approval of its LPT-CBD therapy for use in humans. At the Pre-IND meeting, the objective will be to obtain guidance from the FDA on the preclinical and clinical development plan, enabling the initiation of an Investigational New Drug (IND) program in the United States.
Iris Bincovich, CEO of Innocan, commented: “We are extremely excited to embark on this next stage in the development of LPT-CBD injectables, this is a major Milestone for Innocan Pharma. We have invested significant effort and many thousands of person-hours in its research and development, accumulating a wealth of preclinical data that will serve as the foundation for our participation in the FDA process. This is a key milestone for Innocan and marks our first step towards the FDA’s recognition of our technology. We see significant potential for our therapy, with an addressable market for pain management therapeutics expected to exceed US $100 billion by 2032, and we look forward to tapping that.“
Dr. Joseph Pergolizzi, Innocan’s FDA Advisory Board Member, added:
“We have worked hard to catalogue the data collected as part of our animal LPT therapy testing program and prepare it for the FDA. We look forward to working under FDA guidance, with the goal of completing the review process as quickly and efficiently as possible. We believe that Innocan’s unique treatment method, if and when it should become FDA-approved has the potential of being a highly valuable non-opioid addition in the medical arsenal of the management of chronic pain.”
About Innocan
Innocan is a pharmaceutical tech company that operates under two main segments: Pharmaceuticals and Consumer Wellness. In the Pharmaceuticals segment, Innocan focuses on developing innovative drug delivery platform technologies based on advanced cannabinoids science, to treat various conditions to improve patients’ quality of life. This segment involves two drug delivery technologies: (i) LPT CBD- loaded liposome platform facilitating exact dosing and the prolonged and controlled release of CBD into the blood stream. The LPT delivery platform research is in the preclinical trial phase for: Pain Management. In the Consumer Wellness segment, Innocan develops and markets a wide portfolio of innovative and high-performance self-care products to promote a healthier lifestyle. Under this segment, Innocan has established a joint venture by the name of BI Sky Global Ltd. that focuses on advanced targeted online sales. https://innocanpharma.com/
For further information, please contact:
For Innocan Pharma Corporation:
Iris Bincovich, CEO
+1-516-210-4025
+972-54-3012842
+442037699377
[email protected]
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary note regarding forward-looking information
Certain information set forth in this news release, including, without limitation, information regarding research and development, collaborations, the filing of potential applications with the FDA and other regulatory authorities, the potential achievement of future regulatory milestones, the potential for treatment of conditions and other therapeutic effects resulting from research activities and/or the Company’s products, requisite regulatory approvals and the timing for market entry, is forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond Innocan’s control. The forward-looking information contained in this news release is based on certain key expectations and assumptions made by Innocan, including expectations and assumptions concerning the anticipated benefits of the products, satisfaction of regulatory requirements in various jurisdictions and satisfactory completion of requisite production and distribution arrangements.
Forward-looking information is subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include but are not limited to: general global and local (national) economic, market and business conditions; governmental and regulatory requirements and actions by governmental authorities; and relationships with suppliers, manufacturers, customers, business partners and competitors. There are also risks that are inherent in the nature of product distribution, including import / export matters and the failure to obtain any required regulatory and other approvals (or to do so in a timely manner) and availability in each market of product inputs and finished products. The anticipated timeline for entry to markets may change for a number of reasons, including the inability to secure necessary regulatory requirements, or the need for additional time to conclude and/or satisfy the manufacturing and distribution arrangements. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release concerning the timing of launch of product distribution. A comprehensive discussion of other risks that impact Innocan can also be found in Innocan’s public reports and filings which are available under Innocan’s profile at www.sedar.com.
Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. Innocan does not undertake to update, correct or revise any forward looking information as a result of any new information, future events or otherwise, except as may be required by applicable law.
[1] https://www.gminsights.com/industry-analysis/pain-management-drugs-market
[2] https://www.cdc.gov/opioids/data/index.html
Logo – https://mma.prnewswire.com/media/2046271/3968398/Innocan_Pharma_Corporation_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/innocan-pharma-initiates-fda-approval-process-for-liposome-injection-therapy-for-chronic-pain-302122779.html
Bolsters Company’s Advantage in Several Key Emerging Markets, including Australia, New Zealand, Germany, Poland and the United Kingdom
NEW YORK, April 22, 2024 /PRNewswire/ — Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) (“Curaleaf” or the “Company”), a leading international provider of consumer cannabis products, announced today the closing of its acquisition of Northern Green Canada (“NGC”), a vertically integrated Canadian licensed cannabis producer focused primarily on expanding in the international market through its EU-GMP certification. The accretive acquisition amplifies the Company’s strategic advantage in established European markets including Germany, Poland and the United Kingdom and provides a foothold in the emerging markets of Australia and New Zealand.
Integrating NGC’s international operation will equip Curaleaf with a secure and consistent high quality, non-irradiated, indoor EU-GMP flower supply, essential to maintaining its leading positions in Germany, the United Kingdom and Poland.
“We are thrilled to welcome NGC formally to the Curaleaf family of global brands,” said Boris Jordan, Founder and Executive Chairman of Curaleaf. “This is an incredibly important deal for our international expansion strategy, as we’ll be able to bolster our supply of high quality EU-GMP certified flower immediately to key European markets as well as enter the fast-growing markets of Australia and New Zealand.”
The global cannabis market is projected to generate $55 billion in sales by 2027. Emerging markets beyond the United States and Canada, including Germany, Australia and New Zealand are expected to contribute $6.3 billion of the $55 billion projection.
Terms of the acquisition of NGC include an initial payment at closing of the Company’s Subordinate Voting Shares valued at approximately US $16 million, subject to a typical post-closing adjustment. An earnout may also be paid in 2025 based upon 2024 performance of NGC’s operations, up to 50% of which will be cash and the rest paid in additional Subordinate Voting Shares. The issuance of Subordinate Voting Shares in connection with the acquisition of NGC has been conditionally approved by the Toronto Stock Exchange, subject to fulfilling customary listing conditions.
About Curaleaf Holdings
Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) (“Curaleaf”) is a leading international provider of consumer products in cannabis with a mission to enhance lives by cultivating, sharing and celebrating the power of the plant. As a high-growth cannabis company known for quality, expertise and reliability, the Company and its brands, including Curaleaf, Select, Grassroots, JAMS, Find and Zero Proof provide industry-leading service, product selection and accessibility across the medical and adult use markets. Curaleaf International is the largest vertically integrated cannabis company in Europe with a unique supply and distribution network throughout the European market, bringing together pioneering science and research with cutting-edge cultivation, extraction and production. Curaleaf is listed on the Toronto Stock Exchange under the symbol CURA and trades on the OTCQX market under the symbol CURLF. For more information, please visit https://ir.curaleaf.com.
Forward Looking Statements
This media advisory contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward–looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as “plans”, “expects” or, “proposed”, “is expected”, “intends”, “anticipates”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. More particularly and without limitation, this news release contains forward-looking statements and information concerning the expected benefits of the acquisition of NGC, and the Company’s planned expansion on internal markets, the Company’s anticipated strategic advantages in European markets and emerging markets, the integration of NGC’s internal operations, the anticipated global cannabis market, and the listing of shares issuable in connection with the acquisition on the Toronto Stock Exchange. Such forward-looking statements and information reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company with respect to the matters described in this new release, including the Company’s ability to successfully realize the expected benefits of the acquisition, and the Company’s ability to fulfil the listing conditions imposed by the Toronto Stock Exchange. Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including the failure to realize the expected benefits of the acquisition, or the Company’s failure to fulfil the listing conditions imposed by the Toronto Stock Exchange. Additional information about these assumptions and risks and uncertainties is contained under “Risk Factors and Uncertainties” in the Company’s latest annual information form filed on March 6, 2024, which is available under the Company’s SEDAR profile at http://www.sedar.com, and in other filings that the Company has made and may make with applicable securities authorities in the future. Forward-looking statements contained herein are made only as to the date of this press release and we undertake no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release. The Toronto Stock Exchange has not reviewed, approved or disapproved the content of this news release.
INVESTOR CONTACT
Curaleaf Holdings, Inc.
Camilo Lyon, Chief Investment Officer
[email protected]
MEDIA CONTACT
Curaleaf Holdings, Inc.
Tracy Brady, SVP Corporate Communications
[email protected]
View original content:https://www.prnewswire.co.uk/news-releases/curaleaf-completes-acquisition-of-northern-green-canada-302123010.html
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