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Momodou
Denmark
11729 Posts |
 Posted - 06 Jun 2011 : 17:13:46
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Dailynews Editorial: Drowned in debt!Gambia Government Must Be Stopped
Monday, June 06, 2011
At a time when even governments of developed countries are cutting down public spending inorder to offset their debt stock, poor Gambia is consuming more and more loan.
In his 2009 budget speech, Mr Abdou Kolley, the then Finance minister raised concern over the country’s roof-top debt stock and cautioned Gambia government to spend wisely.
In 2010, Mr Kolley, though said, Gambia cannot avoid borrowing, he once again raised alarm about Gambia’s rising debt level and advised that loans be invested in income generating sectors.
Yet, the Government fails to heed. In recent months, we have witnessed the current Finance minister signed a series of loan agreements. This must be stopped! We must not bequeath to our children a country that is enchained by debt.
And we must increase investment in productive sectors, such as agriculture and tourism and stop building infrastructures only to make fancy for political credit and merrymaking.
The world has been seriously busy after the financial crisis, Gambia should be seriously busy, too, and do away with unnecessary festivities.
Now, our debt stock does not leave even the International Monetary Fund (IMF) unconcerned.
Though an expected growth of five and half percent of Gross Domestic Product (GDP) in real terms in 2011 has been envisaged, the heavy debt burden should concern Gambia government.
Heavy indebtedness of a nation increases it vulnerability to economic enslavement.
The foundation for The Gambia to be dropped from the list of Heavily Indebted Poor Countries (HIPC) should be laid now. The present government inherited an indebted country and continues to make us more indebted.
IMF has pledged support for government to curb its borrowing needs beginning in 2011, with the goal of achieving near zero net domestic borrowing by 2014.
However, our concern is: What economic improvement mechanism has the government put in place or would put in place to curb the debt burden?
The millions spent on other infrastructure projects like the Arch 22, new National Assembly building under construction, street lighting and social festivities should have been projects to boost the economic status of the country.
One cannot still understand why the government is not spending on industrial projects, which can create more employment opportunities to absorb the unemployed population of the youths of our beloved motherland.
For example, the government could come up with industrialisations project and put up a medium industry in all districts of The Gambia. This medium projects can either be a D2Million project each or less and be expanded by time.
The government of The Gambia should concentrate on sustainable development and build the economic base of the country.
If we have food processing plants in the country, the ‘back to the land’ call will be answered to by more people, as it will create a broader market outlet for our subsistent farming community across the country.
Women are doing very well in gardening – producing vegetables just to get most of it rotten in a short period because of the lack of storage facilities.
The status quo called for the provision of a storage means to these poor women farmers who continue to work from dawn to dusk to earn a dignified living for their families.
We cannot place our pride in infrastructure development, the majority of which are from loans to be serviced and paid.
Both the former and the present government of The Gambia have made us so indebted that our children and children’s children will continue to pay loans. Despite the 16 years of Jammeh administration, The Gambia is still a poor consumer country and all the IMF praise on our economy have little or virtually no impact on the common Gambian.
Source: Dailynews
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A clear conscience fears no accusation - proverb from Sierra Leone |
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kobo
United Kingdom
7765 Posts |
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toubab1020
12311 Posts |
Posted - 06 Jun 2011 : 20:28:53
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The Daily News sums it up in one sentence,surprised they are still in the newspaper business and have had no more visits at night.!
"The Gambia is still a poor consumer country and all the IMF praise on our economy have little or virtually no impact on the common Gambian." |
"Simple is good" & I strongly dislike politics. You cannot defend the indefensible.
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Edited by - toubab1020 on 06 Jun 2011 20:30:16 |
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Santanfara
3460 Posts |
Posted - 08 Jun 2011 : 01:27:36
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| What happen to 'Allah's Bank'? Yahya insults the West but is never ashame to go cap in hand. The debt will never be repaid, sadly, the infrastures will crumbled in a few years because there is no money to maintain them and we will be back to square one. Show off governance. |
Surah- Ar-Rum 30-22
"And among His signs is the creation of heavens and the earth, and the difference of your languages and colours. verily, in that are indeed signs for men of sound knowledge." Qu'ran
www.suntoumana.blogspot.com |
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Karamba
United Kingdom
3820 Posts |
Posted - 08 Jun 2011 : 03:35:32
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| Santanfara, Yaya the day that comes clean to people of Gambia, that is it. Don't ever expect it. There is so much skeleton in his cupboards. Let him stay on the joy riding. |
Karamba |
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kobo
United Kingdom
7765 Posts |
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Karamba
United Kingdom
3820 Posts |
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shaka
996 Posts |
Posted - 03 Aug 2011 : 02:21:22
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quote:
Originally posted by kobo
FOROYAA NATIONAL - Gambia’s Domestic Debt Now D9.7 billion Whilst Food Price Inflation Rises To 7.4 Percent
What!! D9.7 billions? No wonder all kinds of banks are flocking to The Gambia. You just can't go wrong as a bank with a willing borrower like The Gambia government. It is now obvious why private individuals and businesses can't access loans and credits from Gambian banks anymore. They certainly can't compete with The Gambia goverment for credit worthiness. Poor taxpayers will continue to be taxed to death to service domestic debt to local banks - who has also out muscled the private sector and individuals in the clamour for high yield government treasury bills. Every year, local banks announce record profits while poor Gambians bear the brunt of high taxes which is normally reflefted in souring cost of living as business hike prices to compensate for increase in taxes. Yet the ***** of a President have the gull to tell Gambians to venture into business to alleviate rising cost of commodities. Where are they going to get the money from? Certainly not from the local Gambian banks who have their eyes transfixed on only the mouth-watering high yield treasury bills the Government is dishing out. What an outrage!! The Daily News editorial is spot on. THE GAMBIA GOVERNMENT MUST BE STOPPED!!! AND NOW!! |
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turk
USA
3356 Posts |
Posted - 03 Aug 2011 : 03:34:07
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Shaka
Your may not have sufficient information to make a conclusion. I am not making an positive conclusion either but the debt-to-GDP ratio would give you better idea how bad the economy is.
Public debt for Gambia is 41,4% of GDP (2009 est.)
In wiki, there are list of states with debt-to-GDP ratio.
If there is dramatic change last year (Which could likely happen as most of the western economies including Greece, Portugal and USA have the dramatic increase in debt situation) and now and this ratio goes about 100 percent, I am not sure. I could not find 2011 figures. But it look like the debt jumped large percentage from previous years, so it looks like a problem like many other countries.
Our bantaba economist uncle santa may have the figures.
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diaspora! Too many Chiefs and Very Few Indians.
Halifa Salah: PDOIS is however realistic. It is fully aware that the Gambian voters are yet to reach a level of political consciousness that they rely on to vote on the basis of Principles, policies and programmes and practices. |
Edited by - turk on 03 Aug 2011 04:07:48 |
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Moe
USA
2326 Posts |
Posted - 03 Aug 2011 : 04:10:38
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| That is after you confiscate that "Satala" Whiskey from Him. He better have the figures if he ain't wasted, Good to see ya back King Shaka.....................................................Peace |
I am Jebel Musa better yet rock of Gibraltar,either or,still a stronghold and a Pillar commanding direction
The GPU wants Me Hunted Down for what I don't know ..... |
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turk
USA
3356 Posts |
Posted - 03 Aug 2011 : 04:23:56
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quote:
What happen to 'Allah's Bank'? Yahya insults the West but is never ashame to go cap in hand. The debt will never be repaid, sadly, the infrastures will crumbled in a few years because there is no money to maintain them and we will be back to square one. Show off governance.
Santa
What do you suggest for a country that does not have any natural resources other than (soil) with no technology, low human capital with many social and economic problems i.e. poverty. You sound like Gambia has many options. That is true Jammeh may not be a Keynes type of economist, but what is your suggestion?
Are you suggesting not to invest in infrastructure? Are you suggesting not to get loan? What is the alternative? Tell us about economic model that Gambia should follow? UK, USA? China? |
diaspora! Too many Chiefs and Very Few Indians.
Halifa Salah: PDOIS is however realistic. It is fully aware that the Gambian voters are yet to reach a level of political consciousness that they rely on to vote on the basis of Principles, policies and programmes and practices. |
Edited by - turk on 03 Aug 2011 04:25:51 |
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toubab1020
12311 Posts |
Posted - 03 Aug 2011 : 16:19:55
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In the light of their absence on the WWW for some time it looks like they are out of business.
quote:
Originally posted by toubab1020
The Daily News sums it up in one sentence,surprised they are still in the newspaper business and have had no more visits at night.!
"The Gambia is still a poor consumer country and all the IMF praise on our economy have little or virtually no impact on the common Gambian."
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"Simple is good" & I strongly dislike politics. You cannot defend the indefensible.
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shaka
996 Posts |
Posted - 04 Aug 2011 : 02:12:01
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| I will come back to you soon Turk. I'm a bit tied up. Goorgi Moe wassup? |
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turk
USA
3356 Posts |
Posted - 04 Aug 2011 : 02:27:59
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| Ok. But please be gentle. I don't want to gulp. |
diaspora! Too many Chiefs and Very Few Indians.
Halifa Salah: PDOIS is however realistic. It is fully aware that the Gambian voters are yet to reach a level of political consciousness that they rely on to vote on the basis of Principles, policies and programmes and practices. |
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