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OB1
84 Posts |
 Posted - 26 Apr 2006 : 16:57:30
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The Central Bank of the Gambia introduced a new series of upgraded currency notes for the D5, D10, D25, D50 and D100 denominations in July 1996, just before the presidential elections.
In 2001 new notes were again printed just before the presidential elections!
Q: And what did they do with the old notes?
A: Instead of burning them and keeping them out of circulation, they used them to campaign! Drowning the economy in an influx of excess money supply, and driving inflation way, way up! Why do you think we under reported our progress in the PRFG to the IMF?
Do not be surprised if Jammeh prints new money in the coming months!
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jambo
3300 Posts |
Posted - 26 Apr 2006 : 17:04:33
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| no way!?!? |
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kondorong
Gambia
4380 Posts |
Posted - 26 Apr 2006 : 18:17:59
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Sankofa said so. Didyou not read it. He predicts a D200.00 note before the elections. Inflation is high and people are tired of carrying packs of notes that disappear before you know it. The 5, 10 and 25 and used for change these days. They hardly buy you anything descent. May be candy and one can of drink. Thats all. Even four bananas is more than D10 and an apple is D15 to D17.
One kilo of meat and bone is D70. What will a D5 do except increase the load. Very soon you will need a wheel barrow to transport money just like in Zaire and Ghana where they talk of tens of thousands for basic stuff. The fisrts time i went to Ghana, my taxi fare (hire)was 10,000 cedis. I refused but when i learnt of the exchange rate i quickly paid. The Gambia is heading towards that.
The current value is actually suppressed beacuse of speculation and hoarding. Many millionaires were made especially when the money shop was operating. The dollar and pound is suppressed and the big guys will buy millions and then let the rate rise as a result of fake demand and then sell. It is good the mnoney shop is closed.
If you travel on the Senegambia road just after the NAWEC power stataion junction, look on your left. You will see a big estate with a dome. It is made of marble and belongs to a public official. Gambia is so rich that houses are made of marbles yet we claim we are poor. I heard that the owner bought a hose in the US for US$300,000.00 cash. He is now in jail but i believe he is just a front runner as baba was. He was used and dumped. |
“When I despair, I remember that all through history the way of truth and love have always won. There have been tyrants and murderers, and for a time, they can seem invincible, but in the end, they always fall. Think of it--always.” |
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bamba
Sweden
401 Posts |
Posted - 26 Apr 2006 : 18:32:46
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What a waste printing valueless currency notes. Just the printing is expensive.
African politics has become the world's most lucrative business after the demise of Nkrumah and other progressive leaders. They must be turning ten times in their graves. |
Bamba |
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rah
117 Posts |
Posted - 26 Apr 2006 : 19:07:56
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| It smells like money laundering in a "hygienic" way. Whatever, yeh,rah |
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ylowe
USA
217 Posts |
Posted - 27 Apr 2006 : 01:29:36
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| Kondorong. you talked about hoarding by bussinessmen and it tells you that the central bank is not in total control of monetary policy. It is instead partly control by bussinessmen who determines the value of the currency. |
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kondorong
Gambia
4380 Posts |
Posted - 27 Apr 2006 : 01:56:08
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Ylowe
The money shop managed by Baba was involved in forex business. As for the central Bank staff i am not sure what is happening there. Staff are building marble homes. Your guess is as good as mine.
Junkung eventually dismissed many of them so that he is seemingly seen to be doing something. Those staff cannot operate independent of some big man somewhere. |
“When I despair, I remember that all through history the way of truth and love have always won. There have been tyrants and murderers, and for a time, they can seem invincible, but in the end, they always fall. Think of it--always.” |
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OB1
84 Posts |
Posted - 27 Apr 2006 : 12:49:17
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| The Money shop was owned by YDE, which was partly owned by Baba Jobe and Lang Conteh, later tansfered to Kongira, and Buba Saho (J22nd movement). The YDE was financed by Jammeh (he said it), thus his ownership of the money shop also extended to him having some shares in it. The shop was forcefully closed under the stern advice and scolding from IMF and WB through the Paris Club, when it was discovered that there was massive diversion of funds from the Central bank to other ventures like the Money shop and YDE rice etc...Jammeh quickly exonerated himself (in a letter he wrote to Mr.Kohler) and arrested them all, put them under Justice Paul for charges. Lang was charged along side Baba Jobe. Lang did 6 months for 600 million dalasi theft, and Baba is doing 9 years for about 50 million. There you have it. The dome by the way is Lang Conteh's property. He is out now, enjoying his Destiny's night club and other looted goodies. |
BN |
Edited by - OB1 on 27 Apr 2006 12:50:06 |
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kondorong
Gambia
4380 Posts |
Posted - 27 Apr 2006 : 19:45:49
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OB1
YAW MIN BI YAW MIN(HOLY QURAN). The day will come when they will all answer to these charges. IT WILL COME AND MUST COME.
There was someone who said he will go the dark room. I think i will join him. This is why i have said that Gambia is not poor. We mismanage fund for private pockets. This is why there are no tenders in the Gambia. CSE wins all of them even if they do nto apply.
Baba Jobe was an Assistant Secreatay on grade 8 of the integrated Pay scale with a monthly salary of less than D2000.00. Infact when he was appointed directly to grade 8 many people protested to the Secratary General becasue he did have a masters degree required for direct entry to grade 8 in the Adminstrative Cadre. By that time people did not know his connections. But eventually it became clear that his appointment as Assistant Secretary was just the beginning of many anomalies to come.
We can provide free education to High School in the Gambia and atlest provide paracetamol to patients rather than having to buy them from private pharmacies if we institute prudent fianacial discipline. No wonder we are the most indebted country in West Africa. No wonder Junkung said even his grand chilldren will never be poor. |
“When I despair, I remember that all through history the way of truth and love have always won. There have been tyrants and murderers, and for a time, they can seem invincible, but in the end, they always fall. Think of it--always.” |
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salimina
253 Posts |
Posted - 27 Apr 2006 : 19:54:38
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| My friend Kondorong,economic mismanagement is not unique to only the president, it is a gambian way of life. Unless and until we know the meaning of real development and be real nationalist we as a nation will never go anywhere.Jammeh learned his trade from the former regime.And for the future,its really cloudy. |
Edited by salimina |
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kondorong
Gambia
4380 Posts |
Posted - 27 Apr 2006 : 20:00:48
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That is what i have said. Until we have financial discipline, we will continue to be consumers rather than partners in development.
However, if the head is rotten, what happens to the body? You are the better judge. Change has to start from the top if there is going to be any meaningful development. Certainly Junkung is not showing the way for now. May be after the elections. Birds of the same feather flock together. D600 million is certainly the highest record in gambian history. If that is not unique, then may be you know of horible ones under this government and should share with us. Certainly not during the PPP. |
“When I despair, I remember that all through history the way of truth and love have always won. There have been tyrants and murderers, and for a time, they can seem invincible, but in the end, they always fall. Think of it--always.” |
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salimina
253 Posts |
Posted - 27 Apr 2006 : 20:06:06
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| However if the head is rotten what happened to the body?In answer to your question i think the whole body( populace) is rotten so is going to be very difficult to pick a level headed person. |
Edited by salimina |
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salimina
253 Posts |
Posted - 27 Apr 2006 : 20:10:04
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| In addition, you are talking about D600 million what about the millions of dollars jawaras regime share after the 1991 coup? |
Edited by salimina |
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kondorong
Gambia
4380 Posts |
Posted - 27 Apr 2006 : 20:12:35
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| Can you be more explicit. Do you have evidence or is it mere speculation |
“When I despair, I remember that all through history the way of truth and love have always won. There have been tyrants and murderers, and for a time, they can seem invincible, but in the end, they always fall. Think of it--always.” |
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salimina
253 Posts |
Posted - 27 Apr 2006 : 20:18:36
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| Kon, only one person was imprison of that economic saga but he impregnate his wife at the prison.This might ring the bell for you. |
Edited by salimina |
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kondorong
Gambia
4380 Posts |
Posted - 27 Apr 2006 : 20:23:48
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wow
Where were he prison Guards. This man must have been in heaven not in prison to father a child. I am trying to scratch my brain. I was very young then around 9 or ten years. It sounds like i have heard something but cant recall.
I know that there was a kind of department set up to cordinate donations after 1981, and there wasn't a happy ending. Too young to understand politics.
Never mind. It is good to know and one day may be i will have opportunity to talk to Jawara. I will ask about the money. Trust me on this promise. |
“When I despair, I remember that all through history the way of truth and love have always won. There have been tyrants and murderers, and for a time, they can seem invincible, but in the end, they always fall. Think of it--always.” |
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