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toubab1020
12314 Posts |
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Sister Omega
United Kingdom
2085 Posts |
 Posted - 30 Dec 2009 : 02:11:15
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Toubab1020,It seems crazy for shopkeepers to decline to take the national currency in exchange for goods. Just imagine the chaos for local businesses if customers globally started to use any currency they felt to when buying commodities. This would led to a breakdown in the international monetary system as we know it. Maybe that's why the Police have sent out this warning signal. It seems that some shopkeepers are trying to bypass protocol and are setting themselves up as money converters instead. It seems a bit Shady to say the least and needs to be cut in the bud before the practice carries on.
Peace
Sister Omega |
Peace
Sister Omega |
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kayjatta
2978 Posts |
Posted - 30 Dec 2009 : 10:24:08
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It is apparent that "the worth of the Dalasi is in serious question" here. The government is covering up a skyrocketing inflation. The dalasi is losing value against all major international currencies, and price of commodities are shooting through the roof. A bag of sugar is already over a thousand dalasis and I don't even know what Gambians are eating sugar for??? Remember the Guinean Syllis under Sekou Toure, and the Ghanaian Cedis under Rawlings? Its now the Dalasi under Jammeh. It simply takes a truck load to buy a loaf of bread. I think the Chairman needs to stop printing more money. That printing machine under his bed he calls his "World Bank" needs to be taken away  . |
Edited by - kayjatta on 30 Dec 2009 10:25:51 |
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toubab1020
12314 Posts |
Posted - 30 Dec 2009 : 13:00:37
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I was going to add this link to my first posting,then I though ,no,too much here already,so a new posting,which I think shows how VERY worried the administration is,Sister Omega I have to disagree with what you have written about the shopkeepers,I think that the wholesalers are having to pay in other curriencies for their supplies that they import,which lets face it is most of the products in the shops.
This from The Observer,
http://observer.gm/africa/gambia/article/impressive-fiscal-performance-1
Impressive fiscal performance
Africa » Gambia
Wednesday, 30 December 2009
Editorial
The 2009 fiscal year has ended; barely a week ago and the 2010 revenue earning and expenditure proposal of the government, read out to deputies at the National Assembly for scrutiny and eventual approval. Generally speaking, the mid 2009 was not a pleasant one in terms of economic progress globally. The year is marked by the greatest economic melt down ever experienced by the world after the great depression of the 1930s; the resultant effect of which was stunted economic growth on the part of many developed economies with collapsing companies and mass job redundancy.
However, despite all these grave economic hard times at the global level, The Gambia#146;s economy registered a significant progress throughout the course of the 2009 fiscal year. It is therefore worth commending the leadership of the country for engendering sound fiscal policies and exploring dynamic leadership skills to ensure that the country does not fall victim to the self imposed economic crisis of the developed nations.
As the governor of the Central Bank revealed: #145;The Gambia#146;s Gross Domestic Product (GDP) is estimated to grow by 5.0 percent in 2009. The agricultural sector recorded a second year of strong growth largely attributed to good rains and successful expansion of rice faming; money supply grew by 19.3 percent in the year to end-November 2009, lower than the growth rate of 19.8 percent in 2008. Both narrow money and quasi money grew by 8.6 percent and 30.5 percent a respectively year earlier while reserve money grew by 18.4 percent in November 2009, higher than the growth of 3.9 percent a year earlier#146;.
However, these statistical facts have illuminated the concrete evidence that The Gambia, under the dynamic leadership of President Jammeh constitutes a people-centred government that ensures that the needs and aspirations of the people are met.
Furthermore, the sustenance of our economy in the midst of a global economic sinking demonstrates that the leadership is jealously safeguarding our development process; this is sure because the economy is the base on which all foundations of development are laid; its sustenance simply means the sustainability of societal development.
What is even more fascinating is the revelation that the agricultural sector has registered a strong growth with successful expansion of rice farming. This testimony shows that Gambians have now realised the significance of President Jammeh#146;s #145;back to the land#146; call and are responding en mass to the calarion call. For a decade and half now, the leadership has been investing heavily in the maximization of agricultural production; the steady growth of the sector as indicated by this year#146;s bumper harvest shows that if such a trend continues, the country would be on attain food self sufficiency the soonest. We hope that the citizenry, as the president always says, should change attitude and take ownership of the development process of the country so that collectively we can raise the flag of the country to higher heights.
The revelation by the Central Bank boss has undoubtedly justified the reason for a proliferation of more business units in the country, ranging from banks to light industries. The final analysis is that the dynamic leadership of President Jammeh has provided the enabling environment that makes it possible for the growth and progress of the country. It is our duty as citizens to explore the existing window of opportunities and make The Gambia an icon of progress.
As the Central Bank boss said: the implementation of the 2010 budget would support growth, maintain low inflation, improve debt sustainability and also create room for more robust growth in private sector credit. There is undoubtedly more room for progress and it is the citizenry that can produce the best outcomes.
Author: Daily Observer
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"Simple is good" & I strongly dislike politics. You cannot defend the indefensible.
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Edited by - toubab1020 on 30 Dec 2009 15:06:21 |
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Sister Omega
United Kingdom
2085 Posts |
Posted - 31 Dec 2009 : 02:58:53
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1.00 US dollars = 26.56 Gambian dalasi
Exchange rate: 26.560000
Rate valid as of: 30/12/2009
Toubab1020 Here's the latest exchange rate of the US$ and the Dalasi. Within the context of the Global Recession no wonder a struggling economy is having difficulties. The only way up for Gambia would be for the country to produce more of its staple food products and cut down on its imports. Gambians need to be more proactive by growing more of their own food.
Why does Gambia import onions from Holland when it can grow its own onions and in reality the Dutch onions come from the Caribbean and are then exported to Holland to be stamped and shipped to Gambia?
Why does gambia import tomatoes, and rice? If rice is too expensive then people need to seek a cheaper alternatives rice. Cous, potatoes, yams,etc. People complain about food shortages or the prices being hiked, lack of jobs etc. But when are they actually going to come together and get their hands dirty, plant the crops to make it happen. There's a saying that human beings are made of dust but are full of pride. There's another saying that pride becomes before a fall.
kay you made reference to the price of sugar going up to 1000D per sack I presume. May I add that "hopefully the cases of diabetes overtime will go down!" As for Sekou Toure his message for the Guinea People was to become food sufficient. Now just imagine if Africa could feed itself today without begging for food, clean, water or sanitation, appriopriate education for both men and women. That African medics were retained in there countries of origin, and not stuck in the West often not being able to practice medicine because their degrees are deemed worthless because they didn't study in a particular EU country. Or they were fortunate to be educated aboard but decided that returning to African is a distant goal something nice to think about for retirement.
Times are hard everywhere especially as there's a Global Recession. In an economic slowdown when millions of people have been made unemployed, lost their homes, Gambians relatives and friends have not been deemed exempt from this process. Many of whom contribute to subsidizing their families and friends in Gambia are feeling the pinch economically and have had to tighten their own belts. I would also pursume that there has been a signficant short fall in the billions of Gambian expat revenue contributiong to the GNP has declined over the past year due to the current recession.
So, it's hardly suprising that the Dalasi is feeling jittery and as a consequence the local economy is feeling the strain. The tourist revenue is probably depleted to a trickle. After all we are living in an interdependent world. However Toubab1020, I don't think the solution is for shopkeepers whether they be wholesalers or retailers to have a blanket ban on the Dalasi by insisting on their customers paying exclusively in foreign currency when purchasing goods in Gambia.
Toubab1020 try the shoe on the other foot for a minute (Hypothetically speaking of course, bear with me it's a cybershoe.) Wouldn't this be like someone purchasing items in New York and the shopkeeper insisting that all transactions must be made in Austrialian Dollars? Which government will collect the tax on those items the US or the Australians?
Peace
Sister Omega
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Peace
Sister Omega |
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kayjatta
2978 Posts |
Posted - 31 Dec 2009 : 07:18:28
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"kay you made reference to the price of sugar going up to 1000D per sack I presume. May I add that "hopefully the cases of diabetes overtime will go down!" As for Sekou Toure his message for the Guinea People was to become food sufficient. Now just imagine if Africa could feed itself today without begging for food, clean, water or sanitation, appriopriate education for both men and women. That African medics were retained in there countries of origin, and not stuck in the West often not being able to practice medicine because their degrees are deemed worthless because they didn't study in a particular EU country. Or they were fortunate to be educated aboard but decided that returning to African is a distant goal something nice to think about for retirement." Sister Omega said
I think it is a bad joke to suggest that the Gambia can drive down the rate of diabetes by the skyrocketing prices of basic commodities. Gambians should embrace a life that is largely free of refined sugar; however, the prevention and treatment of diabetes should be based on sound national medical and healthcare policies and practices.
Self-sufficiency in food is not merely a message to be delivered to either the Gambian people or the Guinean people. National (agricultural) policies, programs and incentives must be put in place to motivate and enable people (farmers) to grow more effectively and productively. Countries that take away individual and community lands and give them to the Presdent and a few previleged wealthy cannot achieve food self-sufficiency. Countries where the basic capital or resources for farming such as machines, tools, fertilizer, transportation, (irrigation) water, and so on and so forth remain well beyond the affordability of the farmers cannot achieve food self-sufficiency, no matter how much lip service about it.
What we are observing in the Gambia is massive inflation that the government is not willing to admit. The Gambian currency, the dalasi is very unstable, resulting in highly unstable prices and diminished confidence in the economy. That is why business people have began running away from the dalasi, because apparently they lose money every time they complete a transaction that pays them in a dalasi that is on a daily free-fall. I don't blame them; no one is required to accept a currency if it is reduced to a toilet paper. It happened in the Congo (Zaire) under Mobutu, and Zimbabwe recently... |
Edited by - kayjatta on 31 Dec 2009 07:23:45 |
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jambo
3300 Posts |
Posted - 31 Dec 2009 : 12:33:55
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here is the situation, i am in gambia with dls to spend and cannot, what nonsense, sister omega asks goods questions about imports. the recent trade show by GCCI, the Kanili farm stand would not sell me rice, onions, and other vegetables because a price had not been set. WHAT RUBBISH, you go there with the intention of buying, why not sell me the goods.
there is something not right about gambia import goods that it grows itself.
it has a label for home grown goods, GAMBIA IS GOOD gig,
SISTER oMEGA, AS FOR "GETTING HANDS DIRTY" long time for that to come, right now it is all about technology, finance and look to the west for goods. |
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Ramou
90 Posts |
Posted - 31 Dec 2009 : 13:02:59
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Hehehehe... only in Gambia will one go to a trade fair and expect to buy onions and rice
Jambo, are you well? You can find plenty of rice and onions in the markets - that's where you should have gone to spend the Dls "you couldn't spend"!
Trade fairs, the world over, are events to showcase products and services of an industry (automobile, agriculture, etc.) and NOT for selling goods. You go there, see the products and, should you find something that interests you, get information as per where to buy it from. You may get some "freebie" samples here and there. That's it! The GCCI event was no different. Perhaps you are confusing this with flea and farmers markets.
Ramou
quote:
Originally posted by jambo
here is the situation, i am in gambia with dls to spend and cannot, what nonsense, sister omega asks goods questions about imports. the recent trade show by GCCI, the Kanili farm stand would not sell me rice, onions, and other vegetables because a price had not been set. WHAT RUBBISH, you go there with the intention of buying, why not sell me the goods.
there is something not right about gambia import goods that it grows itself.
it has a label for home grown goods, GAMBIA IS GOOD gig,
SISTER oMEGA, AS FOR "GETTING HANDS DIRTY" long time for that to come, right now it is all about technology, finance and look to the west for goods.
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Edited by - Ramou on 31 Dec 2009 13:07:53 |
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toubab1020
12314 Posts |
Posted - 31 Dec 2009 : 15:41:02
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Sister Omega, agree with all of that,in relation to the shopkeepers I was suggesting that as they are given an account be the wholesalers and the wholesalers get most of their stock from abroad and the Dalasi is jittery as you put it the wholesalers have to pay their suppliers in hard currencies I suspect and that is getting hard to come by the recession and all that so they are feeling the pinch and passing that pinch onto the retailers who try to make a bit extra by "suggesting" to their customers that they pay in currencies other than the Dalsi.There may also be an element of black market money exchange as well.
quote:
Originally posted by Sister Omega
1.00 US dollars = 26.56 Gambian dalasi
Exchange rate: 26.560000
Rate valid as of: 30/12/2009
Toubab1020 Here's the latest exchange rate of the US$ and the Dalasi. Within the context of the Global Recession no wonder a struggling economy is having difficulties. The only way up for Gambia would be for the country to produce more of its staple food products and cut down on its imports. Gambians need to be more proactive by growing more of their own food.
Peace
Sister Omega
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"Simple is good" & I strongly dislike politics. You cannot defend the indefensible.
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jambo
3300 Posts |
Posted - 04 Jan 2010 : 12:43:36
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Ramou, I am very well, at this year's trade fair, there were products to buy, so my question is this, KANILIA FARM STAND one of the biggest for food, could not sell me rice. TRADE IS TRADE, if i go to a trade fair in other countries you can at least get a price. this was about trade, give me a price so I know whether i want to place an order.
for your information, the system at previous gambia trade fairs, you placed and order, paid the money and then went back a few dayslater and collected the goods. that was they did not always have in enough stock on the stand to give to everyone that wanted to buy.
MY QUESTIONS IS THIS, how come no price. COST/PRICE/TIME is an issue in TRADE, OR IS THAT A DIFFERENT SYSTEM DID YOU USE.  |
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Ramou
90 Posts |
Posted - 05 Jan 2010 : 08:38:39
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Jambo,
You have raised some valid points. Have a nice day and a Happy New Year!
That said, you shouldn't expect much from Kanilai Farm; as an outfit of the Professor, one man alone decides everything! Afterall, he has access to Allah's World Bank and hence doesn't care much about the peanuts he makes through "farming."
I agree that any business savvy person would do as you expected.
Best wishes,
Ramou
quote:
Originally posted by jambo
Ramou, I am very well, at this year's trade fair, there were products to buy, so my question is this, KANILIA FARM STAND one of the biggest for food, could not sell me rice. TRADE IS TRADE, if i go to a trade fair in other countries you can at least get a price. this was about trade, give me a price so I know whether i want to place an order.
for your information, the system at previous gambia trade fairs, you placed and order, paid the money and then went back a few dayslater and collected the goods. that was they did not always have in enough stock on the stand to give to everyone that wanted to buy.
MY QUESTIONS IS THIS, how come no price. COST/PRICE/TIME is an issue in TRADE, OR IS THAT A DIFFERENT SYSTEM DID YOU USE.
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MADIBA
United Kingdom
1275 Posts |
Posted - 05 Jan 2010 : 09:12:33
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This has nothing to do with the value of the dalasi. I am still on holidays in the Gambia. If anything the dalasi has appreciated against major currencies like the dollar and pound sterling. When in came the pound was 43.50 , now as we speak, the buying is 42 and selling barely hitting 43. last week i bought some pounds in the black market for 42.85. If any currency has appreciated against the dalasi, it is the CFA. Which some months ago was changing CFA5000=D265
drastically appreciated weeks before the tobaski to a record level of CFA5000=D300. Last week the dalasi made some gains against the CFA. The rate over the weekend was between 285 and 290.
So this talk of the massive inflation is just hot air.
There are some greedy business men out there who create artificial shortages. This is not the first time. Some 20 odd yrs back the same situation was created especially in our border towns such as Farrafenni.
These business men are either Guineans or Senegalese. last week or so i saw Hon. Suku singhateh on TV during the debates in parliament bemoaning the hardships that some foreign business inflict on our people. He argued that gov't should come up with legislation to ensure that indigenous business should be allowed to deal in essential commodities then our people would be protected against this market malpractices. He boldly said its only the Gambia in the entire sub-region that allows foreigners to deal in essential commodities such as rice, sugar. He said as a business man he wanted to import rice in to Mali but his efforts were thwarted.
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madiss |
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kayjatta
2978 Posts |
Posted - 05 Jan 2010 : 11:05:18
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"...hot air"?
Inflation is an increase in the prices of goods and services in an economy over a period of time. When prices increase, each unit of currency buys fewer goods and services. Therefore, inflation is a reduction in the purchasing power of money. The dalasi's purchasing power has been on a free fall since Jammeh came to power. Please also see Halifa Sallah's New Year message on Foroyaa newspaper for another reference to inflation in the Gambia.I think the most recent inflation rate for the Gambia was 6%, and it was recently as high as 17%, which still compares favorably to Zimbabwe's recent near 158% inflation rate. However, considering the ideal 2-2.5% inflation rate, the Gambia's 6% rate in the face of zero salary/wage growth and decline in exchange rate has increased the level of poverty in the country.
In the year 2000, at the start of the decade, the dalasi was 10 to the dollar. Today it is 26 to the dollar. In the same year, a bag of rice was around 300 dalasis. Today the price has more than doubled. A bag of sugar has nearly tripled over the same period of time. The cost of transportation from Banjul to Serekunda has nearly tripled since then. Since the year 2000, without remittances, most Gambians have become unable to afford a kilo of meat or fish whose prices have all more than doubled.
Of course it is always the Jews' fault. Gambians like Madiba and Suku Singhateh need to get off the back of foreign businessmen in the Gambia. You cannot explain away the Gambia's economic problems by always accusing foreign businesses of hoarding. That is a reversion to Hitlerian tactics. The damn foreigners! There are real causes of the Gambia's economic decay marked by run away inflation (not just "hot air") that has nothing to do with foreigners...
The recent 20% salary hike sadly will do nothing other than fuel more price hike; as excess money circulates in the streets, the equilibrium will shift to the left... |
Edited by - kayjatta on 05 Jan 2010 11:59:18 |
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toubab1020
12314 Posts |
Posted - 05 Jan 2010 : 11:43:09
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So an Economist, as well as a law expert 
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"Simple is good" & I strongly dislike politics. You cannot defend the indefensible.
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Edited by - toubab1020 on 05 Jan 2010 11:45:24 |
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kayjatta
2978 Posts |
Posted - 05 Jan 2010 : 11:49:59
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Kayjatta is not an economist |
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MADIBA
United Kingdom
1275 Posts |
Posted - 05 Jan 2010 : 12:15:45
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quote:
Originally posted by kayjatta
"...hot air"?
Inflation is an increase in the prices of goods and services in an economy over a period of time. When prices increase, each unit of currency buys fewer goods and services. Therefore, inflation is a reduction in the purchasing power of money. The dalasi's purchasing power has been on a free fall since Jammeh came to power. Please also see Halifa Sallah's New Year message on Foroyaa newspaper for another reference to inflation in the Gambia.I think the most recent inflation rate for the Gambia was 6%, and it was recently as high as 17%, which still compares favorably to Zimbabwe's recent near 158% inflation rate. However, considering the ideal 2-2.5% inflation rate, the Gambia's 6% rate in the face of zero salary/wage growth and decline in exchange rate has increased the level of poverty in the country.
In the year 2000, at the start of the decade, the dalasi was 10 to the dollar. Today it is 26 to the dollar. In the same year, a bag of rice was around 300 dalasis. Today the price has more than doubled. A bag of sugar has nearly tripled over the same period of time. The cost of transportation from Banjul to Serekunda has nearly tripled since then. Since the year 2000, without remittances, most Gambians have become unable to afford a kilo of meat or fish whose prices have all more than doubled.
Of course it is always the Jews' fault. Gambians like Madiba and Suku Singhateh need to get off the back of foreign businessmen in the Gambia. You cannot explain away the Gambia's economic problems by always accusing foreign businesses of hoarding. That is a reversion to Hitlerian tactics. The damn foreigners! There are real causes of the Gambia's economic decay marked by run away inflation (not just "hot air") that has nothing to do with foreigners...
The recent 20% salary hike sadly will do nothing other than fuel more price hike; as excess money circulates in the streets, the equilibrium will shift to the left...
Kayjatta kindly tell me in which country prices have remained the same for the past 10yrs? Even the UK where i have been living for the past 6yrs prices are on the increase. Get off your hate horse and stop blowing your trumpet of deceit. I dnt have to be economist to know that changes in the global market will have effects on our domestic economy. By the way rice is cheaper in the Gambia than most places in west africa. This rice and sugar are all imported. Unless we gambians eat what we grow we will always be held back by poverty. Many rural folks are aware of this and they have gone back to the land rarely looking back. The barns are filled with locally grown rice , coos and groundnuts. I went up-country all that i ate during my 2weeks there came from our farms. I even advised them to use fresh milk in the tea they drink rather than buy the expensive and less nutritive tin milk.
Take a break from your cosy abode in the USA and do a tour of west africa to live the daily realities.
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