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Momodou
Denmark
11792 Posts |
 Posted - 12 Jun 2015 : 21:51:22
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This is too bad for investors!!
West African Aquaculture Company nationalized
Press Release
Daily Observer: Published on June 12, 2015
The Gambia government acting in accordance with section 22 of the 1997 Constitution has naturalized the assets of the West African aquaculture company to include the fish ponds in Pirang, its hatchery in Sanyang and other associated facilities, in the public interest.
According to a media release, the Government of The Gambia has compulsory acquired the relevant properties of the said company and will assign its operations to an entity with the requisite managerial capacity and commitment so that the acquired investments will perform better, in the interest of the entire country.
The release reads:
The Government of The Gambia, acting in accordance with section 22 of the 1997 Constitutions of the Republic of The Gambia, has with immediate effect, nationalized the assets of the West African Aquaculture Company to include the fish ponds in Pirang, its hatchery in Sanyang and other associated facilities, in the public interest.
While the potential contribution of the aquaculture sub – sector towards the realization of the goal of Vision 2016 is by all indications tremendous, this potential has for long been continuously unjustifiable under-performance of the West African Aquaculture Company. As a result, the Government of The Gambia has compulsory acquired the relevant properties of the said company and will assign its operations to an entity with the requisite managerial capacity and commitment so that the acquired investments will perform better, in the interest of the entire country.
The Government of The Gambia will also, in accordance with section 42 of The Gambia Investment and Export Promotion Agency Act 2010, duly compensate the West African Aquaculture in line with the provisions of the stated section of the Investment Act 2010.
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A clear conscience fears no accusation - proverb from Sierra Leone |
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Momodou
Denmark
11792 Posts |
Posted - 12 Jun 2015 : 22:31:21
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Just a few days ago
President pledges to empower communities to exploit marine resources
by Musa Ndow & Amadou Jallow in WCR
The Daily observer Jun 3, 2015
...................
According to the proprietor of the West African Agua-culture, Lala Harmson, the ponds are now producing only 2,500 tons per harvest, compared to more than 200, 000 tons in those days. “What we want now is for the government to help us revive the service here. Production here has been reduced and I could remember during the days of Scan-Gambia, the people of Pirang would not go anywhere to search for employment opportunities,” one of the community elders told the President.
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West African Aquaculture Company nationalized
