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Momodou
Denmark
11634 Posts |
 Posted - 15 Apr 2016 : 11:19:58
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WHAT IS THE STATE OF THE GAMBIAN ECONOMY?
Foroyaa Editorial: April 14, 2016
The Monetary Policy Committee (MPC) of the Central Bank of The Gambia should be able to give facts on the concrete state of the Gambian economy.
Electricity supply is still irregular and many businesses cannot function without it.
The declaration that Gambia is an Islamic state is also hindering investor confidence.
The serious political and economic crisis in Venezuela which is undermining previous policy of generosity to countries like the Gambia and the recent rapprochement between US and Cuba would undoubtedly have impact on the assistance the government use to get from such countries.
The war in the Middle East and the low prices of oil will equally impact on aid packages from countries in the region.
Turkish previous posture of rapprochement with developing countries is now affected by its contradiction with Russia and war with Kurds is hurting its economy. The Turkish exports to Russia have tremendously reduced.
The standoff between Saudi Arabia and Iran leaves Gambia a very little option in terms of building friendship in the OIC which yields the type of resources needed to cushion the Gambian economy.
A review of the current state of the Gambian economy would reveal a slowdown in many sectors, especially re-export and construction. The border closure seems to be the major factor to the slowdown of business activity connected to the two sectors.
The ministry of finance and economic affairs in collaboration with the ministry of trade should conduct a study to find out why Gambian businesses are relocating to Guinea Bissau. There is no doubt that if this trend continues economic contraction of unimaginable proportion will be the order of the day by the end of the year.
Will the government be able to cope, time will tell.
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A clear conscience fears no accusation - proverb from Sierra Leone |
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WHAT IS THE STATE OF THE GAMBIAN ECONOMY?
