Breaking News:Gambia to embark on Recession due to economic crisis! Major job cuts ahead
Following Major Economic Collapse-Gambia To Go On Recession Soon-Central Bank Officials Unveil!!

Government to Embark on Job cuts due to lack of funds to pay salaries

“Central Bank officials say the nation’s External Reserves are in the Reds.”

“ From January to date, we have witnessed a sharp decline on our import cover. Few businesses are able to import goods into this country. To some extent, this had affected The Gambia Ports Authority Economic Quota for this year. The GPA fails to meet its target this year. The Ports might as well be privatized. The Government cannot sustain the GPA in the absence of serious economic activities. Almost, all the parastatals failed to meet their Quota this year. This problem is beyond the control of the Central Bank. We are talking about an economic recess in months to come. Many Civil Servants will likely to loose their jobs. If there is no salaries how can you work? The privatization of these parastatals is just the beginning. Next, is recessio. The Bank authorities should be honest enough and tell The Gambian people the true story. There is no money in this country.” Posited the Central Bank official who works at the Bank’s Research Centre.

By Senior Staff Reporter Justice Sam, Banjul.
Paid for and Commissioned by the Freedom
Newspaper.

Time is fast running out with the administration of President Jammeh, as well placed sources close to the Central Bank of The Gambia say the nation’s external reserves “are on the brink of total collapse” amidst major economic downturn gripping the impoverished West African country. Bank officials who spoke to the Freedom Newspaper on conditions of strict anonymity warned about a major economic recession in  months ahead. These officials who are increasingly worried about the country’s economic and political climate further warned that if the current ailing economic indications persist, salaries for Civil Servants cannot be guaranteed. The Bank’s external reserves are said to be in the reds, coupled with growing inflation, with little or no serious investors targeting the former British colony.

Bank officials have blamed the cash shortage to the government’s unnecessary expenditure and unpaid Central Bank borrowings. It’s gathered that several millions of dalasis have found its way into the pockets of Ruling APRC functionaries, including the President who took money from the Bank without paying it. For instance, according to these loyal and dependable sources, the President uses his henchmen to collect millions of dalasis from the bank without any form of documentation. The Governor said these sources, dared not question or document such monetary transactions involving the Head of State.

“Now that this country is cashtrap, he is using some dishonest bureaucrats at the Bank to falsify the economic indications of this country. The economy is not moving, contrary to the press release they issued. The dollar is stronger and healthy. It’s the government which is forcing international currencies, such as the pound, the Euro and the dollar to go down. They are trying to create an impression that these currencies are losing value, which is a lie. It’s the dalasi which is losing value. They are doing this to manipulate economic indications. This is the true side of the story.” said the Bank official.

The Bank official said President Jammeh put them into this mess by ignoring Central Bank Economic Guidelines. “ In months to  come, there would  be no goods in this country. Families are being urged to purchase rice and other basic commodities. Failure to do so means, starving yourself. Local businesses have agreed to cease importation because they said they cannot purchase such goods with high prices only to sell them at loss. Under the current economic trend, they spend more dollars to import goods than what they get at the end of the day. In situations like this, it’s better to close one’s business than invest in such risky business ventures. Rice will soon be in scarcity.” said the Bank official.

According to Central Bank sources, the nation’s import cover has fallen drastically in recent months. “ From January to date, we have witnessed a sharp decline on our import cover. Few businesses are able to import goods into this country. To some extent, this had affected The Gambia Ports Authority Economic Quota for this year. The GPA fails to meet its target this year. The Ports might as well be privatized. The Government cannot sustain the GPA in the absence of serious economic activities. Almost, all the parastatals failed to meet their Quota this year. This problem is beyond the control of the Central Bank. We are talking about an economic recess in months to come. Many Civil Servants will likely to loose their jobs. If there is no salaries how can you work? The privatization of these parastatals is just the beginning. Next, is recessio. The Bank authorities should be honest enough and tell The Gambian people the true story. There is no money in this country.” Posited the Central Bank official who works at the Bank’s Research Centre.

The World Bank and the International Monetary Fund are Gambia’s major donor partners. During a previous visit to Banjul, the IMF delegation raises concern over President Jammeh’s desire to host the African Union Summit. IMF’S concerns were premised on firm and solid economic reasons. The delegation cited the country’s ailing economy, as a contributing factor, which disqualifies Gambia from hosting the Summit. That hosting such a major Summit, would have adverse effect on the nation’s already collapsed economy. The IMF also wondered where the government was going to secure the funds to host the AU Summit. It also noted about the fact that the country was in an election year and therefore warns against unnecessary expenditure.

The Jammeh government in response said some undisclosed donors were poised to fund the much talked about AU Summit. Though, it fails to disclose who these donors were. It was later gathered that Taiwan funded half of the Summit, with the Central Bank footing the rest of the bills, including the country’s private sector. The Government never honored its promise that it would not dip its hands into the coffers of the state to fund the AU Summit.

According to the Central Bank officials, the President was banking on the AU Private villas to recover monies spent on the Summit, but apparently things have not worked out as anticipated. “ These villas are expensive and people are not keen at buying them. Most of the funds generated from the villas have gone into the pockets of the President. The state is not a beneficiary to this deal. The President is using Mustapha Njie to reap-off the nation. Our developmental partners are being informed about the looming economic recess to befall this country. All state funds have gone into misplaced economic priorities and corrupt officials, including the President. There is no money as we speak. All projects had been put on hold for now.” said the Bank official.

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Posted on Tuesday, September 04, 2007 (Archive on Thursday, September 20, 2007)
Posted by PNMBAI  Contributed by PNMBAI
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