By Bamba Mass (Human Right Activist UK)
I think the world economic super power dream of our Leader is like building castles in the air! Because:
As the Gambia’s outstanding domestic debt stands at 9.4 billion Dalasi while our external debt went up to 11,310 million dalasi which is around 377million dollars. Where has all that money gone into? Invested with building schools, hospitals, roads etc.? Definitely not!
Abdu Colley the Central Bank Governor during the press briefing of the Monetary Policy Committee stated that, “It is common for people and micro credit institutions to be advised to invest in treasury bills.”
But what he did not tell Gambians is that the issuing of treasury bills is a way the Government mops up monies available for savings by corporations and individuals which they utilises as domestic credit to be able to meet the nation budget deficits.
Gambia today is in so much depth that even our great grandchildren would not be able to repay due to Yahya Jammeh’s government’s lavish wasting of state resources. With billions of dollars drained by our money throwing president who brain drained Gambians into thinking he gets his money from Allah’s Bank, while other supporters lie about him being in possession of late Mobutu’s wealth, Gaddafi’s hidden treasures or even Liberia/Sierra Leone Blood Diamond sales.
I kept wondering is Yahya Jammeh more close to Allah than the Holy Prophets, Sahibs or even the Pope or Imam of Mecca/Medina? Anyone asked such questions, even his own mother, would without hesitations answer No! Then how comes Allah would open a Bank for Yahya and not for his closest servants and own chosen prophets? It is ridiculous, stupid and blasphemous to insult God in such ways much more even think about it.
Mobutu’s wealth cannot be stored in a tiny state like the Gambia and yet the DRC government looks while Gambians enjoy such wealth even if Mobutu’s own son were in power. It is a sick idea and so foolish for our people to belief such myths even exist.
Gaddafi likewise or even the Liberia Sierra Leone wealth. All the above nations are more powerful both financial, military and every capability wise and there is no doubt with even a flick of a finger, they can crush the Gambia within seconds. How can they sit by as we enjoy their wealth while their people starve when they’ve not loan or given us such money for free?
It is an idea the Jammeh machinery uses to fool Gambians. But we all knew even those dictators’ hidden wealth across powerful nations like America and Europe have been frozen and given back to their people after their fall so why would a tiny poor country like the Gambia retain such huge wealth? It is only a hugely solid Myth because everyone knows Gambians belief so in rumours much more than God himself.
But the facts are:
(1) The Jammeh government borrowed 82.2 Million dollars or 2,466 million dalasi Islamic Development Bank which amounts to 21.8 percent of our total debt, while 66.0 Million dollars or D1, 960 Million Dalasi. Was owed to the International Development Association (World Bank)
(2) African Development Fund is owed 50.6 Million dollars or 1680 Million Dalasi, while we owed Republic of China (Taiwan) is owed 41.4 Million dollars .
(3) Arab Bank for Economic Development in Africa is owed 39.4 Million dollars while the Kuwait Fund for Arab Economic Development is owed 26.8 Million dollars.
(4) OPEC Fund for International Development is owed 25.7 Million dollars while Jammeh’s government also borrowed the Import Bank of India 15.1 Million dollars.
(5) ADB/Nigerian Trust Fund is owed 11.1 Million dollars; our government owed the Saudi Fund for Development 10.4 Million dollars.
(6) Libyan Arab Jamahiriya is owed 4.0 Million dollars and the same for the International Fund for Agricultural Development whom we owed 3.7 Million dollars.
(8) While we owed Erste Bank (Giro Credit) 1.0 Million dollars, we have also borrowed European Investment Bank 0.4 Million dollars
(9) ECOWAS Fund for international Development borrowed 0.2 Million dollars with the Government of Belgium borrowing us 0.1 Million dollars.
All these borrowed monies when added would amount to 378.1 million Dollars which would go up to about 11, 532.05 million Dalasi.
The Jammeh government was able to generate about 181.1 million dollars on revenues with 163.4 million dollars on expenditures in 2007.
The question everyone should ask is where is the rest of the money pus what we borrowed? Thrown away in Eddy Murphy style welcome to America where king throws flowers or was it part of what was always given to Senegalese and Malian griots who sing praise of the professor?
No wonder when Jammeh fires a Jola from any key money generating position,, he replaces him/her with another Jola so as not to uproot any dubious deal done therein..
Central Bank Governor Abdu Colley who took over from Nfamara Jatta went on to suggest that:
The Dalasi, though broadly stable, depreciated against all the major Currencies and as at end-December 2011, the Dalasi weakened against the US Dollar by 7.7 percent, the Pound Sterling by 6.9 percent) and the Euro by 8.8 percent from December 2010
The domestic debt increased to D8.7 billion (40.8 percent of GDP) in 2010, or 18.9 percent from 2009. Treasury bills, accounting for 67.9 percent of domestic debt, increased to D5.9 billion, or 13.9
With all these truth on the surface, our Governor went on to say that “According to key financial soundness indicators, the banking sector remains sound.”
How?
He indicated that the average capital adequacy ratio decreased slightly to 25.4 percent in 2011 from 25.9 percent in 2010 which by all indication was just 0.05 percent decrease. Again surprisingly he went on to even state that the adequacy ratio was significantly higher than the minimum requirement of 10 percent. Total assets increased to D18.7 billion (64.0 percent of GDP), or 5.3 percent from 2010.
Then what happened when our gross loans and advances, accounting for 29.2 percent of total assets went up to D5.45 billion (18.7 percent of GDP), or 3.1 percent? While the non-performing loans ratio decreased to 12.9 percent, lower than the 14.5 percent in 2010. The yield on all the maturities declined in 2011. The yield on the 91-day, 182-day and 364-day bills declined to 8.07 percent, 10.18 percent and 11.85 percent from 10.10 percent, 10.53 percent and 13.09 percent respectively. Consumer price inflation, measured by the National Consumer Price Index (NCPI), decelerated to 4.4 percent in December 2011, lower than the 5.8 percent in December 2010. Average inflation (12-month moving average) also declined, albeit slightly to 4.8 percent from 5.0 percent in December 2010. Food price inflation decreased to 5.7 percent, lower than the 8.3 percent in December 2010. Non-food prices, on the other hand, rose to 2.5 percent from 1.9 percent in December 2010.
SOURCE: http://www.cbg.gm/news/pdf/PRESS%20RELEASE%20JANUARY%202012.pdf
http://www.cbg.gm/news/pdf/Modernization%20of%20the%20Gambia%20Payments%20System.pdf
With these facts at hand, How can any Gambian be fooled that our all kind hearted Leaders could dash money so lavishly from their own hard earned wealth? How can someone give money he/she does not have? Splashing money to griots, footballers, people or even bystanders and everybody, would require quite trillions in one’s account and even if it comes from what some claimed i.e. Mobutu, etc., it would with time reduce.
One thing is certain, either the Gambia had hidden treasures, or those at the top control all businesses or we sell drugs. Because without such and bearing in mind our meagre resource in terms of state produce, our dear nation cannot survive 18 years of money splashing to any foreign griots or the like.
The Jammeh government need to be honest to the Gambian people by declaring their assets starting from the president himself plus the source of his wealth as other government and civil servants are forced to do. In that they would be seen to be doing the right thing.
If not, with time, the truth would surface and some people would wish they had done what is required of patriotic citizens.
Gambia would be continuously blesses with talents to dig for the truth.
God would never forsake his people in the Gambia!
