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| T O P I C R E V I E W |
| Momodou |
Posted - 23 Jun 2015 : 11:06:43
STRANGULATING THE ECONOMY WITH POLITICAL DECISIONS
Foroyaa Editorial: Published on June 22, 2015
As prices skyrocket many people are attributing it to profiteers. The executive is no exception. However, despite all the initiatives the price of meat ranges from D175 to D225 per kilo. A cup of sugar is at D8 and a cup of rice is D6, D7 and D8 depending on the type. The cost of living is getting higher and higher.
The executive has decided to impose controls on the value of the Gambian dalasi which is restricting the sale of foreign currencies, the inflow of remittances and ultimately the ability of the banks to have enough foreign exchange to finance imports both for domestic consumption and re-export.
The situation is made worse by reduction in donor support. The printing of new money without putting the old money out of circulation may lead to excess in the circulation of money in relation to the availability of goods and services. This would lead to hyper-inflation.
Impunity in economics leads to economic isolation and contraction. The laws of economics do not bow down to executive order. One must either respect them or live a perilous existence.
Related Topic: Gambia’s economy at crossroads |
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