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Momodou
Denmark
11735 Posts |
 Posted - 01 Nov 2006 : 16:29:20
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Tourism and Private Remittances
Major Sources of Foreign Exchange
Tourism and private remittances from abroad are a major source of foreign exchange for the Gambian economy, according to the monetary policy committee of the Central Bank of the Gambia.
In a statement by the committee released after their fifth meeting of the year, it indicated that the value of the tourism sector is estimated to increase to D1.8 billion in contrast to D1.5 billion to that of last year, representing a rise of D0.3 billion. Whilst on the other hand private monetary remittances from abroad continued to grow over the years with the current account deficit including official transfers expected to narrow to D0.9 billion from D1.3 billion in 2005, from the estimated D1.8 billion relative to D1.7 billion in the preceding year.
The bank revealed that the volume of transactions in foreign currencies at the inter-bank market rose significantly to D8.18 billion in the nine months to the end of September 2006. further noting that from last year the Dalasi remained stable.
The committee also painted a bright picture of the banking sector describing it as highly capitalized and that the total assets of the industry increased to D8.41 billion from the D7.65 billion by June 2006. The committee also projected a stable Dalasi for the remainder of 2006 pointing out that inflationary pressures have been substantially reduced coupled with the rebound in tourism and agricultural production.
However, the monetary committee sounded a cautionary note by pointing to the "down side risks to the forecast" and the "volatility of oil prices and larger-than projected fiscal deficits", as indices which compelled them to reduce the rediscount rate by one percentage point to 14.0 percent and at the same time reducing the required reserve ratio by two percentage points to 16.0 percent.
Source: Foroyaa Newspaper Burning Issue
Issue No. 93/2006, 30-31 October, 2006
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njucks
Gambia
1131 Posts |
Posted - 01 Nov 2006 : 19:46:16
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quote:
Originally posted by Momodou
..... Whilst on the other hand private monetary remittances from abroad continued to grow over the years
 . this reminds me of a discussion we had on the Bantaba in earlier this year when i just joined in March/April. it was called
'' THE POSSITIVITY OF GAMBIANS ABROAD''. http://www.gambia.dk/forums/topic.asp?ARCHIVE=true&TOPIC_ID=462
by doing a simple rough estimate, i suggested that remittances from gambians abroad could be as high as 1 billion dalasis (D1bn).the committee seems to reach similar conclusions.
the thing is, unless this wealth is properly regulated, channelled it will leave the country the moment it arrives becuase people are just buying imported things to survive, mostly food.
Gambians abroad should be seem as a potential investors and they should be encouraged to make long term investments in key government/public entreprises. the dividends from these can then be paid to their families locally.
say for example, you need to raise $1m as capital to set up a small regional airline? a 1000 gambians in UK or the US each coming up with a mere $1000 (£500) is all you need. this is more efficient than running to the World Bank or IMF.
in London you will find spanish,portugese, italian etc Banks raising capital from the large immigrant populations there.
tourism is ok, but in the long term if you weigh both the possitive and negatives (social), they cancel out each other. and where it is mostly foreign owned its impact is almost destructive. |
Edited by - njucks on 01 Nov 2006 19:49:31 |
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Aku_pickin
Christmas Island
162 Posts |
Posted - 04 Nov 2006 : 16:14:29
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Bravo NJUCKS!!! You hit the nail dead center on the head.
There is so much all us Gambians can achieve if we pool our resources together.
The first step however, is to remove the impediments, i.e. CORRUPTION in the civil service.
The civil service needs to be revamped!
My personal observation and experience, is that the civil servants will not do anything without first receiving a bribe. I wanted to invest in Gambia by opening a number of businesses (which would have created hundreds of jobs), but I was taken aback with the unwritten rules in Gambia. You have to bribe everyone form the low man on the rung to the minister in order to get a business started. After I realize that the bribery was going to cost me more than my initial capital investment, I took my losses and got the hell out of Dodge. This is indeed a sad situation.
The Gambia needs an ombudsman or auditor general that will receive anonymous corruption complaints and take the necessary steps to investigate and prosecute those individuals accused of engaging in corrupt activities. I consider these illegal activities to be subversive and destabilizing. I say this because everyone investor that is deterred from investing in the Gambia because of corruption, affects the Gambian economy. A poor economy results in a negative attitude that may cause some individuals to pursue regime change by any means. I.e. Coup D' Etat in extreme cases.
Our government needs to lay a solid plan to combat corruption if it is to realize its development goals and objectives. This is key to attracting local and foreign investments which in no doubt will have a positive effect on the Gambian economy.
Just my two bututs! |
Justice must be served as impunity brings more repression and corruption! |
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ylowe
USA
217 Posts |
Posted - 06 Nov 2006 : 04:25:24
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| Aku pickin, One way we can deal with this problem is by reducing the number of people to deal with when registering or setting up a bussines. The more officials you deal with the more bribes. Comming up with a bussiness should not be difficult. All we need is one or two individuals at some bureau to take care of this problem and therefore less bribes and more bussinesses. thanks |
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gambiabev
United Kingdom
3091 Posts |
Posted - 06 Nov 2006 : 08:02:16
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njucks to link this to the heritage topic, perhaps Gambians abroad could be a source of raising the funds to protect the buildings that need reserving. They could have one major project a year and fund raise for it.
It is certainly true that in Leicester many asian banks exist for local asians to sene money home to their families. It is well established and expected. |
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jambo
3300 Posts |
Posted - 06 Nov 2006 : 13:14:22
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aku pickin and ylowe, i agree with you, it is frighteing the mony, time and energy that can be lost dealing with money "payments", but there is a another side to this, i worked with someone who was keen to help me, but the got sacked, who ever you work with in gambia in a civil servant level could not be the same person you deal with next time around. loss of time is loss of money and interest.
because of this aku pickin took his project away, how sad.
i am considering taking mine to liberia, there they will be happy. |
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gambiabev
United Kingdom
3091 Posts |
Posted - 06 Nov 2006 : 13:58:56
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Jambo, that is quite a fickle attitude to have!
If ou really want to help Gambia then you should try to overcome obstacles in your way. Anything worth doing isnt going to be easy.
Why did you decide on Gambia in the first place? Has that altered? |
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jambo
3300 Posts |
Posted - 07 Nov 2006 : 13:45:57
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It has altered, it was the last trip that did it, i have not mentioned certain things on the bantaba, but it was due to land and time.
I made some good connections with civil servants and they were helping but people higher than them blocked it. IT WAS TO DO WITH MONEY. I have no problem helping the local man and am happy to do it, but why am i paying a civil servant. 
SECONDLY, when you pay a "Fee", the job is still not done,
NOT A FICKLE ATTITUDE BUT TIME IS RUNNING OUT, you know yourself if things had gone correctly inthe beginning you would have had a house and land by now.
When I stated in Gambia i did not understand these things but time has taught me a few lessons, I have made four trips this year and am still no further.
If i thught i was doing something wrong it would be different, but i am not. also i am looking at the bigger picture and making a decision
BUT LETS JUST SAY I AM BEGINNING TO SMELL THE COFFEE.
that might sound negative but i have to be a realist. I am not happy being a victim of corrurption and i am not sure how to avoid it in
any suggestions.  |
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serenata
Germany
1400 Posts |
Posted - 07 Nov 2006 : 14:31:02
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Jambo, a naive question: What do you think would happen if you complain at the superior authority? You told Eve to speak out what this 'Boy' did to her, but keep quiet in your own case. Why? If one stair is blocked, just jump to the next higher.
After all, do you really think Liberia is less corrupt? |
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jambo
3300 Posts |
Posted - 07 Nov 2006 : 15:01:36
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serenata, not a naive questions but i have spoken out, and complaimed to the right people buT still corruption happens, as you say move on o the next star, what happens when the next star is just as bad, i say this because i have been going for two years NOW and still cannot get my head around the corruption.
I wanted to take someone to court because of what happened it was not about money but he facts of the matter, i spoke to someone else and they said it will take two years, WHAT IS THAT ALL ABOUT secondly i think maybe it is time to move on
but read some of the postings, you can be blocked at every turn. COMPLAIN to the authorities, take people to court, it is still time spent.
for Eve I gave the answer I did because i did not know if she had spoken out I just feel sad deep down inside, liberia might be just as corrupt and slow going but who knows.
I don't normally feel down but like i say i have smelt the coffee and wonder if i am making mistakes. i would not like to go to Gambia and feel downbeat but I had set my self deadlines and they have passed so now i must make my decisions. |
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serenata
Germany
1400 Posts |
Posted - 07 Nov 2006 : 18:40:00
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Jambo, I understand. So, if the Gambian authorities choose to keep money and support out of the country, they should have their will.  |
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LEMON TIME
Afghanistan
1295 Posts |
Posted - 07 Nov 2006 : 18:49:09
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Jambo i love the way you speak your mind.Fire starter |
There is no god but Allah |
Edited by - LEMON TIME on 07 Nov 2006 18:49:44 |
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jambo
3300 Posts |
Posted - 07 Nov 2006 : 18:50:24
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LEMONTIME VISIT THE TRAVEL FORUM AND EVERYONE ELSE |
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dbaldeh
USA
934 Posts |
Posted - 08 Nov 2006 : 20:26:47
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Jambo, corruption is everywhere. In Gambia you may call it bribery, but in Germany or anywhere in the west they call it lobbying. In anycase you need to be careful with the people you deal with.
My advice would be always find someone you can trust and partner with in carrying out any transaction in a foreign country. If you want to transact everything by yourself without knowing the ins and outs, others might take advantage of you.
You must have someone very reliable that you can always count on no matter what. There are many people who are honest and will show you the right direction. It is like when I find myself in your country, or any foreign land, I need to connect with the right people.
So please learn from your experience and find the right connections. You may have some disappointments with others you trusted before, but that is the right way to go and it takes more than one meeting to get to trust someone. Always look for someone who has some kind of independence who is in a position to support themselves and their family without depending on you. We have a responsibility not to promote corruption by bribing people which some people are known to do before. Best of luck in whatever you decide to do.
"The time is always righ to do the Right thing" Dr. King |
Baldeh,
"Be the change you want to see in the world" Ghandi
Visit http://www.gainako.com for your daily news and politics |
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jambo
3300 Posts |
Posted - 08 Nov 2006 : 20:34:11
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agree that corruption is everyone, different names diffeent places, but as you say find someone who you trust, but sometimes you have their word and have to take face value and thats were you come unstuck.
I am sure I will get over it, but it is still a time element.
also i was thinking perhaps i am the one who should change instead of expecting certain standards just don't bother at all. |
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dbaldeh
USA
934 Posts |
Posted - 08 Nov 2006 : 23:24:09
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It is hard not to bother if you really care about what goes on around the world. Sometimes your conscience would simply not allow you to let somethings that you feel so strongly about go by without you doing something about it.
I know sometimes I feel guilty when I let something slip by when I could have made a difference in someone's life. The most important is to go with your gut feelings and conscience. Anytime you hesitate about doing something, think about why you hesitate and how you could live with the outcome good or bad.
Am sorry for your experience but am sure there is something positive about it. |
Baldeh,
"Be the change you want to see in the world" Ghandi
Visit http://www.gainako.com for your daily news and politics |
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