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Momodou
Denmark
11733 Posts |
 Posted - 10 Sep 2009 : 17:07:24
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Strong institutions, not Individuals…
By Saikou Jammeh
What appears to be a reiteration of the words of US President Barack Obama was affirmed at the Nationally Assembly on Monday as members overwhelmingly agreed to adopt the Report of the Gambian delegation on the ‘Regional Forum On Global Financial Crises’ for legislators of WAIFEM constituent countries, namely The Gambia, Ghana, Guinea Conakry, Liberia, Nigeria and Sierra Leone.
Presenting the aforementioned Report at the National Assembly for adoption on Monday, the member for Illiassa, Hon. Lamin Kebba Jammeh told fellow members that one of the resolutions unanimously agreed upon by participants at the end of the conference was to build and rely on our own institutions, not individuals inorder to overcome the current global financial crisis.
According to him the objective of four days meeting held in Ghana was to enhance the knowledge of the West African Institute for Finance Economic Management (WAIFEM) constituent countries on the causes and effects of global financial crisis inorder to take debates on policy options to overcome the challenge.
Continuing on the overview of the global financial crisis and the way forward he said participants were also made to comprehend the concept of going back to the land, which he described as a famous slogan here in The Gambia re-instigated by President Jammeh.
Hon. Jammeh admitted that though participants attested to the fact that what may be applicable in one country may not be in another, because of differences in size and resources among others in countries, they nonetheless agreed on common areas key to combating the effects of the global crises.
These he mentioned, includes the will to fight against corruption, control of importation and promotion of exportation, along with weighing executive policies, diversifying economies as well as considering the effects of the crisis in the fight against poverty, while emphasising the need to develop productive areas such as agricultural, manufacturing and service sectors.
On the challenges of the global financial crisis, Jammeh said they were told at the conference that credit to developing countries will reduce, value of local currencies will fall drastically, inflation rates will rise, financing of projects will suffer set- backs, companies will make losses and fiscal deficit gaps will widen.
“Unemployment figures will increase, financial demands from constituents will also increase tremendously, remittances will drop and foreign direct investment will fall”, he added.
Source: The Daily News
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A clear conscience fears no accusation - proverb from Sierra Leone |
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