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Momodou
Denmark
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 Posted - 22 Dec 2009 : 13:58:43
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Gambia’s Economy Rebounds Government decries private sector invement
By Sanna Camara
Despite the looming economic melt down that gripped the world economies in 2008/9, the Gambian minister of Finance and Economic Affairs has signaled a robust rebound of the Gambian economy, saying that it performed better in 2009 than the previous year.
Delivering a 1hour-40minute-budget speech at the National Assembly last Friday, Minister Abdou Colley ascribed this rebound to some developmental factors that helped cushion the Gambian economy against the negative impacts of the crises such as boosts in agricultural production and infrastructural development, among others.
He explained that since no developing country is insulated against what has been referred to as “the three Fs – food, fuel and financial – crises, world economies, including the Gambia have been feeling the impacts of these crises prompting economies to inject stimulus packages to boost growth and cushion the crises. He said the IMF has forecast that recovery will be slow and growth is expected at 4 per cent in 2010.
However, the Finance Minister indicated that balance of payment has increased considerably, outlining some challenges that have confronted the local economy in the year under review. He argued that though parent banks of four conventional banks in the Gambia ran into problems in Nigeria,government and the Central Bank have been meticulous in their monitoring of the situation. “I am happy to report that there is no financial distress to report”, he told members.
He said inflation in 2009 is expected to be 2.9 per cent and that government has instituted a robust monetary policy aimed at containing inflation. Total revenue he said, is expected to grow to D4.66billion and total grants comprising D673million (with World Bank, African Development Bank contributing over D200million), indicating that the Dalasi has also depreciated against major international currencies.
Minister Colley said though the looming crises will no doubt impact on the poverty alleviation efforts of developing countries, government will be unrelenting in maintaining gains towards the Millennium Development Goals.
He announced the improvements registered in the health sector that enhanced access to health services by the citizenry, among other developments. He said efforts towards a 100 per cent access to clean water by the citizenry are in full gear while agriculture, employing over 80 per cent of the work force and a major contributor to household income, is experiencing positive boosts in 2008/9 in terms of total cereal productions especially rice. He said the agricultural sector has also been receiving subsidies with regards to inputs like fertilizer and farming implements.
Minister Colley also used the occasion to call on the private sector to complement government’s efforts in investing in the productive sectors of the economy. He cited the fisheries sector which he said, has a good potential to contribute to national food security, yet under-utilized among others like manufacturing and processing sectors.
Meanwhile, Minister Colley’s motion was seconded by Member for Basse Sellu Bah, who equally urged the private sector to invest in the productive base of the economy to bring positive yields for the country’s socio-economic development.
For Speaker Renner, this is the first budget to be delivered to the Assembly under her watch. She announced that after consultations with both the leaders of the majority and minority benches as per the constitutional stipulations dealing with the Appropriation Bill (which states that it should be considered and endorsed within 7 days), they have agreed in unanimity to start the debate in earnest. Debate starts on Monday 21st December 2009
Source: Daily News
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