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toubab1020
12312 Posts |
 Posted - 02 Sep 2010 : 17:33:16
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I wondered at the name by the picture in the article, Root Folder,? I thought this man must be American or Jewish 
PC folk note a joke not racist remark !)
Snippet:
"Momodou Bamba Saho Governor of the Central Bank of the Gambia has disclosed that the expectations on the increase of food prices coupled with the strong growth in the monetary aggregates, the recent sharp depreciation of the Dalasi and high inflationary expectations are expected to exert further pressure on domestic prices."
http://thepoint.gm/africa/gambia/article/dalasi-depreciation-others-puts-pressure-on-domestic-prices
Full story here:
Dalasi depreciation, others put pressure on domestic prices
africa » gambia
Root Folder
Thursday, September 02, 2010
Momodou Bamba Saho Governor of the Central Bank of the Gambia has disclosed that the expectations on the increase of food prices coupled with the strong growth in the monetary aggregates, the recent sharp depreciation of the Dalasi and high inflationary expectations are expected to exert further pressure on domestic prices.
"The predicted 2010 rainfall is that it will be above normal over large areas of the country which should increase agricultural production. According to Food and Agricultural Organisation, food prices are expected to continue to increase well into 2011. This, coupled with the strong growth in the monetary aggregates, the recent sharp depreciation of the Dalasi and high inflationary expectations are expected to exert further pressure on domestic prices," he said.
Central Bank Governor Saho was speaking at a press conference organised by the Monetary Policy Committee of the Central Bank held yesterday at the bank's premises in Banjul.
According to him, the Gambia's economy is projected to grow by 5.0 percent in 2010 compared to 5.6 percent in 2009. He noted that despite the effects of the global economic crisis on the services sector, manufacturing, wholesale and retail trade and agricultural value-added remain strong.
He said that in the country's business survey, the majority of respondents indicated that both economic and business activity was higher in the second quarter compared to the first quarter of 2010. He said the respondents also expect inflation to be higher in the third quarter compared to the second quarter of 2010.
Year-year inflation, he said, measured by the National Consumer Price Index (NCPI), was 2.4 percent at end-September 2009 before increasing slightly to 2.7 percent at the end December 2009.
"Data on the distribution of Treasury bills by maturity indicates that the 364-day bill, 182-day bill and 91-day bill accounted for 64.63%, 18.11% and 17.26% of the outstanding stock in July 2010 from 65.35% and 18.14% in December 2009," he added.
Governor Saho indicated that Africa is recovering strongly from the global economic crisis, noting that growth in GDP after averaging about 6% from 2006-2008, declined to a mere 2.5% in 2009. He said that growth is expected to rebound to 4.5% in 2010 and 5.2% in 2011 reflecting on-going rebound in global trade, rising mineral prices, prudent management of public finances and implementation of structural reforms.
He revealed that from end-December 2009 to end-July 2010, the dalasi depreciated against the US by 9.3 percent partly mirroring developments in the international currency markets, where the US dollar has been appreciating until end-June 2010.
Saho also added that sugar prices reached a 30-year high in February 2010 and has started easing on the prospect of production in Brazil and India.
"Prices of many commodities fell during the financial market shocks in May and early June, reflecting in part expectations for weakened global demand. Prices recovered some ground more recently, as concerns about the spill over of the financial turbulence has eased."
Author: Alieu O. Jabang
Source: Picture: Bamba Saho
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"Simple is good" & I strongly dislike politics. You cannot defend the indefensible.
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kayjatta
2978 Posts |
Posted - 03 Sep 2010 : 12:32:30
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The first paragraph is confusing enough, Toubab (at least to a non-economist like me). What is Mr. Governor talking about here? It is however clear that the Gambia's bleak economic situation has to be masked in a string of high-sounding but useless words to make it look good and presentable. The purpose is not to understand the economy but to mask, decorate, and impress (the Sheikh Professor). Once the Sheikh is impressed, the rest does not matter. It doesn't even matter how the ordinary men and women suffer as a result of the economic stagnation.
The Gambian people need some straight talking, in simple terms...
"Simple is Good", Toubab (1020). |
Edited by - kayjatta on 03 Sep 2010 12:40:25 |
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turk
USA
3356 Posts |
Posted - 03 Sep 2010 : 13:21:39
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quote:
It doesn't even matter how the ordinary men and women suffer as a result of the economic stagnation.
Oh, it is about economic stagnation, wrong economic policies, recession, lack of democracy and human rights. Yeah right! Let me talk straight. GDP per capita for Gambia: 440 per year that means 1.2 dollar per day per person, 80,000 per year for Norway which is 220 dollar per day per person. It is simple talk and simple mathematic. |
diaspora! Too many Chiefs and Very Few Indians.
Halifa Salah: PDOIS is however realistic. It is fully aware that the Gambian voters are yet to reach a level of political consciousness that they rely on to vote on the basis of Principles, policies and programmes and practices. |
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kayjatta
2978 Posts |
Posted - 03 Sep 2010 : 13:33:55
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| I didn't get your point, Turk... |
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turk
USA
3356 Posts |
Posted - 03 Sep 2010 : 14:04:29
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| I was agreeing with you and my point is that, all the economic polices, money policies, recession, democracy and all these pretty numbers do not mean much or have very little impact on the ordinary men and women suffering as long as gdp per capita is this low. |
diaspora! Too many Chiefs and Very Few Indians.
Halifa Salah: PDOIS is however realistic. It is fully aware that the Gambian voters are yet to reach a level of political consciousness that they rely on to vote on the basis of Principles, policies and programmes and practices. |
Edited by - turk on 03 Sep 2010 14:05:42 |
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toubab1020
12312 Posts |
Posted - 03 Sep 2010 : 14:50:37
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| No conflict there then,problems ahead for the AVERAGE Gambian,I heard on the news in the UK that Lamb (OK, can include sheep,mutton meat from older animals )prices are at their highest for 37 years! The trouble for UK people after the financial meltdown is now starting to affect ordinary folk here,bread prices are also forecast to increase,due to wheat shortage.Survival is not really a big problem in the western world as turk points out,but as he also points out in The Gambia it WILL be a problem in the coming months due to low low GDP (used as a rule of thumb guide only !)World prices up,AVERAGE Gambians little money, result BIG problem.Those who do remit to friends and relatives should think about increasing those remitances in the coming months,as it will not be a case of Gambian greed but of necessity,even though Gambians abroad are having a hard time,those in The Gambia will be struggling for their survival,I can also see tourist figures falling this year to a very low ebb,The Gambia will be in trouble.Probably won't affect BIG BOSSES very much though,as it appears they can always get loads of money !! |
"Simple is good" & I strongly dislike politics. You cannot defend the indefensible.
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Edited by - toubab1020 on 03 Sep 2010 14:53:33 |
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kayjatta
2978 Posts |
Posted - 03 Sep 2010 : 15:27:53
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Ok we are all on the same page here!  |
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toubab1020
12312 Posts |
Posted - 03 Sep 2010 : 15:50:11
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A 3 out of 3 consensus COULD mean we are right ?
quote:
Originally posted by kayjatta
Ok we are all on the same page here!
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"Simple is good" & I strongly dislike politics. You cannot defend the indefensible.
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turk
USA
3356 Posts |
Posted - 03 Sep 2010 : 17:09:35
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| kumbaya!!!!!!!!!!!!!!! |
diaspora! Too many Chiefs and Very Few Indians.
Halifa Salah: PDOIS is however realistic. It is fully aware that the Gambian voters are yet to reach a level of political consciousness that they rely on to vote on the basis of Principles, policies and programmes and practices. |
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