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New Year message 2009 The RT. REV. DR. S. Tilewa Johnson, Bishop of Gambia

Mon, 05 Jan 2009 07:37:21 GMT

Monday, January 05, 2009

We are again on the threshold of another year. We are again hoping and praying for a year that is the best yet!

As we move into a New Year, we naturally look back to what we are leaving behind - what the old year has left us with. I think, wherever we were during the latter part of last year, we cannot fail to have been aware of the global economic crisis that touched the lives of most people in one way or another. So many people have been caused to suffer due to lack of basic needs of life.

The events of the past months brought home to us the deep flaws in our economic systems, which were already holding an unacceptable number of people in dire poverty. In Africa, we are no strangers to poverty.

We have long recognised an unjust global economic system. The “economy” that we talk of refers to the management and condition of the resources of a community. This can relate to “community” at global, national, local or even family level. How do we manage our resources? How do our actions impact on other people? What can we learn from the global economic crisis?

It does not even take an in-depth study of our world to realise that it is fundamentally rich in resources. Africa is a prime example of this richness.
However, despite this global wealth, more than half the population of the world lives in poverty. Why? In Africa - why are the majority of Africa’s people bound in a life of poverty, even though our continent has abundant natural resources? There is a great injustice in a system where some are so wealthy, and many very poor.

Whenever we want to look at, and try to understand a little more about, our lives and situation, a good and right place to start is with God. God is our creator, and creator of the entire natural world. God is the beacon of light and truth to which we continually need to turn.

As human beings, we are all made in the image of God. God’s gift to us is LIFE. As a people of God, we share life as a gift from God. ‘Community’ is ‘life’ in relationship. As Africans, our culture understands this. The South African concept of ‘ubuntu’ says, “I am because we are, and we are because I am’.

This tells us how the identity of an individual is inseparable from that of the wider community; or even inseparable from the environment in which we live. As we have needs and rights in our community, we also have a responsibility of care for the wellbeing of our neighbour and the environment. We are all stewards of God’s creation. Globally, the market has become a place of competition where a few get rich, but many cannot compete and are impoverished.

Whereas, the traditional African concept of the market is that of human contact, mutual exchange and support. At the market place folk connect and re-connect with others in the community and beyond the village. In this context, the market is a place of LIFE - a place of personal relationships and formation in the community.

Sadly, we are losing this tradition in many ways. It may still be seen in rural areas, but more and more we are seeing an exploitative nature to the market, where the elite profit and the majority are excluded from the profit.

Our daily personal and local way of life is challenged by what we see happening globally. In Africa, we traditionally have a way of living ‘community’ that could be an example to the world. Sadly, some of our good traditions are being challenged and are diminishing within Africa. Why can we not hold on to them for ourselves, and also as an example to other cultures?

It may sound like a stretch of the imagination to believe that, as individuals, we can make a better world. However, each one of us can make a difference. It all starts at local level, and in our own lives. As a good guide - we can start with God’s gift of life to us. Can we live our lives in a way that gives life? That is a way of life that is life-giving not death dealing.

Reciprocity gives life. Justice and peace give life. Mercy gives life. Generosity gives life. In these instances, life is received by both giver and receiver. However, greed, injustice, selfishness and conflict all take life away from all concerned. It can start at family level: how we treat family members; how we want the best for them. At local community level, can we seek wellbeing at all levels - from childhood to old age. This is how our world can be changed.

When we talk of ‘economy’, we refer to the use and management of resources. All well and good. In addition, I believe we should focus on ‘ecology’. This is our relationship to, and our place in, our environment. We are interdependent with each other and with our environment. If we care for our environment the environment will support us.

We may feel we strive against the odds. Let us treat it as such, and pray others will do so also. God will notice and honour our efforts as long as we seek God’s will, in all we do and in all we are. God will support us on our journeys. I pray that God in Christ will bless and guide our lives in the way of LIFE, now and throughout the coming year.

On behalf of the people called Anglicans on the Cape Verde Islands, in Senegal and The Gambia I wish you all a blessed New Year.

Your friend and Bishop, Tilewa,I/II/MMIX

Author: RT. REV. DR. S. Tilewa Johnson, Bishop of Gambia

The Dalasi Update

Mon, 05 Jan 2009 06:14:10 GMT

Monday, January 05, 2009

Good morning Gambia and welcome to Dalasi Update (DUD).

I am confident that we are all focus and determined to meet 2009 with best of intentions, penciled steps for change for the better and undiluted ambition to succeed individually and severally as a nation and a people.

Non Movers
Trading is impressive this week as more banks did join BANK PHB in this category of non movers. The TBL, BSIC and BANK PHB all maintain their last week trading figures with no changes at currency trading.

Gains
SCBG is the only bank this week at trading to make magnificent gains in all currencies by only being a non-mover on the US Dollar and Canadian Dollar as of last week trading figures.

Mixed Picture
All other banks in the Gambia notably AGIB, GTB, ICBG, ACCESS and ECOBANK are registering and posting mixed pictures with some gains, some losses and some non movers in their respective currency dealings this week while no figures are available from FIB this week.

Market Beat has the privilege to bring to you the Indicative Rates currency tables as we buy and sell in a selection of our banks in selected currencies as dictated by the Central Bank of the Gambia (CBG) as at the 24th.December 2008, thus:

The Gambian banking sector under the microscope Cont’d

The banking industry continues to show signs of resilience and astute as depicted in the growth in assets, capital and reserves and the declining trend in non-performing loans.

Total industry assets increased by 12 billion Dalasi at the end-October 2008, or 25.0 % from a year ago. Non-performing loans as a ratio of gross loans improved from 13.0% at end-September 2007 to 7.0% as at end-September 2008. The industry’s average capital adequacy ratio stood at 23.0% as at end-September 2008, well above the minimum threshold of 8.0%.

The Nazi generals also carried their loots into South America and buried it in to banks for safe keeping after the fall of the Third Reich and Hitler. If Gambia today is following in the footsteps of the likes of Switzerland, UK, Brazil, Argentina then we are in no bad company.

It is better for Africans to keep monies within Africa than going to Switzerland and losing it to THE SMALL PRINTS that go with the opening and operation of these cumbersome accounts in Switzerland and other western countries. Sanna Abacha’s story is a living testimony to that fact. I will say to all Africans please bring your monies home and not abroad and remember there is no place like home.

Going by the great results and balance sheets of these commercial banks at the present moment it means they are sapping the financial vein of the hard working Gambian masses with the exorbitant interest rates they peg on their loans to the borrowing public. I must commend the banks for the loans they are giving to the banking populace and notably Trust Bank for the fast and speedy manner in which these loan applications are processed. However, we must fight the over profiteering by these banks at the public’s expense.

The banks also must be compelled to look beyond their comfort zones by issuing loans to only civil servants and employees of private organization and look further to the farming communities, micro financing, petty trading and youth financial empowerment. The central Bank must spearhead these drives as they are the bankers’ bank and the regulator of these banks.

The banks are doing very well in today’s Gambia but they must push their corporate responsibility further and reach out to youth and youth employment and want. Trust Bank is also to be commended once again by what they did at Farafenni AFPRC hospital and to me that was heaven sent intervention and I hope the others are taking note. The final call I will make on this discourse is for the creation of a bank for investment, construction and development to support youth employment creation, housing schemes for the populace and regeneration of towns and coastal areas in the Gambia.

This bank will also help strengthened the capacity of iconic businessmen and investors in the Gambia who at present are facing major cash flow constrains within Greater Banjul Area and the Rural Gambia. At this point I must mention the likes of Sambujang Jagne with his Fankanta Motel of Farafenni, Nyian of Baobolong Janjang Bureh who all need capital and government support and tax breaks to regenerate their motels and hotels for further employment creation and strengthening of the rural folk.

As a nation and a people we must reward talent and help strengthen the personalities and institutions that are making differences in our own country for an accelerated development and progress taking Vision 2020 as a source of compass. We must identify, honour and respect brains and entrepreneurship as without the likes of Obama, Isaac Newton, Pythagoras, Mandela and scores of others then life on this planet would have stagnated.

Have you ever thought the blessings that are reaching the man who invented the bulb and drove away darkness, casting away the myth that cometh with the nights and its attendant pestilences? To me this man will be among the very first people to book their ticket to heaven if rewards and blessings are anything but the yardstick to entering heaven.

Please let us recognized and support talent among our midst as that is the only way forward. The APRC position on science and technology, the University of The Gambia, back to the land call are all but cornerstone initiatives that will accelerate our development and growth as a nation and a people. Mr. President please do keep us the momentum as your pragmatism and judgment are enviable.

Comments and contributions to this column or article please email me at moacamera@yahoo.co.uk.

Author: By Momodou Camara

What to know about Gambia tourism

Wed, 31 Dec 2008 05:46:43 GMT

Wednesday, December 31, 2008

The tourism industry is at present mainly reliant on the charted market with the vast majority of tourists on package arrangements.

While charter traffic will always be welcome, there is also a need to develop cultural tourism and the conference and incentive market. As the main engine power of the Gambian economy, there are indications that tourism will continue to grow, rendering Gambia’s potential as one of the Africa’s leading tourist destinations very obvious. The country has many advantages, which together constitute a unique tourism product, attractive to both tourists and tour operators alike.

The Gambia can be termed a medium haul destination offering the following: relatively close proximity to most European capitals. About 6 hours of no jetlag, No time difference but peace and political stability, pleasant sub-tropical climate, abundant sunshine and sandy beaches, abundant exotic bird-life, friendly and hospitable people, a rich and diverse culture and heritage, ample opportunities for river cruising and fishing, Eco-tourism potential; good infrastructure; English is widely spoken; and there is an efficient administrative system.

Since the inception of its tourism industry, the Gambia has been sold as a cheap winter destination attracting mainly middle and low spending tourists in search of the sun, sea and sand. However, it is obvious from the above that this destination has far more to offer.

Author: Yunus Saliu

Market beat: The dalasi update

Tue, 30 Dec 2008 04:37:17 GMT

Tuesday, December 30, 2008

Good morning Gambia and welcome to Dalasi Update (DUD) after a long break which was good for rest and recovery but bad for the economy as precious hours of productive labour were lost which translates to millions of Dalasi.

How can we cut the number of holidays we have each year or better still can we encourage work on holidays and be paid double time as this will cushion the million of Dalasi lost by way of holidays? We will also like to take this space to salute and wish our magnificent and loyal readership a joyous happy and blissful New Year in 2009 in advance.

Non movers
Trading is very impressive this week as more banks have joined BANK PHB in this enviable rank. This is indeed very commendable as TBL, BSIC and BANK PHB all maintain their last week trading figures with no changes whatsoever.

Gains
SCBG is the only bank this week at trading to make magnificent gains in all currencies by only being a non-mover on the US Dollar and Canadian Dollar as of last week trading figures. This is indeed a good picture and I hope the Bank keeps making those gains at trading against major world currencies as the leading bank in the country.

Mixed picture
All other banks in the Gambia notably AGIB, GTB, ICBG, ACCESS and ECOBANK are registering and posting mixed pictures with some gains, some losses and some non movers in their respective currency dealings this week while no figures are available from FIB this week.

This is the third week running for FIB to be a non performer in our tables of currency analysis meaning no figures are available from them through the Central Bank to the banking community in the Gambia. I hope the situation is once again remedied. In that vein, Market Beat has the privilege to bring to you the Indicative Rates currency tables as we buy and sell in a selection of our banks in selected currencies as dictated by the Central Bank of the Gambia (CBG) as at the 24th.December 2008, thus:

The Gambian banking sector under the microscope

Author: By Momodou Camara

The 2009 Budget in focus

Wed, 24 Dec 2008 06:29:39 GMT

Wednesday, December 24, 2008

Editorial

It is a constitutional demand that the secretary of state for Finance and Economic Affairs table before the National Assembly the financial statement of the government for approval before the start of any new fiscal year.

Exactly one year from today, the SOS for commodities and Economic Affairs stood before this very same august gathering to present the budget for the 2008 fiscal year. This was done in the midst of great economic challenges confronting not only the Gambia but the world at large.

And it was done in a period when prices of fuel and basic life sustaining commodities were skyrocketing at the international market, with most of the nation states, particularly the developing countries, recording incredible inflation and drip in their balance of payment. Matters went worst in the mid of the fiscal year when world economies entered the credit crunch and financial crises which situation is crippling the very fabric of the economies of developing countries.

However, despite all these global economic difficulties, The Gambia has maintained quiet a sustained economic growth and our international reserve position remains comfortably stable. Within one year, The Gambia reached the completion point of the highly indebted poor country initiative and also qualified for debt relief under the multilateral debt relief initiative with sustainable debt relief to be spread over a period of 9 years.

As the SOS himself puts it this way, “This has provided the much needed fiscal space for the government to improve service delivery to its people to channel and target more resources towards the social sector for poverty alleviation and to achieve the Millennium Development Goals as well as the Vision 2020 goals.

However, as the 2009 budget is still under the scrutiny of the National Assembly, we do not want to make judgment. But we are reiterating our call on the people of this country to take ownership of the productive base of our economy for the realization of our vision. The back-to-the-land initiative is a very crucial part of this.

Once again we join the rest of the country to congratulate the SOS for Finance and Economic Affairs and the entire government for their hard work and sacrifices for the country. We are confident that if our economy can triumph in the midst of global economic meltdown, much improvement can be registered at this time that the world is moving towards much more stable economy.

Author: DO

The Gathering Storm

Mon, 22 Dec 2008 05:23:29 GMT

Monday, December 22, 2008

According to the Secretary of State for Finance and Economic Affairs, Mr. Moussa Gibril Bala-Gaye, we cannot ascertain exactly for now the details of the impact of the world financial crisis, the credit crunch, and rising food prices will be on our economy and people. While this may be true at the moment what we do know is that there will be an effect. We need to brace ourselves for the coming crisis and ensure that it has the smallest possible effect on the population. All over the world economies and banking institutions are reeling from the effect of this crisis so it is highly unlikely that we will escape unscathed.

Mr. Moussa Gibril Bala-Gaye presented before Members of the National Assembly, Estimates of Revenue, Recurrent and Development Expenditures of the government of The Gambia for the fiscal year 2009 last Friday. He said The Gambia’s economy has performed magnificently, but that serious challenges from outside have started to emerge in 2008. He said that the situation might continue into 2009.

The budget, which runs across all sectors of the economy, highlighted key primary areas ranging from Education, Health, Agriculture and Communication with particular emphasis on poverty eradication.

“We have seen the value of our imports drop, and so our revenues on non-oil imports. All we know is that remittances, tourism receipts, foreign direct investment, and aid flows may be affected. Some challenges have already emerged, and, perhaps, more formidable challenges may come sooner than later,” he said. We can take some hope from the secretary’s statement that the government will take the necessary policy response to dampen the impact of these on the Gambian people. “More importantly, Government will continue to monitor closely the situation, and ensure that deposits and savings are safe through tightened bank supervision and monitoring of potential risks. The government will also ensure more transparency, accountability, and oversight functions in our financial system,” he said.

These measures need to be effective and watertight because even the best safeguards will not be effective in some cases to spare us the worst of this coming storm.

Global Financial Crisis: Gambia Yet to Ascertain Impacts

Mon, 22 Dec 2008 05:09:37 GMT

Monday, December 22, 2008

It is evident that the global economy is experiencing a major slowdown owing primarily to the worst financial crisis since the great depression. Stock markets have become increasingly volatile, some major financial institutions in advanced economies have collapsed, capital flows to emerging markets have weakened and some currencies have depreciated sharply.

The global financial system is facing turbulent times, and the international financial markets are uncertain, and volatility continues in the world market.

Governments have taken unprecedented measures to address these problems. Despite this, international financial markets are still marked by a high degree of uncertainty and risks of a global recession are high. The International Monetary Fund in October 2008 marked down its growth projections of the global economy for 2009 to 3.0 percent and the outlook is subject to considerable downside risks.

Well, the multi-million dollar question now is how will the global financial crisis affect the world, Africa in general and developing countries in particular.

The Gambia, according to Mr Moussa Gibril Bala-Gaye, Secretary of State for Finance and Economic Affairs, cannot ascertain exactly for now the details of the impact of the world financial crisis, the credit crunch, and rising food prices on our economy, and people.

Mr Gaye, who presented before Members of the National Assembly, Estimates of Revenues, Recurrent and Development Expenditures of the government of the Gambia for the fiscal year 2009 last Friday, said the Gambia economy has performed magnificently, but serious challenges from outside have started to emerge in 2008, and the situation may continue into 2009.

The budget, which runs across all sectors of the economy, highlighted key primary areas ranging from Education, Health, Agriculture and Communication with particular emphasis on poverty eradication.

For Mr Gaye, the current financial crisis seems to be more severe, and we are seeing a tsunami of credit crunch in the United States, Europe and some parts of Asia, where banks cannot extend credit even to each other.

“As the Gambia globalises, and integrates more with the world markets, we will be affected directly or indirectly in terms of Remittances from abroad, Aid flows, Foreign Direct Investment, and Tourism Receipts”, he said.

He was however quick to add that government will take the necessary policy response to dampen the impact of these on the Gambian people. “More importantly, Government will continue to monitor closely the situation, and ensure that deposits and savings are safe through tightened bank supervision, and monitoring of potential risks, and also ensure more transparency, accountability, and oversight functions in our financial system”.

He added, “The Gambian people have made great sacrifices in the recent past, and overcame great difficulties, when the country was left on its own to manage its own survival and development. And as a country, we succeeded magnificently”.

Author: Baboucarr Senghore & Abba Gibba

Source: Picture: Musa Bala Gaye (SOS for Finance and Economy Affairs)

Connecting the solutions while there's time

Mon, 01 Dec 2008 08:20:50 GMT

Monday, December 01, 2008

Guest Editorialist

The world does not need to be reminded of the urgency of this historical moment. We sense it every day in the news. One day a major bank, insurance company, or automaker announces a record loss. The next brings word of the impact on nations and peoples least able to cope with these blows — the poorest of the world's poor.

During the last two years, I have dealt with many crises, from Darfur and the Democratic Republic of Congo to such global challenges as the food crisis and climate change. But the financial crisis is unique and potentially overwhelming.

What was purely a financial crisis has become an economic crisis, spreading across the globe. Every projection of growth has been revised downward. And while there are signs that mature economies are recovering from the panic that froze credit markets, we are by no means beyond the danger zone.

My greatest concern is that today's financial crisis evolves into tomorrow's human crisis. We need to recognize what Martin Luther King Jr. called the "fierce urgency of now" if we are to safeguard millions of people's livelihoods and hopes for the future.

Many financial experts have diagnosed the causes of the crisis. Policymakers have offered prescriptions for solving it. We hear talk of new banking regulations and even of a new global financial architecture.

All this is desirable. Yet, while I welcome this debate and fully recognize the need for long-term measures, I am acutely conscious of time.

Immediate problems require immediate responses. Nor can we allow the financial crisis to become a reason for neglecting other critical issues: unacceptable levels of poverty and hunger, the food crisis, climate change. For that will only exacerbate the already fragile political and security situation in many of the hardest hit countries.

At the Group of 20 financial summit in Washington on Nov. 15, I delivered four messages reflecting my conversations with various U.N. member states: • We need a global stimulus package to turn this crisis around.

The International Monetary Fund recently projected that virtually all global growth in 2009 will come from emerging and developing economies. Large increases in public and private expenditures will therefore be required in many regions of the world to counteract falling demand.

• These financial rescue and assistance packages cannot stop at the borders of the richest countries. Emerging markets and other developing countries will need oxygen in the form of credit lines and trade financing. And we must stand against protectionism. Without open trade, growth and development could break down entirely.

• Some part of our global stimulus should come from commitments that the international community has made on aid. In today's environment, fulfilling the Millennium Development Goals (MDGs) is more than a moral imperative. It is a matter of pragmatic economic necessity.

• Finally, inclusivity must be our watchword. In our interdependent world, these tasks can be met only through reinvigorated multilateralism — one that is fair, flexible and responsive, with leaders coming from all quarters.

While the G20 nations whose leaders met in Washington account for nearly 80 percent of world production, trade and investment, more than 170 other countries, representing one-third of the world's people, were not there. It is our responsibility to listen to their voices and respond to their concerns.

The next few months will be crucial. Many of us will meet again soon in Doha to review progress on financing for development. Six years ago, President George W. Bush and other leaders adopted the ambitious goals that constitute the core of the MDGs.

History will judge us harshly if we fail to live up to these commitments. I therefore urge all nations, rich and poor, to send their highest-level representatives to Doha with full determination to do what must be done.

In December, our climate change negotiators meet in Poland. We have one year until they meet in Copenhagen — one year to reach an agreement that all nations can embrace. The sooner we have such an agreement in place, the sooner we will see the green investments and green growth we so badly need.

The great challenges before us are interrelated: the global economy, climate change, and development. We need solutions to each that are solutions to all. Ban Ki Moon is secretary general of the United Nations.

Author: DO

Towards food self sufficiency

Thu, 27 Nov 2008 05:20:34 GMT

Thursday, November 27, 2008

It is not a coincidence that every generation of humanity comes with its characteristic attribute manifested in the caliber of people that dominates its time. Ours is no exception. We have a lot to show to generations to come. Some of it unpleasant, but most of it exemplary.

We are greatly indebted to a few people of our time for their consummate effort in pushing forward the course of development of the human race. They dedicated their lives entirely in the course of raising the standard of living of the peoples of the world, they stand for the underprivileged and the downtrodden, and they never show even a slight semblance of derailing in spite of all the odds they face.

President Jammeh is one such person, and his back-to-the-land call has proven to be so; a pure attempt at solving a global concern. His call is evocative of Amilcar Cabral’s call on Guineans to return to the "source." But what is all the more fascinating is that he did not only make the back-to-land-call a mere policy document but rather he puts it into practice.

He did this so as to boost the moral of Gambians and thereby making the scheme a profitable enterprise. This indeed manifests to Gambians that we are blessed with a leader who means business in his words and action.

Tuesday’s disclosure of the existence of a 40-day rice variety in The Gambia, cultivated on the premises of the State House, opened up another revelation; that farming activities do not stop in Kanilai after all. It also shows that the propensity of our urge to excel in the self-sufficiency drive is being kept live.

With this new variety of rice, Gambians, depending on how we respond to the call of the president, will soon be poised to harvesting rice two or tree times a season. This will put us on the path of becoming the envisaged power house of socio-economic development.

The National Agricultural Research Institute (NARI) can not be left behind in such a crusade. So are other technicians in related fields, and even the funding institutions. Then and only then will we be sure of reaching our goal.

Author: DO

2010 World Cup set to contribute R55bn to SAs GDP

Thu, 27 Nov 2008 01:31:44 GMT

Thursday, November 27, 2008

The 2010 World Cup is set to contribute R55bn to the SA economy andcreate 415,000 new jobs, according to a study by Grant ThorntonStrategic Solutions. The contribution to SAs gross domestic product (GDP) is made up of theR33bn in direct spending on stadiums and infrastructure, the spectatortrip expenditure of R8bn, ticket sales of R6bn, and sponsorship dealsof R750m. The expected tax income to government is around R19bn.

Source: http://feeds.feedburner.com/~r/SAGoodNews/~3/467487087/2010_world_cup_set_to_contribute_r55bn_to_sa_s_gdp_.html

Africa News - .geographical media - RSS

New Year message 2009 The RT. REV. DR. S. Tilewa Johnson, Bishop of Gambia

The Dalasi Update

What to know about Gambia tourism

Market beat: The dalasi update

The 2009 Budget in focus

The Gathering Storm

Global Financial Crisis: Gambia Yet to Ascertain Impacts

Connecting the solutions while there's time

Towards food self sufficiency

2010 World Cup set to contribute R55bn to SAs GDP

2010 World Cup set to contribute R55bn to SAs GDP