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Current Feed ContentIMF thumbs up Gambia
Tuesday, September 16, 2008 The Gambia government has received strong commendation from the International Monetary Fund (IMF) executive board “for maintaining macro economic stability in the context of robust growth and moderate inflation”. This revelation was captured in a dispatch issued by the Department of State for Finance & Economic Affairs, which disclosed that after completing its third review of The Gambia’s performance, the IMF approved a US$3.1 million disbursement for the country, saluting the strong and successful efforts of the authorities to improve on revenues and tax administration. The completion of the review, the release states, allows for the disbursement of SDR 2 million (about US$12.4 million). The Executive Board also approved the Gambian authorities’ request for waivers of non-observance of four structural performance criteria concerning the submission of two special audit reports, the making operational of a credit reference bureau, and the establishment of a central register of fiscal expenditure commitments. According to the release, following the Executive Board’s discussion, Mr. Takatoshi Kato, Deputy Managing Director and Acting Chair, said: “The Gambian authorities are to be commended for maintaining macro economic stability in the context of robust growth and moderate inflation.” “The PRGF-supported economic program,” he went on, “ has been implemented satisfactorily, despite the recent increases in world food and fuel prices.” The PRGF is the IMF’s confessional facility for low-income countries. PRGF loans carry an annual interest rate of 0.5 percent and are repayable over 10 years with a 5 1/2 year grace period on principal payments. Author: DO New Economic Growth Projects in The Gambia Wednesday, September 10, 2008 The Abundance Fund is very happy to announce that it is accepting proposals for economic growth projects in Namibia and Gambia, Mr. Musa Bassadi Jawara, member of the Advisory Board revealed yesterday. The Abundance Fund is a unique grant-making organisation that supports innovative, creative, and forward-looking grassroots economic growth projects in the developing world. “The Abundance Fund is set up to make it easier for those who want to give, and give in a way in which they can be confident of their contributions in making a direct and positive difference in the lives of the intended beneficiaries,” Mr. Jawara added. He noted that The Abundance Fund is now receiving proposals for economic growth projects from grassroots organisations in Namibia and The Gambia. He added that the opening date for sending proposals is August 8th, 2008 and the closing date is November 9th, 2008 at midnight Pacific Time. The Request for Proposals can be accessed at: http//www.abundancefund.org/requestforproposals.html Source: Picture: Musa Jawara Parents, Society, Church and the YouthWednesday, September 03, 2008 Youth are the future leaders, it is said and the Church recognizes this point and takes it as vital. Youth are given preference in the Church for their own development and growth. The youth of the Gambian church have a pivotal role to play in the life of the Catholic Church and in society at large. Certain hard times bring back youth from realizing their full potentials for the realization of their role as future leaders in society. The youth also others will blame for bad attitude towards their future lives but the youth is between the Church, parents and the society what is their role towards the youth? Christian Panorama looks through and offers some answers, read on. The home is the first teacher comprising of the mother, father and other elders of the family in an African setting. The parents are said to be incharge of the child’s growth and early beginnings, which means they owe a lot to the molding of the child from its inception. Children according to psychologists are born with empty brains, what they term as “tablerazers,” meaning empty. The brain is empty until those brains are filled. This takes quite a painful period and parents should be more careful at this stage to enable them get the best. From the early stage of these developmental stages in man, the neighbours too play their own role in the molding or filling of the brain to what the society would use later. In a Christian setting the parents show very good examples to their children especially through their Christian living. They are obliged to teach them to love God and teach them to pray all the time. Teaching them morals is part of molding them into what it is supposed to be. Many parishes have formulated youth activities, starting from children to the young adult. Parents are only asked to send their children to be a part of such groups. Many parents fear to send their children to such functions so as to get their children under control at home. Most children are not able to comport themselves when parents are absent. Thus bringing the fear to release their children. The community too sits to watch the good or bad children. Mostly the onlookers that are the neighbours fear to help children fearing other parents’ reaction for instilling discipline. The community has a limited space to discipline those that do not belong to them. Parents have the bigger say and should be flexible either with the youth, the society or the church in the development of these children. They will receive the greater bit of the successes their children will score as elders or future leaders. Pope Benedict XV1th. recently met with world youth in Sydney Australia. He previously met with them in It was with disappointment that the ticket for going to Gambia Catholic Youth have not relented either. The Diocesan Youth Council (DYC), responsible for youth activities of the Diocese of Banjul recently called on all youth of the Catholic Churches for a Summer Youth Camp in a secluded area called Soma. This is in line with what Christ Himself had done with His Apostles when he took time out to pray and reflect alone. The DYC under the guidance of Joseph Colley, who has been fighting tooth and nail to bring the youth together, spent four days with the youth in prayer, fasting and reflection. The Summer Camp announced all over the churches could only attract ten of the youth in the diocese. Many people said most of the youth were busy with their summer classes while others feel more should be done for them by helping to pay their camp fee. The Youth Summer Camp held from August 27 to August 31st. and attended by ten DYC members was a success according to Pierre Mendy. He said they prayed, played and meditated a lot on their future and the past to forge ahead for a better youthful days. He said they were mostly impressed by the youth behaviour and encouraged parents to be part of their children’s growth. “We believe parents have a pivotal role to play to enable youth be more useful as future leaders,” Pierre Mendy said. Asking one of the parents why she did not let her two children go for such a youth experience, Rose Mendy said it is a good thing for children but it was not easy to let go of my kids for such a vital exposure. “The only problem is I am not sure of what is there and the money too was expensive. It could have cost me nearly a thousand including pocket money for the two of them. Apart from that I could not be sure of girls leaving for an unknown place,” She said. The problem here for the growth of the youth remains fear, poverty, parents and society and the slow pace of generosity in society. Parents need help to help their children and so it is to put things in place for the development of these youths who would take over from the elderly. “Let us invest on our youth and at our old age they shall improve our lives with the new trend of things we shall not be in line with but they will be vital for our existence,” says David Noah of Bakau. Author: By Augustine Kanjia Private Investment Critical for Economic Growth - Secy Colley Monday, September 01, 2008 The Secretary of State for Trade, Industry and Employment Mr Abdou Colley has described the private sector as an important partner in the economic growth of the country. He made these remarks last Thursday at the Kairaba Beach Hotel at the review of the draft Investment Promotion and Free Zones Act. According to him, investment promotion involves a wide range of stakeholders; government institutions, the private sector, financial institutions, civil society, and other development partners. “Seven years ago, the government decided to enact the Investment Promotion and free Zones Acts to promote private investment in the economy and to allow private sector to play a lead role in the management of the economic resources,” he said. The enactment of the two Acts, and their subsequent review, he said, indicates government’s strong conviction that promotion of private sector investment, particularly foreign direct investment (FDI), is central to the country’s development process. He said that the contribution that the FDI could make towards the country’s economic development and integration into the global economy is widely recognized. He urged the participants to make particular reference to the issue of investment incentives. “In as much as we recognize that our country is essentially tax-based economy, we should not lose sight of the fact that we live in a very competitive world where every country, developed or developing, is devising their strategies to attract strategic investors. In this regard let us agree on promises that we can keep and speak with one voice as a government,” he said. Mr Don Lecrew, an international consultant, said that the purpose of the investment Act is to make The Gambia more attractive to investors, adding that tax incentives are very important for both domestic and foreign investors. Author: By Nfamara Jawneh Source: Picture: Abdou Colley (Secretary of State for Trade, Industry and Employment) Central Bank Forecasts Economic Growth at 6.5% Friday, August 29, 2008 This is premised on a strong rebound in agricultural output and the continued growth in the services and construction sectors. Speaking at a press conference held at the Central Bank’s offices yesterday, Mr Bamba Saho, Governor of the Central Bank of The Gambia, said money supply grew by 8.5 percent in the year to end June 2008, compared to 12.9 percent a year earlier. According to Governor Saho, preliminary data on the execution of the government budget indicates that total revenue and grants for the first six months of 2008 declined to D1.9 billion or 3.6 percent compared to the corresponding period in 2007. “The decline is attributed to the lower than projected tax and non-tax revenue. Total expenditure and net lending increased to D2.0 billion, or 13.6 percent compared to the first half of 2007. The overall budget balance (including grants) on commitment basis was a deficit of D113.0 million, or 1.3 percent of GDP. Excluding grants, the deficit widened to D164.4 million, or 1.8 percent of GDP,” he revealed. The Central Bank Governor added that the inter-bank foreign exchange market continues to be vibrant as volume of transactions, measured by aggregate sales and purchases of foreign currency, increased to US$1.7 billion at end-July 2008, or 13.3 percent from a year earlier. “From end-December 2007 to July 2008, the Dalasi strengthened by 7.1 percent, 4.9 percent, 1.9 percent and 1.5 percent against the US Dollar, Pound Sterling, Euro and CFA Franc respectively,” he said. Governor Saho was however quick to add that the Dalasi depreciated slightly against all major currencies between June and July 2008. “The banking system recorded significant asset and deposit growth as well as a strong capital base. Total assets of the banking industry increased to D11.3 billion or 12.2 percent from end-June 2007. Return on assets declined from 2.1 percent in March 2008 to 1.5 percent at end-June,” he revealed. Author: By Baboucarr Senghore Source: Picture: Bamba Saho (Governor of Central Bank) Economic growth forecasted at 6.5% Friday, August 29, 2008 Bamba Saho, the governor of the Central Bank of The Gambia, has said the country’s economy is forecasted to grow at 6.5% in 2008, premised on a strong rebound in agricultural output and the continued growth in services and construction sectors. Money supply grew by 8.5% in the year ended June 2008, compared to 12.9% a year earlier. Quasi money rose by 13.0% and narrow money by 4.0 percent. From end December 2007, money supply grew by 2.7 percent while reserve money contracted by 6.3 percent. Governor Bamba Saho made this disclosure at the meeting of the Central Bank of The Gambia’s Monetary Policy Committee, held, yesterday, at the conference hall of the Central Bank of The Gambia. According to him, the total revenue and grants for the first six months of 2008 declined to D1.9 billion or 3.6 percent compared to the corresponding period in 2007. The decline is attributed to the lower than projected tax and non-tax revenue. Total expenditure and net lending increased to D2.0 million or 13.6 percent compared to the first half of 2007. The overall budget balance including grants on commitment basis was a deficit of D113.0 million or 1.3 percent of GDP. Excluding grants, the deficit widened to D164.4 million or 1.8 percent of GDP. Bamba Saho added that the inter-bank foreign exchange market continues to be vibrant, saying that from the end of December 2007 to July 2008, the Dalasi strengthened by 7.1 percent, 4.9 percent, 1.9 percent and 1.5 percent against the US dollar, pound sterling, Euro and CFA franc respectively. However, the Dalasi, he went on, depreciated slightly against all the major currencies between June and July 2008. The banking industry’s total assets also increased to D11.3 billion or 12.2 percent from end June 2007. Mr Saho noted that the commercial banks’ loans increased to 83.0 billion in June 2008 or 33.2 percent from a year ago. Loans and advances to all the major economic sectors increased excepting agriculture, which decreased by 50.4 percent to D157.7 million. Credit, fishing, building, construction, transportation and distributive trade increased by 6.6 percent, 95.4 percent, 78.5 percent and 37.8 percent, respectively. Tourism, personal loans and other loans rose by 14.7 percent, 25.5 percent and 65.0 percent from the previous year. The Central Bank governor further revealed that from the beginning of the year 2008, total domestic debt increased to D6.1 billion (33.5 percent of GDP) or 10.4 percent of total outstanding treasury bills, amounting to 80.7 percent of total domestic debt, increasing to 4.9 billion or 2.4 percent. The bulk of the treasury bills continue to be in the 364-day bills, constituting 68.9 percent, whilst 182-day bills and 91 day bills accounted for 20.5 percent and 10.5 percent of the stock, respectively. The end period inflation measured by the National Consumer Price Index (NCPI) was 3.8 percent at the end of July 2008 compared to 6.3 percent in July 2007. On the inflation outlook, the governor said inflation is forecasted to remain in single digits; however, there were risks to the outlook relating to the persistent surge in global energy and food prices. The monetary policy committee has decided to maintain the rediscount rate, and the policy rate at 15.0 percent. The MPC would continue to monitor changes in economic conditions and respond appropriately in order to discharge its mandate to maintain price stability. The next meeting of the monetary policy committee would be held in October 2008, the Central Bank declared to the audience. Author: by Sanna Jawara Nurses and Midwives Day observed in CRR Tuesday, June 03, 2008 The International Nurses and Midwives Day was on Saturday May 24, 2008, observed at the State Enrolled Nurse (SEN) school hall in Bansang, in the Upper Fulladu West District, Central River Region (CRR) South. The celebration began with a March past before various speeches were given on the theme: "Delivering quality, serving communities, nurses leading primary health care”. In his opening remarks, Lamin Darboe, the deputy governor of CRR, asserted that midwifery care for women and their bodies was an investment that promotes healthy growth and well being for the present and future generations of the country. He said primary health care was back on the global health agenda and nursing was leading the way in ensuring the active participation of citizens and communities in addressing health issues and accessing appropriate health services round the clock. He noted that Gambia government has high on its development agenda making health care accessible and affordable to all Gambians. This, he said, is reflected in the building of new health facilities and training of more health workers. The regional Public Health Nurse, Modou Darboe, said nurses play an important role in our society. He opined that government is determined to work closely with all stakeholders in the area of providing quality health care for its peoples. The principal of SEN school in Bansang, Mafugi Bojang, said 2008 primary health care is again on the global health agenda. The international council of nurses is celebrating nursing leadership and advocating for greater nursing involvement in primary health care, the key strategy to achieving universal access and better health for the world’s people. Isatou Joof, a student nurse, delivered the vote of thanks. Author: by Lamin SM Jawo Malaria still remains a threat As it kills a child every thirty seconds Monday, June 02, 2008 Ms Chinwe Dike, UN resident Coordinator in The Gambia, has revealed that malaria still remains a big threat as it kills one child under five years in every thirty seconds. Ms Dike made these remarks on Thursday, at the launching of Unicef’s State of the World’s Children Report 2008, on the theme: “Child Survival”, at a programme held at Sheraton Hotel in Brufut. According to Ms Dike, when people speak of child survival, they hope to achieve the objective by the momentum and impetus sparked off in the global development arena by their pursuits of the MDGs. “Our Unicef colleagues often reminds us that if we do not work towards child survival, given all the health and educational threats to child survival, nothing else will count because children are our future. No children, no future!” she said. The UN resident Coordinator lamented that since the adoption of the MDGs by all UN member states in 2000, it had become a universal framework for development. She maintained that following the completion of the first year of the mid-term of the MDGs, “we are asked to consider the gains made and challenges ahead in our journey to achieving this eight goals which were committed to eight years ago, at the dawn of the millennium". She noted that depriving infants and young children the basic health care and nutrients needed for their growth would set up a whole generation to failure. She said that it is gratifying to know that The Gambia is committed to the plight of children and this, she added, is evident in the presence of the first lady Zenab Jammeh in the gathering. Author: by Sheriff Janko & Mariatou Ngum-Saidy Organization in the spotlight: United Youth Association (UYA)Friday, May 30, 2008 The United Youth Association, an organisation formed by students and non students in Bakau Newtown and its catchment area, seeks to engage young people into an organised group, with a view to addressing pertinent issues; issues that impede their growth and development. Established on March 4th, 2005, UYA seeks to empower its initiates in their quest to creating a vibrant society where their voices can be heard. Aims and objectives Prominent among its aims and objectives are to explore means of empowering young people in the area of education, to promote the rights and welfare of children, to foster unity among young people, as well as to raise awareness on some pertinent issues such as HIV/AIDS, child rights, the menace of drug abuse, sexual and reproductive health, and a host of other social problems impeding their growth and development. Activities Since its inception, UYA has embarked on series of activities, notably among them are capacity building and trainings on issues concerning young people, yearly acquisition of scholarships for the less privileged young people, community out-reach sensitization programmes, as well as the 2008 first ever youth conference of the association. Future plans With funding from donors, the association intends to provide more capacity building programmes for the young people on issues such as child right, HIV/AIDS, to organise annual youth conference geared towards capacitising young people for positive social changes. They also intend to decentralise their programmes and activities throughout the length and breadth of the country, by establishing regional branches. They also intend to organise skills training programmes for their wider membership and other interested young people. Membership Membership is open to all young people who promote their aims and objectives. A member must have 25 years below. The UYA can be contacted on address below: United Youth Association can be reached on Tel: 9816861 / 9898416 / 7202689 Email: C/o hatabfadera@yahoo.com Author: by Kemo Cham Another record year for Ecobank Tuesday, May 27, 2008 For Ecobank 2007 was another record breaking year in terms of performance, as the bank reaches new levels with assets growth of 87% to US$ 6.6 billion. Its revenues increased by 56% to US$ 544 million and pre-tax profit rose by 47% to US$ 191 million. This also positioned Ecobank as the leading Pan African banking group with an unparalleled reach and a unique operating platform. Speaking at the bank’s 20th annual general meeting held in Accra, Mandé Sidibé, the Ecobank group chairman, said in spite of the significant investments in growth, the bank was able to maintain their return on equity at 24%. “As a result of the improved performance, we are proposing a dividend of 2.0 cents, an increase of 33% over the previous year and also a stock split to make the price of the shares more accessible to the generality of our African share holders and improve liquidity in the stock.” Chairman Sidibé added that, his bank continued to be guided by their strategic objective of building share holders value through improvements in efficiency, building scale and growth. “In addition to significant improvement in our asset base, our customer base topped the 1 million mark for the first time and our branch and offices network increased to 450. Our cooporate social responsibility programmes are guided by our dual mission not only to build a world class African bank but also to contribute to the economic and financial devlopment of Africa." Arnold Ekpe, Ecobank group chief executive officer (CEO), also speaking at the AGM said that during the year, the bank extended their market reach beyond western and central Africa to eastern and Southern Africa. “Whilst we continue to grow on our regional presence, we also increased our focus on those markets, customers and products that account for the bulk of our revenue. We took steps to strengthen the front office sales and service delivery platform whilst working to centralise our middle and back office operations to improve efficiency and better manage our cost”. The CEO added that 5 countries have been added during the year to increase Ecobank’s footprints to 20 countries. “ The market capitalisation of the group increased from 1.4 billion dollars to 2.1 billion in 2007 after a 1.1 share split and dividend of 7.97 cents. As always, we remian focus on delivering superior value to our shareholders, employees and customers” he concluded. In an interview with the Daily Observer shortly after the AGM in Accra, Fitzgerald ODONKOR , Ecobank managing director in The Gambia, said the commissioning of the Shared Service Centre and the AGM of the bank were very significant events “for us as a bank. They are significant because the Shared Service Centre takes us to another level as a bank in improving our efficiency in processing our payment. The Shared Service Centre position us to grow and also to cover Africa as a Pan-African bank”. Mr ODONKOR added that the AGM was also very significant because 2007 was a very good year for the bank. “The level of the profit of the bank went up significantly. The AGM was an opportunity to inform the shareholders of the expansion plans of the bank, especially the plan to raise 3 billion dollars”. The Ecobank Gambia branch managing director furher added that the expansion plans would give his branch a unique opportunity to be part of the successful story of the bank. “ We see ourselves not only as a bank but we also have social responsibility. We are directly related to the economic development of Africa. In The Gambia we are operating from one location but we do have 7 western union stratigic points. Apart from that, we also have plans to open new branches before the end of the year. We have had six months in The Gambia, but we are expecting that within the next six months, the expansion of the branches of the bank will also take shape. Our new products which we are going to introduce in the market soon will change the landscape of banking in The Gambia. We will make The Gambia a hub for banking activities in the subregion. We want Ecobank to be a household word in The Gambia for efficient, friendly, customer focused and excellent banking”, Mr ODONKOR concluded. For his part, Omar F M’Bai , the legally minded Ecobank Banjul secretary, who also attended the commissioning of the Shared Service Centre and the AGM, said it was a blessing that Ecobank opened a branch in The Gambia. “Ecobank as a group is here to represent the best interest of Africa and Africans; as an affliate, it is here to represent the best interest of its inhabitants. And in The Gambia, it is here to represent the best interest of Gambians, as it is here to stay. Mr M’Bai called on Gambians to bank with Ecobank to make life easy and for the security of their funds. “For Ecobank the sky is the limit. You need not to travel with bags of money. For Ecobank , you just need your regional card” he concluded. Author: by Lamin M Dibba |
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