The Dalasi is depreciating

Monday, February 12, 2018

Mr. President, the Dalasi is really depreciating at an alarming rate. The Ministry of Finance and Economic affairs in collaboration with The Central Bank of Gambia should come together and find out what’s the exactness of the problem.

The foreign exchange situation in the country stands at D425 to 5000 CFA, D48.00 to 1 Dollar, D66.50 to 1 pound, and D58.00 to 1 Euro, according to the parallel market rate. These exchange rates are sky rocketing against the Dalasi on a daily basis.

Mr. President, in such situation, it’s the Central Bank of the country with its policies that can bring a remedy to this alarming state of affairs; for it is believed that the depreciation of the Dalasi is a leading factor in increment of commodities and fuel prices which are the barest necessities of livelihood in this current economy of the country.

This currency situation scenario also has a true reflection on the basic principle of demand and supply as it is very difficult to get hold of these foreign currencies in town nowadays.

Mr. President, it is time that the government, the Ministry of Finance, the Central Bank of The Gambia and all necessary actors to find answers to all these questions being asked about the state of the Dalasi. What are the factors behind this alarming depreciating state of the Dalasi? Is it shortage of foreign currencies in the country or it is money laundering but there are lots of tourists around and the hotels are full to capacity? What are they all doing to help salvage the population from this devastating situation?

Mr. President, how far with the issues of National ID, passports, licences? The problem of national documents should be addressed immediately as these documents are very important to every citizen and scarcity can cause security risks in the country.

It was promised to get this problem solved by February and its half way into February without any official announcement from your government concerning the issue. Media reports have it that the contract has been given to Semlex, the Belgian contractor of national documents but we want to remind your Mr. President that Semlex is alleged to be having problems in its country and police are investigating the matter.

Mr. President, we are suggesting you re-tender the contract in a transparent manner and invite bidders to bid for the contract. Any qualified bidder can be awarded the contract and end this saga of three years without national documents which is very serious.

Mr. President, teachers need to be motivated as the saying goes “a good Teacher can inspire hope, ignite the imagination, and instill a love of learning. Let us remember: One book, one pen, one child, and one teacher can change the world”.

Finally Mr. President, Gambians are rejoicing for the country’s return to the Commonwealth as the country used to benefit a lot from this international body.

Good day!