There
is revelation by the Finance Ministry that the former regime had left behind a
huge debt of about D48.3 billion, as indicated in a report presented to the
media yesterday at the Finance Ministry in Banjul.
It
is obvious that there will be always some amount of debts incurred by any
economy, be it domestic or international, especially for low-income countries
like The Gambia.
What
is alarming, though, is the manner in which the funds were withdrawn and what
they were spent on that leaves a lot to be desired.
The
Finance minister gave us a sample of when and how the withdrawals took place at
the Central Bank of The Gambia, stating that “on 15 July 2014 there was cash
withdrawal of US$300,000 by one Sana Jarjue, Office of the President; on
23/7/14 cash withdrawal of US$700,000 through Sana Jarjue, Office of the
President; on 23/7/14 cash withdrawal of US$600,000 through Sana Jarjue, Office
of the President; on 11/8/14 cash withdrawal of US$1,000,000 by Office of the President.
“Also,
on 10/9/14 there was cash withdrawal of US$1,000,000 by Office of the
President; on 16/9/15 cash withdrawal of US$800,000 through Sulayman Badgie,
Office of the President and on 16/9/15 cash withdrawal of US$704,721.63 through
Nuha Williams, Office of the President.”
This
speaks volumes as regards the circumstances in which these monies were
withdrawn.
While
we are yet to know the purpose of the withdrawals and how the monies were
spent, the revelation sends a bizarre signal that a lot of resources had been
used amiss, and whichever destination some of those resources had gone should
be traced.
Resources
or accounts from such public institutions as the Social Security and Housing
Finance Corporation (SSHFC), Gamtel and the Carnegie Mining project were
gravely affected, and said to be a reflection of the mismanagement of the
Gambian economy by the APRC government.
While
the Barrow government should obviously continue to focus on how to improve the
economy and register development for the people, it is also of interest that
some of the alleged missing funds are traced to know their destination, so that
all would be in a position to know whether this withdrawals were used wisely
for national purposes or were siphoned into the personal accounts of
individuals.
According
to the Finance and Interior ministers, these withdrawals had “destroyed” the
Gambian economy; hence their use and destinations must be investigated to
recover some of them and put into good use for national development.
Meanwhile,
we are alarmed by the revelation by the authorities directly concerned with our
country’s financial status.
“The
destinations of our financial resources must be traced.”
The
Point
