Alhagie Mamadi Kurang , who was speaking in a recent exclusive with The Point, disclosed that debt has been a longstanding problem for The Gambia and that the factors which causes this increasing debts need to be critically looked at.
“The country is said to have a debt burden of 77.4 billion dalasi.”
Kurang, an economist and analyst said a debt is just like balance sheets were there are inflows and outflows.
“Outflows are when you are spending more than you are earning, then you will have a problem,” he said. He added that if you continue spending more than what you earn, you will continue borrowing more and more money from other countries.
The account specialist revealed that debts can only be controlled ‘if expenditures are controlled’, saying the national debts cannot be controlled ‘if Presidents or politicians’ live a lavish lifestyle, buy luxury cars when all that money is not coming from their salaries.
Government, he observed, must find ways of reducing unnecessary expenses that do not benefit the population and bring in projects that will increase the country’s income.
“To reduce these unnecessary expenses, we must look at the fuel we use, number of cars, traveling and allowances all should be look at critically. My government will obviously look into these things critically as an accountant and economist. I believe these are areas which needs to be critically looked at.” he added.
Kurang also suggested for alternative strategies of raising revenue, pointing out that one has to be creative with taxation so that you can attract foreign investors to bring more income and make profits on the investment that they bring to the country. This will help the budget to be more balanced.” he observed.
“For example, if government is buying luxury cars, engaging in unnecessary travels, while farmers do not have basic implements like tractors, power tillers, you will see two to three villages sharing one power-tiller. I am from CRR and a witness of all that are happening there.”
He noted that to balance the budget is an objective to create economic growth, adding that without growth there will be no income.
These, he said, will increase the inflows, saying ‘we have plans’ on what to do in those areas and improve government finances.
“I am the only candidate trained and qualified in accounting, economics, management, taxation, finance, marketing and technology systems so I know how to fix the economy and make things work. I am the most qualified because am the only ACCA Chartered Accountant out of lot space I cannot be deceived easily with numbers and am the only one who knows and is trained on how to stop corruption.” he explained.
Kurang, boasts a huge track record in youth work, saying over the years he trained up to 20,000 Gambian youth on accounting, management and technology for twenty (20) years without government support or NGOs.