Comrades:

Since I last reported on the dalasi, our country's
currency continues to decline.  As of Sunday,
January 27, 2001, pertinent information states:

"FX Converter - 164 Currency Converter Results
Sunday, January 27, 2002
1 US Dollar = 17.98500 Gambian Dalasi
1 Gambian Dalasi (GMD) = 0.05560 US Dollar (USD)

Median price = 16.83200 / 17.98500 (bid/ask)
Minimum price = 16.83200 / 17.98500
Maximum price = 16.83200 / 17.98500."

If things hold as they are, the dalasi will continue
to depreciate in value.  Important and sound fiscal
policy on the part of the government must be
implemented to curtail the dalasi.  It is important
that the government looks at its debt financing for
capital projects.  Since incurring of debt to
finance development projects is denominated in
foreign currencies, the dalasi will continue to
decline in value.  A simple foreign currency
valuation is that there is more demand for the
US Dollar and other G7 currencies, including the
Euro.  I recommend that the government takes a
look at curtailing debt capitalization because it
is a cost that is passed to generations.

Before any genuine fiscal policy can take place,
the government needs to revamp its Income Tax
Department.  A data base administration should
have functional responsibilities in gathering data
on personal and real properties.  Deeds on these
properties should be available for independent
review at the treasury, courts and local administrative areas.

In order to maintaim a viable income generating
capacity, an independent auditor outside of The
Gambia should be retained to audit revenue that
is to be collected from records housed at the treasury, courts and local administrative areas.  A continuing auditor will have responsibility of maintaining records on properties as the audit of our revenue continuous yearly.  The reason why I recommend
the hiring of an independent auditor outside of The
Gambia is the fact that the audit will follow International Accounting Standards.  My advocacy for this is that we do not have Gambian Accounting Standards that are thoroughly independent.  The possibility of bribery, or unethical professional conducted may also be curtailed.

Another area is decentralization of revenue collection from our merchants.  Since tradition has
maintained that most of the merchants are not paying
their fair share of taxes, the ministry of trade
should establish into law that invoices and purchase
orders for goods acquired externally be sent to the
outside auditor.  This practically reduces bribery
at the customs and those responsible for collecting
taxes.  It is certain that foreign sellers most likely
will adhere to procedures in exporting goods to
The Gambia.

The government also needs to reduce duty on imported goods.  It needs to establish a liberal trade
policy in making it possible for any Gambian to
engage in import/export venture.  As more Gambians
are involved in trade, more revenue will be
generated.  Banks and Gambians must understand
that engaging in fair lending practices, do enable
a country to maintain a sound fiscal policy.  The
overall objective of this theory is that the
consumer benefits.

Another area of recommendation is the authorization
of bonds for Gambians denominated only in The
Gambian dalasi. Gambians within and outside of our
country must be encouraged to invest in buying
government bonds at prevailing rate of interest.

The Gambian National Army should take a leadership
role in becoming road engineers.  The government should make it a priority in training our soldiers in
trades that are beneficial to our national
development.

My recommendations will hold weight if the
government in all practical purposes moves to the
center of being tolerant and understanding for
Gambians to have genuine and independent politcal
thought.  The opposition must also understand to
evaluate and conduction political thought professionally.  Both the government and the
opposition must come to the realization that The
Gambia is our country.  In this theory, The Gambia's
interest rises above all.

Finally, I am strongly recommending that The
government of The Gambia curtails it dependence
on debt financing for capital projects.  It is
detrimental economically, as it further sinks our
currency.

Naphiyo,

Comrade Muhammad Lamine Jassey-Conteh
Greensboro, NC/Kombo East Constituency




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