Mr. Jow:

In relations to the fishing industry, you have mis-spoken and we all understand your skepticism base on the
history of the Jammeh administration. The more you try to explain yourself, the more transparent it gets. A
retraction of the statement was made, and you do not need to defend it.

Thanks

Musa jeng

Yusupha Jow wrote:

> Yahya:
>
> Thanks for your prospective on the Fisheries project and its possible
> positive impact on the Gambian economy.  My rebuttal of the idea as a waste
> of money was not a rejection of the idea completely, as a result of
> scepticism about whether the present regime is able to run anything save a
> fishing industry.  For this reason, I said that it would be a waste of money.
>  I did not however elaborate on why this was the case.
>
> My other issue with the way this project was touted to be such a good idea is
> because, in the grand scale of things, this new fishing complex will hardly
> improve the dire situation back home.  If, as you suggested, a many fisheries
> plants are opened by competent experts in areas where labour is abundant and
> employment is needed, then I would be a bit less sceptical of its possible
> positive impact on the economy. And even in this case, the consequences might
> be dire:
>
> First, fishing processing plants are the source of very dangerous waste
> products which must be treated.  Therefore, if a whole industry is developed
> around this idea, the government will also have to build waste treatment
> facilities to combat this problem.  The money to build these waste treatment
> plants will have to come out of the taxpayers money, and, if as you
> suggested, all these plants are built close to the River Gambia, then the
> potential for massive pollution of this river will be endless.  I am sure you
> realise the consequences of polluting the river.
>
> Secondly, the artisan local fishermen would have to suffer the consequence of
> their way of living being possibly brought to an abrupt end by these fishing
> industries.  Many tribes and communities back home have for thousands of
> years used their fishing skills to make a living for themselves.  So, how
> does the government deal with this consequence?
>
> Thirdly, the government is expected to tax these industries to make revenue.
> But as it stands now the government is offering incredulous tax cuts and
> concessions for companies who want to start such industries back home: The
> concessions include, no taxes for the first five years.  1/3 of the regular
> tax rate in the sixth year.  In fact, full taxation will not be applied until
> the 9th year from the start of a fishing plant.  In addition to this, no
> duties will be imposed on any of the machinery imported for these plants.
> Yes, these industries might provide jobs for Gambians who will pay taxes in
> return.  But the real money earners will not pay taxes for 8 years.  Is this
> a wise policy? I'll let you figure the formulas out since I am not an
> economist .
>
> To buttress my point, it turns out that this touted fisihng plant which Kebba
> Jobe is talking about is being funded by the IFA.  The total amount of money
> to be invested in the project is about 1 million dollars and I believe the
> loan is being granted to LyeFish.  Now, you tell me how this will
> significantly improve the economic situation back home in the short run?  Do
> we expect some type of domino effect in respect to fishing plants?
>
> Also, though I do not really speak the economic lingo, I stand by statement
> that economics is not an exact science in many respects.  Yes, you use
> formulas and such, but economics very rarely get their predictions exactly
> right.
>
> It seems as if some students of economics see this from a strictly
> neo-classical interpretation.  This is understandable butI do not see it in
> the same way.  I believe the way this venture is carried out deserves to be
> looked at very carefully by our people.  I hope the opposition pays close
> attention to the proposals surrounding this idea.
>
> If all the possible problems can be dealt with and addressed effectively,
> then I am all for it.
>
> Regards,
>
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