BMK,

Yes it is relevant to explain the events that led to NACED's creation
and the funds provided was administered by the Ministry of Finance through
the central bank for disbursement and it was under the PPP regime.

Beran


>From: Bakary Kanteh <[log in to unmask]>
>Reply-To: The Gambia and related-issues mailing list
><[log in to unmask]>
>To: [log in to unmask]
>Subject: Re: The Dalasi continues to slide
>Date: Wed, 16 Jan 2002 16:04:49 +0000
>
>Beran,
>The PPP to be blamed for the depreciation of the Dalasi after seven and
>half
>years of mis-guided APRC economic policies that continue to undermine
>investor confidence?! What an amazing insinuation!.
>
>What has beneficiaries of loans pre-July 1994 got to do with explaining the
>current downward spiral of the Dalasi?
>
>Unbelievable!
>
>No matter what,
>The yoke of oppression must be shattered!
>
>BMK
>
>
>
>>From: Beran jeng <[log in to unmask]>
>>Reply-To: The Gambia and related-issues mailing list
>><[log in to unmask]>
>>To: [log in to unmask]
>>Subject: Re: The Dalasi continues to slide
>>Date: Wed, 16 Jan 2002 10:08:05 -0500
>>
>>Jassey-Conteh:
>>
>>Thank you for your observation and recommendation regarding the continued
>>sliding of the Dalasis.I must however add that even if trade
>>liberalization
>>policy is adapted,I believe it already exist,the main problem regarding
>>small business or entrepreneurial development is financing.Bank interest
>>rates are too high and are unaffordable by small
>>businesses/entrepreneurs.Infact,this prompted us to form the National
>>association committee of entrepreneurial development(NACED)back in
>>1991/92.The intention was to have as members all in the entrepreneurial
>>sector including market women as members.The idea was to collect
>>membership
>>fees and sell shares to members to generate funds to loan to members at a
>>much lower interest rate than the bank.We collected a lot of money but the
>>officer entrusted with the funds misused it.
>>Apart from the banks high interest rates,another motivating factor was
>>that
>>some Europeans who were familiar with the high interest rates at the banks
>>allocated funds for private sector development at 7% interest rate
>>compared
>>to the 27% that the banks offered.The funds were administered by the
>>central
>>bank to be given to Gambian entrepreneurs.
>>It was later discovered that the only ones who benefited at the time was
>>businessmen who were either members of the PPP or their sympathizers.
>>
>>The problem is not only having the policy in place.
>>
>>Beran
>>
>>
>>>From: Jassey Conteh <[log in to unmask]>
>>>Reply-To: The Gambia and related-issues mailing list
>>><[log in to unmask]>
>>>To: [log in to unmask]
>>>Subject: The Dalasi continues to slide
>>>Date: Wed, 16 Jan 2002 20:19:50 +0800
>>>
>>>Comrade:
>>>
>>>It is disturbing that The Gambian dalasis
>>>cannot maintain its value, relative to the
>>>U.S. dollar.  If this trend continues, Gambians
>>>will be unable to buy even cheap foreign goods.
>>>The Gambian Dalasi stands at D16.93 against the
>>>the US Dollar.  The Gambian Dalasi stood at D8.75
>>>against the US Dollar in January 1993.
>>>
>>>My assessment on this voluntary devaluation of
>>>The Gambian Dalasi against major international
>>>currencies is a testament that our export category
>>>is not competitive.  There is too much reliance
>>>on foreign goods, and thus with limited foreign
>>>currency reserves, the Dalasi will continue to
>>>decline.  This voluntary devaluation is a culprit
>>>of unfavorable economic policies adopted by our
>>>Central Bank.
>>>
>>>The ministry of trade and industry should make
>>>it possible for Gambians to export goods.  There
>>>should not be a monopoly for only the selected
>>>few to engage in this kind of trade.  The
>>>ministry should adopt a liberal trade policy
>>>in making it easier for any Gambian to import and
>>>export goods.  As more goods reach our soil, the
>>>merchants will be forced to lower prices because
>>>there will be abundance of goods.  The only
>>>negative impact is that our trade
>>>gap between import and export will widened.  In
>>>the long-run, the consumer will benefit.
>>>
>>>Another major hurdle is total reliance on the
>>>government as a source of employment.  With
>>>limited resources of taxation, it is really a
>>>struggle on the part of the government to meet
>>>payroll obligations.  Gambians with skills should
>>>take risks in creating jobs for the overall
>>>success of our economic output.
>>>
>>>Another detriment is the quality of education.
>>>The ministry of education should make it a
>>>priority in producing graduates that are
>>>competitive in trades for the overall success
>>>of our GDP.  Since very few graduates are
>>>entering college, the obligation of our
>>>education technocrats is to reinvent an
>>>education system that concentrates in the
>>>maximization of human capital.
>>>
>>>National development cannot take place without
>>>the government relaxing its law and order
>>>policies.  The government should try to move
>>>to the center, and have a more tolerant system
>>>of politicking with its constituents.  The
>>>opposition should also be willing partners
>>>in our national development.  Both the
>>>government and the oppostion should engage
>>>in a position of trust.  There should not be
>>>a dividing line as to our responsibility in
>>>making The Gambia a better place for all.
>>>
>>>Since the Dalasi has voluntarily devalued
>>>almost 95%, I recommend that the government
>>>takes a more liberal economic policy in allowing   the citizens of The
>>>Gambia to freely egage in
>>>import and export ventures.  It is detrimental
>>>to our economic output and also financially
>>>hard on the consumers.  Our country cannot
>>>continue to ignore the importance of a healthy
>>>economy.
>>>
>>>The Central Bank of The Gambia should avoid printing
>>>too many Dalasis.  Printing of Dalasis will decrease
>>>its value.  This is simple supply and demand.  Why
>>>print when there is less demand?  Why print and freely
>>>circulate the Dalasi in the economy without loaning
>>>it to commercial banks at variable rates.  No thinking
>>>eonomist would advocate a monetary policy based on
>>>printing and dumping.  This is not a sound economic
>>>policy.
>>>
>>>Naphiyo,
>>>
>>>Comrade ML Jassey-Conteh
>>>Greensboro, NC/Kombo East Constituency
>>>--
>>>
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