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GAMBIANS FEEL THE PINCH OF WORLD
FINANCIAL CRISIS: By Solo, Banjul correspondence....December 15th, 2008
The debates so far made suggests that since the Gambian Banks are not
directly linked to the
International banks especially the American ones, then the impact of
the financial crisis has not been
visibly noticed even though its impact may have affected the country markedly.

This is what compels this paper to find out how the ordinary people
see the crisis and how they think it
has affected them. A market woman vendor by the name of Isatou was
asked whether she knows
about the World financial crisis, she said she does not know anything
about that. She was asked
whether she has noticed any improvement in her business in the last 3
months, she said she has not
noticed any improvement; that if anything she has noticed that she is
not making any profit and that
business is slow.

She was further asked if she noticed upward sales during the Eidul
adha or Tobaski period, she said
she noticed improvement in sales during the period well above the
normal times. When asked to
compare her sales in this year's tobaski to last year, she said last
year was far better than this years
sales.

In an interview with butchers as to how their businesses are moving,
they also said they cannot
understand their businesses. They said since the president declared
that they must bring their prices
down, they have been trying but could not make any profit. Many
expressed the feeling that the
president just wants them to become bankrupt and leave the business.

Talking to the farmers through telephone, a farmer, Abdou Camara from
Kantora, said since the
declaration of the trade season two weeks ago, not a single nut is
bought in their secco. He said they
went through a very difficult period as they had difficulty providing
clothing for their families and buying
the ram, food etc. When asked to compare this year's tobaski with that
of last year, Abdou said they
are not comparable; that last year by this time many farmers had
already sold their groundnuts to
either middlemen or to Senegalese Seccos. He said but for this year,
it is totally a different story.

A tourist guide also told this reporter that tourist arrivals appeared
to be the lowest for many years.
He asked, do you see tourists often in the town? He said you would
hardly see them. When asked
why that is so, the tourist guide said he was told by tourists that
because of the financial crisis in
Europe, many of their friends have decided not come.

A charitable organization dealing with schools in the UK and the US
told this reporter that students
from over four universities have changed their plans to come to the
Gambia this year because of the
economic crunch in their countries. He said these universities do
visit the country every year and give
donation to different institutions in Tourism and educational
materials to schools across the country.

This reporter also follows official statistics and found out that the
state has lost over 480 million Dalasi
revenue due to slow down in imports and exports have dwindled to an
all time low for almost a
decade

According to official statistics, the minimum salary of a worker in
the Gambia is D27.50 Bututs or
about 650 Dalasis a month. So as you can see, this amount when
translated into dollars is less than 30
dollars. This salary cannot even buy a bag of rice which, is at 950
dalasi. The lowest rent for a family
of 4 persons is a room and parlor, which, is congested, and this cost
500 dalasi per month. If one
rents a two rooms and palour, one would be required to pay between
1200 and 1500 dalasi per
month..

According to the department of statistics, the re-export trade has
also dwindled. The marketing of
groundnut is in limbo. Even though the trade season is declared open,
nothing practical is taking place
on the ground showing the commencement of buying. Farmers are
complaining that no buying is taking
place at the Seccos across the country.

Opinions expressed by economists suggest that the Gambia was already
in crisis including food crisis
before the world financial crisis. They said the crisis would continue
to hurt the country as the situation
worsens in the advanced industrial countries. Some say the impact is
not directly visible on the Gambia
because only two banks are in contact with international banks
especially the ones in America. All
indicators however showed that the country is facing deep economic
crisis, which requires immediate
attention. Some called for a National conference irrespective of
political affiliation or consideration to
put all hands on deck to deal with the crisis.






--
yj

There is no god but Allah and Muhammad is His messenger.

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