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Gambian economy grew by 5.0 percent in 2010
Sunday, 01 May 2011 15:05
says Central Bank Governor (PANA) - Revised estimates from the Gambia Bureau of Statistics (GBoS) indicated that the Gambian economy grew by 5.0 percent in 2010, driven by strong growth in the agriculture sector, according to Amadou Colley, Governor of the Central Bank of the Gambia. Speaking Saturday at the update of the Monetary Policy Committee of the Bank, Colley said growth in real GDP was projected at 5.5 percent in 2011. He said the strong performance in agriculture and telecommunications was expected to offset the continued weakness in tourism and exports of
groundnut, both of which were expected to be boosted by good harvest. “In the year to end-March 2011, money supply grew by 14.9 percent, lower than the 21.7 percent a year earlier. Of the components of money supply, quasi money rose by 21.7 percent and narrow money by 7.8 percent Reserve money, the bank’s operating target, grew by 15.9 percent to 15.7 percent a year ago,' he outlined.He pointed out that the banking industry remained fundamentally sound and the key financial sound indicators showed that the average capital adequacy ratio was 49.0 percent in March 2011 compared to 46.3 percent in December 2010, and over and above the minimum requirement of 8.0 perecnt, adding that all banks operating in the Gambia met the requirement.
According to Colley, the industry assets increased to D17.7 billion, or 14.0 percent from March 2010, and deposit liabilities also surged to D11.5 billion or 16.0 percent.
He added that owing to improved earning, the return on assets and return on equity rose to 1.74 percent compared to the 0.22 percent in March 2010.
“Commercial bank loans and advances increased to D5.4 billion, or 17.4 percent from March 2010, and credit to all sectors increased with loans to distributive trade, agriculture and building and construction increasing by 25.9 percent, 10.0 percent and 10.4 percent respectively,” he said.
He further said credit to transportation, tourism and other commercial loans rose by 6.3 percent, 5.0 percent and 23.2, saying that despite increased lending, impaired advances to loan advances declined to 14 percent in March 2011 compared to 16 percent in December 2010
Colley maintained that global commodity prices remained elevated, driven by the strong demand and supply shocks, saying that crude oil price had surged in response to the unrest in North Africa and the Middle East and increased demand from emerging market economics, principally those in the Asia.
“Food price inflation accelerated to 7.5 percent in March 2011, compared to 5.0 percent in March 2010, but lower that the 8.3 percent figures in September and December 2010,' he said, adding that non-food inflation, on the other hand, decelerated to 2.0 percent compared to 2.6 percent in March 2011.
He noted that core inflation, which excludes the price of energy, utilities and volatile food items, increased from 4.0 percent in March 2010 to 5.3 percent in March 2011.
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That said, The Gambia’s domestic debt has increased to D9.3 billion, the governor of The Central Bank of The Gambia has revealed on Friday April 29. The domestic debt, which represents 23.9 percent of the GDP a year ago, has climbed up, representing 28.7 percent of GDP as at March 2011. These debts owed to the domestic financial sector (dailynews). What about the FOREIGN DEBT? There is something not right with the Gambian total debt and I think is the cause of the problems sneaking into its economy. You are very right about your observation. They are cooking up figures and a serious issue for Gambia. See http://dailynews.gm/africa/gambia/article/domestic-debt-climbs-up-dalasi-drops
And also see the a thorough analysis of DOMESTIC DEBT of low income countries
http://www.imf.org/external/pubs/ft/wp/2007/wp07127.pdf
Strong Dalasi weak purchasing power
http://www.tripadvisor.co.uk/ShowTopic-g297575-i9250-k2338758-l14575538-Food_drink_prices-Kololi.html
When challenged some tried to reform quickly to save there "tenancy"
But failed.
The wise would comit to reform to offset this strong Democratic challenge.
The question then comes...Which reforms?
I think the reforms advocated by the CCG Group could form a basis for consideration.
But in order to effect some "Leverage"
There would need to be a broad consensus of support.
Certainly the three freedoms of Speech, Expression and Assembly...
Are worthy, along with several other requests/demands.
Allied to transparency and accountability.
As someone said..to me here. Democracy is not a western domain but a universal right. {I stand corrected}
Impartial opinion.
Here you come again attaching ideas to my name. Who told you I believe in elections? I believe in violent removal of Yahya Jammeh; not stupid elections. I believe in a bullet through his heart and his brain. Now forget my name please. I mean it. I really mean it.
1. History has shown that any totalitarian regime whose power base is narrow. Relies on a command structure based on pressure. Once those benefitting the most lose that benefit, the regime crumbles. Simply because it is founded on personal gain and not"collective" ideology.
The APRC have to decide whether the present leadership can maintain there gains? If not then they must replace the leadership or perish.
2. The opposition also maintain there narrow focus.
Common sense dictates that all must move together under one leader...and forsake personal Presidential ambition, for the collective good of The Gambia's future.
MK Jallow believes that the combined opposition votes will see a new government.
I tend to feel the opposition must take around 15% of the APRC votes...and maintain there own.
I would move forward behind Mai Ahmed Fatty.
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Kudos Mike!!! Yaya’s probably the one-MOST-benefactor; personalising the loans, grants, co operations, government revenue, budget, etc, & inputs & implements, realised from such funds; such that, army personnel & entire civil service & peasants, All turned his farm guards & domestic farm-hands; hence he now’s the chief businessman with tentacles in every strata of Gambian economy one may think of. This “projections” of governor Colley’s just same as Edu Gomez saying there’s NO right violation in Gambia...NO murders/disappearances: NO Cassa-rebels in Kanilai... etc, etc.
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