The Gambia to submit a supplementary budget to National Assembly

Finance Minister Kolley is expected to submit an additional budget to the National Assembly. Last year, he said his ministry had to seek for an additional funding due to "urgent spending pressures". He warned fellow ministers to stop unnecessary spending.

Finance minister warn fellow ministers to ‘stick to budget’

Finance Minister Abdou Kolley observed that Gambian ministries are fond of initiating programmes that are not budgeted for

Cash-strapped GCCI forced to forgo plans

Almami Fanding Taal, CEO GCCI has been presiding over a cash-starved body: PHOTO/ Gamwriters

Gambia continues to dip into consolidated fund

Finance and Economic Affairs Minister Abdou Kolley

The Gambia government claims it under budgeted its 2012 fiscal year and requested the house of parliament to support its quest to access an additional funding close to D500 million with less than three months to the end of the year.

Gambia’s real gross domestic product (GDP), the total value of goods and services that the country produced in 2011, fell by about 5 percent, while economic activity remained weak for much of 2012, according to a September 18 International Monetary Fund (IMF) statement. 

Despite global slowdown, African economies growing strongly

Sub-Saharan Africa is expected to grow at 4.8 percent in 2012, broadly unchanged from the 4.9 percent growth rate in 2011 and largely on track despite setbacks in the global economy, according to the World Bank’s new Africa’s Pulse, a twice-yearly analysis of the issues shaping Africa’s economic prospects.

 

Excluding South Africa, the continent’s largest economy, growth in Sub-Saharan Africa is forecast to rise to 6 percent. African exports rebounded notably in the first quarter of 2012, growing at an annualized pace of 32 percent, up from the -11 percent pace recorded in the last quarter of 2011.

African countries have not been immune to the recent bout of market volatility stemming from the Euro Area crisis, as well as the growth slowdown that is occurring in some of the largest developing economies, in particular China, which remains an important market for Africa’s mineral exporters.

Gambia: GDP fall amid weak economic activity

IMF Gambia Mission Chief, Mr. David Dunn

An IMF economic think-tank on Tuesday revealed Gambia’s real gross domestic product (GDP), the total value of goods and services that the country produced in 2011, fell by about 5 percent.

Mr. David Dunn who led an International Monetary Fund (IMF) mission to Banjul September 5-18, 2012, said economic activity remained “weak” for much of 2012, but is expected to pick up substantially in the final quarter, as the upcoming harvest points to a strong rebound in crops and growth in the tourism sector continues. 

Gambia toughens law against money launderers…

An international money laundering operation linked to drug trafficking has been broken up on the Costa del Sol. Photo - EFE Archives

Banjul host sub-regional anti-money laundering seminar for journalists

Journalists from Anglophone West Africa will converge in the Gambian capital, Banjul this Thursday for a “Sensitization seminar on Anti-Money Laundering and Counter-Financing Terrorism (AML/CFT)”.

The June 28-29 seminar is organised by the sub-regional Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) and hosted by a Network of Journalists reporting on money laundering and related financial crimes in The Gambia.  The network will be officially launched at the seminar.

The objectives of the seminar are to expose journalists to the knowledge of AML/CFT framework; to assist journalists to produce reports and articles or features of quality on AML/CFT issues; and to improve the network of journalists who will assist GIABA in disseminating information on the AML/CFT systems in West Africa.

Financial crime often motivated by human greed: Dr. Shehu

Economic and financial crime distorts values and standards and creates injustice, and in whatever form it is manifested, it is often motivated by human greed, Dr. Abdulahi Shehu Yibaikwal, GIABA Director General said on Tuesday.

He was speaking at a book presentation on "Strategies and Techniques of Prosecuting Economic and Financial Crimes" organised by the Inter-Governmental Action Group against Money laundering in West Africa (GIABA) on June 5, 2012 in the Nigerian capital Abuja. 

GIABA, West Africa’s leading antimony laundering and terrorism financing agency is mandated to promote the rule of law. One of its priorities is to assist member states to enact legislation of acceptable international standard, and with its active prodding and guidance, all member states have promulgated laws criminalising money laundering. 

Gambia: Heavy debt burden poses risk to economy

"In this world, nothing can be said to be certain except death and taxes" Benjamin Franklin

“The Gambia’s heavy debt burden poses high costs for the government and risks for the economy,” Mr. Naoyuki Shinohara, IMF Board Deputy Managing Director and Acting Chair said on Monday.

 

Mr. Shinohara remarks followed the International Monetary Fund (IMF) Executive Board’s May 28 approval of a new arrangement for Gambia under the Extended Credit Facility (ECF) an amount equivalent to SDR 18.66 million (about US$28.3 million). 

Join forces to stepup fight against money laundering, terrorism financing

Participants and Facilitators

In its communique, West Africa’s leading anti-money laundering, terrorism financing agency, GIABA, urges journalists to teamup with other agencies involved in the same cause to stepup against financial crimes.

The Inter-Governmental Action Group Against Money Laundering and Terrorist Financing, GIABA ,said both journalists and other agencies should collectively ensure that appropriate measures are taken against the twin crimes in a more harmonized and concerted manner. 

Re Commuters and Drivers

Saikou Jammeh

(OPINION) - As the editor, I had declined several invitations to respond to views expressed in this column. Kaabefoo is designed for the reader, exclusively and I would have held on to that position, had Abdoukarim of Tallinding not pushed me into a corner.  

 

In the last edition of Daily News, he wrote about his Nuiminka friend, who he doubted, will have a ‘lift’ to carry home a bulky one thousand dalasi worth of cash as majority of car owners nowadays lack the compassion to lift stranded commuters. 

Gladly, at least on this occasion, I, too, will have a story to share, without it being someone else’s say-so. Matter-of-fact, anyone familiar with the Mandinka cultural dances, will agree with me that it is never bad in the ‘Sewurubaa’ when the ‘TangtangKutiroo’ puts down his drum, descends onto the dance floor and flows along with the clapping of women.

Gambia News Online Publisher attends World Press Conference

Lamin Jahateh, editor and publisher of Gambia News Online, an online newspaper, on Thursday left to Dakar, Senegal, to attend the World Press Conference organized by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA).

Mr Jahateh, who is the national correspondent of African Press Agency (APA), will join other journalists and media executives from various media houses within and outside the West African region at the conference which is meant to sensitise information managers to their responsibilities and obligations under the Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) regime towards fostering and strengthening partnership between GIABA and the media in the fight against money laundering and terrorist financing in West Africa.

WAICA needs ethical practice to build public trust

L-R: Fatai K Lawal, Dawda Sarge & WAICA SG William B. Coker

Insurance practitioners in the West Africa sub-region gathered in the Gambian capital, Banjul to discuss professionalism and ethical practices in the industry needed to build public trust.

The professionals believe the insurance industry has been taint by unprofessional and unethical insurance institutions and individuals practitioners, thus bringing about growing public mistrust and as well a slow growth and development of the industry in the sub-region.

Keeping apex body financially relevant: NACCUG

Group Photo of delegates at the 21st Yearly General Meeting: PIX: by MSJoof

At a time when credit unions are regarded the “sharpest cutting edge against poverty”, the  National Co-operative Credit Union of the Gambia (NACCUG), is taking strategic actions to ensure Gambia’s credit union movement continues to be financially relevant to affiliates.

Dawda Sarge is new WAICA president

Sarge taking oath

The Managing Director of Prime Insurance Company Limited, Mr. Dawda Sarge, has taken over the position of presidency of the West African Insurance Companies Association (WAICA). 

His tenure will end in 2013. He succeeded Mr. Fatai Lawal, the Chief Executive of Sterling Assurance Nigerian Limited.  

Mr. Sarge’s inauguration was held on Tuesday at the end of a yearly general meeting and educational conference of WAICA, which brought together some 200 insurance professionals from the West Africa sub-region, held in Banjul, The Gambia (April 15-17, 2012).  

Aid agencies to feed Gambians amid worsening food crisis

Maize grains

Amid worsening food crisis in the Sahel region of West Africa, international aid agencies respond to calls by the Gambia Government to help feed her people.

The country suffered a serious drop in crop production in 2011 blamed on late and erratic rains. As a result, local citizens are already running out of food supply.

United Nations and international aid agencies warn in February 2012 that drought and food shortage in the Sahel is threatening lives, with an estimated over 20 million people to go hungry.

CBG calls for effective financial communication Skills

CBG Governor, Colley

The five-member countries of West African Institute for Financial and Economic Management, WAIFEM, have been exhorted to increase and continue strengthening effective communication and report writing skills in the sub-region.

The call was made by the Governor of the Central Bank (CBG) of the Gambia, Hon. Amadou Colley, on Monday during the beginning of a week long regional course on “Specialized report writing skills and presentation techniques” organised by monetary institute, WAIFEM.

The principal objective of the course is to empower the participants with the capacity to use communication as a powerful tool for job effectiveness.

Governor Colley said the unprecedented changes and transformation in communication, and the need to keep abreast with global developments, compelled WAIFEM to add this course to its programmes since 2002, this time under the theme: “Effective Communication in Today’s Economic and Business Milieu.”

People loosing confidence in PURA public hearing

Gambians are gradually loosing confidence on the Public Utilities Regulatory Authority’s (PURA) public hearing on tariff review for electricity, water and sewerage.

The country’s sole producer, transmitter and distributor of electricity, water and sewerage, NAWEC had applied to PURA in October 2011 for an upward review of tariffs.

This, it said, is “necessary to address its financial problems” and ward off monetary constraints that can see the company go under.

Challenges enormous in modern budgeting: Hon Colley

CBG Hon. Amadou Colley

The Gambia’s Central Bank Governor observes that challenges to modern budgeting and planning are enormous, especially with regards to the scarcity of information to facilitate such financial planning.

This is further mixed with poor-integration of the public sector policy making; budgets overruns; non-involvement of communities or beneficiaries in budget preparations; poor budget implementation and inadequate monitoring of programmes, Governor Amadou Colley added.

“It will therefore be appropriate for us to look at some of these challenges and see how best to address them,” he stressed.