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Gambia News : MPs meet with business community
Parliamentarians in Gambia have conveyed a meeting with the
business community, at the National Assembly Chambers in Banjul. The
move is aimed at discussing the likely impact of the global financial
crisis on the Gambia's economy.
It is also with a view to make contingency plans and prepare for any
eventualities as it calls for concerted efforts from both government
and the private sector.
The forum brought together officials at
the Gambia Chamber of Commerce and Industries (GCCI), National Assembly
members, representatives from the Association of Accountants, Clearing
and Forwarding Agencies, Manufacturing Companies, Pharmaceutical
Companies, Bankers Association, Agriculture/horticulture Association
among other stakeholders.
Hon. Fatoumatta Jahumpa-Ceesay,
speaker of the Gambian National Assembly said the global financial
system is now facing turbulent times, added that the financial markets
are uncertain as highlighted by the secretary of state for Finance and
Economic Affairs in the 2009 budget. She quoted SoS Gaye in his 2009
budget Speech saying “the current financial crisis seems to be more
severe and we are seeing a tsunami of credit crunch in the United
States, Europe and some parts of Asia, where banks cannot extend
credit to each other.”
“The Gambia which is part of the
international community will be affected directly or indirectly in
terms of remittances from abroad, aid flows, foreign direct investment,
and tourism receipts.”
According to Speaker Jahumpa-Ceesay, the
crisis has shaken even bigger and stronger economies in the world, and
attentions are being focus on how to overcome these challenges. She
said that The Gambia as a small economy cannot be left out in the
process. “For this reason, the National Assembly and as people’s
representatives felt the need to engage all stakeholders to discuss
these issues and strategies a way out.”
Food prices
“We
have witness the rising food prices in the markets and we all know what
that means on the average Gambians. Each and every one of us is
affected directly or indirectly” she said.
She further
acknowledged and commended the efforts of the private sectors
particularly in the area of price stability despite the existence of
some unscrupulous businessmen whose main aim is to maximize profit at
the detriment of The Gambian people.
Bai Matarr Drammeh,
president of the Gambia Chamber of Commerce and Industry (GCCI)
applauded parliamentarians for the initiative for inviting the private
sector to such a forum noting that this signals the fact that the
private sector is considered vital in the country.
On the
current credit crunch, rising food prices and financial crises, he
quoted SoS Bala Gaye of Finance and Economic Affairs’ comment in the
budget speech that the Gambia cannot ascertain the credit crunch and
financial crises but may be directly or indirectly affected. With this,
he said, contingency plans should be place to avoid serious
consequences.
According to him, in Africa alone, statistics have
shown that 44 million people will suffer from the financial crises. He
then cited the rising food prices as an issue that needs to be look
into and welcomed the innovation for such an interactive forum.
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