Mr. Darboe raised alarming concerns about Gambia’s debt exceeding 100 billion dalasis, with 11 billion allocated annually for debt servicing that could be better used in agriculture. He suggested undisclosed loans may exist and criticized the Gambia Ports Authority agreement, which he believes unfairly benefits foreign companies. His statements call for greater transparency and focus on sustainable economic development.
In a recent press conference, Mr. Darboe expressed serious concerns regarding Gambia’s national debt, which has exceeded 100 billion dalasis. He highlighted that the government allocates 11 billion dalasis annually for debt servicing, emphasizing that this significant amount could instead be beneficially invested in agriculture to enhance the nation’s economy and social security.
Mr. Darboe asserted that if proper audits were conducted, numerous undisclosed loans might be revealed, further burdening the country’s financial state. He pointed out that certain governmental financial activities had already been audited, uncovering hidden billions across various currencies that were not included in the national budget speech, which he believes should transparently cover all financial activities impacting the economy.
He argued against the continued reliance on loans and grants, advocating for a shift towards direct investment in key sectors such as agriculture. Furthermore, Mr. Darboe criticized the Gambia Ports Authority agreement, noting that foreign companies manage significant portions of the national ports, yielding only 20% of the benefits for the country while the majority profit is repatriated to foreign partners for an extended period.
In summary, Mr. Darboe’s remarks highlight critical issues surrounding Gambia’s rising debt levels and the implications of fiscal mismanagement. His call for increased transparency in financial audits and a shift in focus from accruing more debt to investing in agriculture resonates as a potential path for stabilizing the economy. Furthermore, the critique of the Gambia Ports Authority agreement underscores the broader implications of foreign dependency on national assets.
Original Source: thepoint.gm
