Comrades:
This is the kind of exchange necessary for a fertile democracy. Our approach should be objective in nature. We should assert our doctrines on every stakeholder in the Gambia and not only the APRC government. The business community should also be evaluated for its illegal dealings at the expense of the Gambian people.
Going back to my lecture notes in my international accounting class, I stand hereby and affirm that recognition principle is an accounting issue and that recognizing revenue in currency other than the Gambia dalasi affects the devaluation of a functional currency. The functional currency of the Gambia is the Gambian Dalasi.
Since there is no Generally Accepted Accounting Principle that is uniformly applied globally, the International Accounting Standards Board is working hard for harmonization of accounting principles. Currency valuation, particularly foreign currency adjument, is viable in revenue recognition. The Gambian Dalasis floats with other foreign currencies in the Gambia, and when merchants prefer other foreign currencies other than the dalasis, the effect is lack of confidence in the dalasi, which results in the devaluation of the dalasis.
I hope we engage each other objectively. I hope we don't blame only the APRC government. I hope we also blame unscrupulous business practices by some greedy Gambians.
Naphiyo,
Comrade Muhammad Lamine J. Conteh
-----Original Message-----
From: Joe Sambou <[log in to unmask]>
Sent: Feb 9, 2004 9:58 AM
To: [log in to unmask]
Subject: Re: The Gambian Dalasi-LEKBI
Sidebeh, I guess he'll will be in business for a little while. :-)! Yes, it
is diasporans that also bought the plots form Yanks that is now in
contention, and have also gotten plots illegally from Mafy. Yes, I'll be
the first to acknowledge that our's is a complex group and you never know
who's pulling the rug under our feet, any minute. I guess a slick seller
and an ignorant buyer go together, none the less, market forces at work -
willing seller and ignorant, but willing buyers. Chei!
Chi Jaama
Joe Sambou
>From: Momodou S Sidibeh <[log in to unmask]>
>Reply-To: The Gambia and related-issues mailing list
><[log in to unmask]>
>To: [log in to unmask]
>Subject: Re: The Gambian Dalasi-LEKBI
>Date: Sat, 7 Feb 2004 00:26:41 +0100
>
>Joe,
>You will have to humour me on this one. The last time I checked, Yundum
>layout with 219 plots were all sold out! So who is going out of business?
>See how loaded diasporans are?
>
>Good night,
>
>Sidibeh
>
>
>----- Original Message -----
>From: "Joe Sambou" <[log in to unmask]>
>To: <[log in to unmask]>
>Sent: Friday, February 06, 2004 10:07 PM
>Subject: Re: The Gambian Dalasi-LEKBI
>
>
> > Sidebeh, makes three of us (including Conteh) and at this rate, the
>crook
>is
> > going to be out of business very soon. I was told he was part of the
> > deligation that accompanied Yaya Jammeh is his last wasting of our
>resources
> > in the US with that crook in Sillah Bai and company.
> >
> > Chi Jaama
> >
> > Joe Sambou
> >
> >
> > >From: Momodou S Sidibeh <[log in to unmask]>
> > >Reply-To: The Gambia and related-issues mailing list
> > ><[log in to unmask]>
> > >To: [log in to unmask]
> > >Subject: Re: The Gambian Dalasi-LEKBI
> > >Date: Fri, 6 Feb 2004 18:32:41 +0100
> > >
> > >Joe,
> > >
> > >You can say that again about Taff Construction. On a number of
>occasions
> > >browsing the net for Taff's houses at Yundum and Brufut layouts with
> > >visiting friends, we could not belief the price tags attached to these
> > >houses.
> > >
> > >(See: http://www.tafgambia.com/estate-perspective-brufut.htm)
> > >
> > >A Zeinab at Brufut with a total floor area just under 500 square meters
> > >(with three bedrooms) goes for an incredible Euro127,000 which is a
> > >whopping
> > >1.15 million Swedish Crowns which is more than D4,000,000.
> > >
> > >I supposed these prices are especially for us diasporans and other
>foreign
> > >speculators as the prices are not even quoted in dalasi. In subsequent
> > >discussions around these houses and their price tags, we figured that
> > >buying
> > >one is not a mere purchase. One simultaneouly pays for the surrounding
> > >infrastructure: the sewage system, water and electricity (plus poles
>and
> > >cables), the paved streets, the community market, mosque and school,
>and
> > >the
> > >labour and materials that went into erecting these.
> > >During the colonial days, the European administrators stole the tax
>money
> > >paid by Africans to upgrade the infrastructure around their side of
>town,
> > >while the African majority remained in their mud and thatch huts
>without
> > >utilities or decent roads or paved streets. It was Apartheid economics
> > >everywhere. Kenya is a shining example!
> > >I supposed that is still the order of things except that roles have
>changed
> > >unrecognisably; and that we our so-called educated selves can still
>throw
> > >in
> > >endless explanations apolgising for this "natural order of things".
> > >True, entrepreneurs like Mustapha Njie are important in our countries
>and
> > >need our support. On the other hand, we have business people who are
>only
> > >too eager to tie corruptive knots with politicans in power, feeding on
>a
> > >bleeding economy for private, opportunistic gain.
> > >
> > >The role of entrepreneurs at the very least needs to be to cater for
>the
> > >needs of average Gambians and against politicians-turned-businessmen
>and
> > >against vampiric pricing of their products.
> > >
> > >Sidibeh
> > >
> > >.----- Original Message -----
> > >From: "Joe Sambou" <[log in to unmask]>
> > >To: <[log in to unmask]>
> > >Sent: Friday, February 06, 2004 4:31 PM
> > >Subject: Re: The Gambian Dalasi-LEKBI
> > >
> > >
> > > > Conteh, thanks for your response. You said:
> > > >
> > > > "But the reality of the issue is that if every seller values his or
>her
> > > > sales price in dollars or pounds sterling, the direct consequence is
>a
> > >lack
> > > > of confidence in the dalasi. Within a short-run, the dalasi will
> > >devalue
> > > > because there is less demand for it."
> > > >
> > > > Yes, you are right, "IF", every seller does that it will impact the
> > >dalasi.
> > > > However, I think we have to take this situation in context and that
>not
> > >many
> > > > sellers will do that, for their target is the locals for the most
>part.
> > > > Conteh, please don't underestimate market forces. When the market
>is
> > >not
> > > > manipulated, it will do its magic. Taf knows that the overwhelming
> > >majority
> > > > of locals cannot afford his houses in dalasis, let alone in dollars.
> > >What
> > >I
> > > > believe Taf is doing here is to target you and I, diasporans and
>other
> > > > foreigners for his pitch. Like every market, you need a willing
>buyer
> > >and
> > >a
> > > > willing seller. In that case, Taf can only make a sale if you and I
> > >bought
> > > > into his pitch. We do not even need to discuss this issue with
>Taf,
> > >the
> > > > market will take care of him. Thanks for your thoughts.
> > > >
> > > > Chi Jaama
> > > >
> > > > Joe Sambou
> > > >
> > > > >From: Jassey Conteh <[log in to unmask]>
> > > > >Reply-To: Jassey Conteh <[log in to unmask]>
> > > > >To: [log in to unmask]
> > > > >Subject: Re: The Gambian Dalasi-LEKBI
> > > > >Date: Thu, 5 Feb 2004 20:29:44 -0500
> > > > >
> > > > >Mr. Sambou:
> > > > >
> > > > >Okay, your analysis takes the form of market forces. I have no
>problem
> > > > >with that. But the reality of the issue is that if every seller
> > >values
> > > > >his or her sales price in dollars or pounds sterling, the direct
> > >conseqence
> > > > >is a lack of confidence in the dalasi. Within a short-run, the
>dalasi
> > >will
> > > > >devalue because there is less demand for it.
> > > > >
> > > > >We must understand that the functional currency is the dalasi.
>Have
> > >you
> > > > >ever seen any product sold in the U.S. denominated in any currency
> > >other
> > > > >than the U.S. Dollar? The prevailing issue is that the Gambian
>dalasi
> > >is
> > > > >the functional currency. If we disregard the Gambian dalasi at the
> > >selling
> > > > >point, we are directly inferring our lack of confidence in the
> > >currency.
> > > > >
> > > > >The Ministry of Finance should encourage merchants to denominate
>their
> > > > >selling prices in dalasi. Though market forces might prevail, our
> > > > >objective is to have confidence in our functional currency, which
>is
> > >the
> > > > >dalasi.
> > > > >
> > > > >Naphiyo,
> > > > >M.L. J. Conteh
> > > > >
> > > > >-----Original Message-----
> > > > >From: Joe Sambou <[log in to unmask]>
> > > > >Sent: Feb 5, 2004 2:55 PM
> > > > >To: [log in to unmask]
> > > > >Subject: Re: The Gambian Dalasi-LEKBI
> > > > >
> > > > >Conteh, thanks for your response. I believe you are using the US
>model
> > >of
> > > > >valuing the components of the sale of a home, such as crime stats.,
> > >average
> > > > >value of homes in the neighborhood, etc. That does not apply in
> > >Gambia,
> > > > >for
> > > > >if I had it, I can build a $500,000 house in my old neighborhood
>with
> > >no
> > > > >problems. That is what is rife in Gambia - A high-rise right next
>to
>a
> > > > >reed
> > > > >house and none is jealous of the other. I still do not see any
>problem
> > >of
> > > > >Taf recognizing revenue in Dollars or Dalasis for a particular
>sale.
> > >The
> > > > >government will get its cut in taxes, no matter the currency, so,
> > >what's
> > > > >the
> > > > >problem.
> > > > >
> > > > >"If you live in Brufut and you are are farmer, my dear question is,
>can
> > >you
> > > > >afford to buy a house from Taff at such ridiculous price? Taff and
> > >others
> > > > >are part of the devaluation of the dalasi. If we can logically
>value
> > >cost
> > > > >incurred in building a house, it will reveal how Taff is robbing
>the
> > > > >Gambian
> > > > >people."
> > > > >
> > > > >Conteh, let the market dictate the outcome. I cannot afford a lot
>of
> > > > >things, should that be a concern for sellers of the things I can't
> > >afford?
> > > > >I think that's a weak defense for the poor. Have you heard "cut
>your
> > >coat
> > > > >according to your size"? If a farmer in Brufut can only afford a
> > >$5,000
> > > > >house, then that is what he should build. However, if the farmer
>is
> > > > >willing
> > > > >to establish a mortgage agreement with Taf, I think that is the
> > >farmer's
> > > > >problem to solve.
> > > > >
> > > > >As to your cost accounting/manufacturing analyses, it does not
>apply
>to
> > > > >Gambia. If Taf over price his houses, the market will drive him to
> > >sanity
> > > > >when his homes are over taken by weeds for lack of offers. You saw
> > >what
> > > > >Taf
> > > > >was offering and walked past it without buying, so would I and many
> > >others.
> > > > >However, if someone decides to ignore the going rate and buys a
>$12,000
> > > > >house from Taf for $120,000, then the joke is on the buyer.
>Besides
> > >there
> > > > >are plenty of contractors that Gambians can go to, and Taf is not
> > >putting
> > >a
> > > > >gun to their head.
> > > > >
> > > > >Regarding Taf taking land illegally from the good folks of Brufut,
>I
> > >agree
> > > > >that was robbery aided by the government and is wrong and they
>should
> > >be
> > > > >compensated accordingly. Did you think to bring that up with Mafy
> > >Jarjy
> > >or
> > > > >S.M. Dibba during your recent trip? :-)! Just kidding.
> > > > >
> > > > >"Now, Mr. Sambou, at what price should this house be? Did cost of
> > >goods
> > > > >(house) sold equal $60,000? I can bet my life it is probably less
>than
> > > > >$10,000. Why should this house be sold at $120,000? Only a fool
>will
> > >buy
> > > > >this house at such a rediculous price. Taf is robbing Gambians.
>No
> > >wonder
> > > > >the Dalasi continues to slide."
> > > > >
> > > > >Yes, indeed only a fool will buy the house at $120,000, but you
>have
>to
> > >let
> > > > >the fools make that decision - willing seller and a willing buyer =
> > >Market.
> > > > >Sale price is nothing but a meeting of the minds of the seller and
> > >buyer
> > >as
> > > > >long as each receive consideration in the process - give up
>something
> > >to
> > > > >receive something. Now, how does this devalue the Dalasi? I still
> > >cannot
> > > > >see it. Thanks for your thoughts.
> > > > >
> > > > >Chi Jaama
> > > > >
> > > > >Joe Sambou
> > > > >
> > > > >
> > > > > >From: Jassey Conteh <[log in to unmask]>
> > > > > >Reply-To: Jassey Conteh <[log in to unmask]>
> > > > > >To: [log in to unmask]
> > > > > >Subject: Re: The Gambian Dalasi-LEKBI
> > > > > >Date: Wed, 4 Feb 2004 10:51:13 -0500
> > > > > >
> > > > > >Mr. Sambou:
> > > > > >
> > > > > >Taff is selling his houses in US Dollars and not in Gambian
>Dalasis.
> > >The
> > > > > >realization point is that when a sale takes place, Taff wants to
> > > > >recognize
> > > > > >revenue in Dollars and not in Gambian Dalasis.
> > > > > >
> > > > > >One disturbing thing is that Taff builds houses in areas with
>average
> > > > >book
> > > > > >value of no more than $2,000. Please be aware that these houses
>are
> > > > >built
> > > > > >around native Gambians with income of less than $1,000 per year.
>How
> > >are
> > > > > >houses and other tangible properties priced? Are they not valued
>at
> > >the
> > > > > >aggregate or average market rates of other properties around.
>Crime,
> > > > > >income level, and other unities are equated also. One thing that
>we
> > >have
> > > > > >to understand and realize is that this may in fact bring
>resentment
> > > > >because
> > > > > >of disappropriate distribution of wealth.
> > > > > >
> > > > > >If you live in Brufut and you are are farmer, my dear question
>is,
> > >can
> > > > >you
> > > > > >afford to buy a house from Taff at such rediculous price? Taff
>and
> > > > >others
> > > > > >are part of the devaluation of the dalasi. If we can logically
>value
> > > > >cost
> > > > > >incurred in building a house, it will reveal how Taff is robbing
>the
> > > > > >Gambian people.
> > > > > >
> > > > > > 1. Raw materials--where were they purchased and what
>price?
> > > > > > 2. + Direct labor--cost incurred and paid to Gambian workers
>in
> > > > > >Gambian Dalasi
> > > > > > 3. + Manufacturing overhead allocated--based on either
> > >predetermined
> > > > > >raw material costs or direct labor costs
> > > > > > = Total manufacturing costs incurred for current period
> > > > > > + Beginning work-in-process
> > > > > > = Total manufacturing cost accounted for
> > > > > > Less ending work-in-process
> > > > > > = Cost of Goods manufactured
> > > > > >
> > > > > >Now, I will transfer these cost to finished goods inventory:
> > > > > >
> > > > > > Beginning finished goods inventory
> > > > > > + Cost of Goods (houses) manufactured
> > > > > > = Cost of Goods (house) available for sale
> > > > > > - Finished Goods inventory
> > > > > > = Cost of Goods (house) Sold
> > > > > >
> > > > > > Note that Taff is not paying a dime for the land. This
>land
> > >was
> > > > > >forcefully taken from poor farmers and Taff
> > > > > > is running and smiling with greed. Taff is a culprit.
> > > > > >
> > > > > >Now, Mr. Sambou, at what price should this house be? Did cost of
> > >goods
> > > > > >(house) sold equal $60,000? I can bet my life it is probably
>less
> > >than
> > > > > >$10,000. Why should this house be sold at $120,000? Only a fool
> > >will
> > > > >buy
> > > > > >this house at such a rediculous price. Taff is robbing Gambians.
>No
> > > > > >wonder the Dalasi continues to slide.
> > > > > >
> > > > > >Naphiyo,
> > > > > >Muhammad Lamine J. Conteh
> > > > > >
> > > > > >
> > > > > >
> > > > > >-----Original Message-----
> > > > > >From: Joe Sambou <[log in to unmask]>
> > > > > >Sent: Feb 3, 2004 7:52 PM
> > > > > >To: [log in to unmask]
> > > > > >Subject: Re: The Gambian Dalasi-LEKBI
> > > > > >
> > > > > >Mr. Conteh, could it be that the favored currencies of the Pound
>and
> > > > >Dollar
> > > > > >are targeted for folks living abroad/tourists? Are you saying
>that
> > >these
> > > > > >foreign currencies are demanded from local customers? More so,
>if
> > > > > >government and a small circle of crooks are gobbling the foreign
> > > > >currencies
> > > > > >in the country, how would the tourist industry earn foreign
>currency,
> > > > > >especially when their services are sold to foreigners/outsiders?
> > >Should
> > > > > >the
> > > > > >commercial banks get a monopoly of foreign currencies in the
>country?
> > > > >What
> > > > > >does that do for the country, that the hotel owner will not
>doing?
> > > > > >
> > > > > >In the case of Taf, let's say I decided to buy one of his houses,
> > >coming
> > > > > >from the US, at $300,000, can't I buy the house by giving Taf
>that
> > >amount
> > > > > >straight from my pocket, in dollars, or do I have to give that
>money
> > >to
> > > > >the
> > > > > >bank and then turn around and pay Taf in Dalasis, just for Taf to
>rub
> > > > > >shoulders with Government and other insiders to get to the same
> > >dollars
> > > > > >from
> > > > > >the bank, in order to buy his materials in foreign markets? I
>highly
> > > > >doubt
> > > > > >that Taf is looking to locals to sell in Pounds/Dollars, and if
>that
> > >is
> > > > >the
> > > > > >case, then market forces will wake him up to sanity. As a
>consumer,
> > >I
> > > > >will
> > > > > >be a fool to buy a house from Taf in dollars at inflated prices.
>If
> > > > > >anything, I will be buying that house at a discount for providing
>him
> > > > > >foreign currency. I'm talking the language of market forces
>here.
> > >Just
> > > > > >looking at the same issue from a different perspective.
> > > > > >
> > > > > >Chi Jaama
> > > > > >
> > > > > >Joe Sambou
> > > > > >
> > > > > >
> > > > > > >From: Jassey Conteh <[log in to unmask]>
> > > > > > >Reply-To: Jassey Conteh <[log in to unmask]>
> > > > > > >To: [log in to unmask]
> > > > > > >Subject: Re: The Gambian Dalasi-LEKBI
> > > > > > >Date: Tue, 3 Feb 2004 11:23:14 -0800
> > > > > > >
> > > > > > >Comrades:
> > > > > > >
> > > > > > >The functional currency is the domestic currency relative to
> > > > > >international
> > > > > > >financial transactions, particularly when these goods and
>services
> > >are
> > > > > > >produced and marketed in the domestic market. It is the hope
>that
> > > > > >entities
> > > > > > >in the Gambia are engaged in business to sell their goods and
> > >services
> > > > >to
> > > > > > >their respecitive customers. It also the hope that these
>entities
> > > > > > >formulate strategic costs incurred that do not exceed benefits
> > >derived
> > > > > >from
> > > > > > >their money measure approaches. These entities should record
>their
> > > > >sale
> > > > > > >prices denominated in the Gambian Dalasi.
> > > > > > >
> > > > > > >It is thus practical and economically sound that entities in
>the
> > >Gambia
> > > > > > >follow the realization principle of pricing their goods and
> > >services
> > > > > > >denominated in the Gambian Dalasi. One patriotic duty is that
>it
> > > > > > >illustrates confidence in the Gambian Dalasi.
> > > > > > >
> > > > > > >Analyzation principle, which consists of both financial and
> > > > >nonfinancial
> > > > > > >data entails, for example, market surveys. These surveys may
> > >affirm
> > > > > > >customer tastes and preferences. If one successfully pinpoints
> > > > >customers
> > > > > > >tastes and
> > > > > > >preferences; direct materials or services, direct labor and
> > > > > > >manufacturing/service overhead allocated are valued as
>production
> > > > >costs.
> > > > > > >My question is, did the entities in the Gambia pay their
>Gambian
> > > > >workers
> > > > > >in
> > > > > > >foreign currencies? No! These costs were paid in the Gambian
> > >Dalasi,
> > > > > >even
> > > > > > >if raw materials were purchased internationally. A case in
>point
> > >is
> > > > >that
> > > > > >a
> > > > > > >pro forma statement is prepared by a bank prior to a purchase
>of
> > > > >foreign
> > > > > > >goods, and that the purchaser pays invoice prices directly to a
> > >Gambian
> > > > > > >bank. It is categorically true that these entities are not
> > >directly
> > > > > >paying
> > > > > > >the foreign seller. It is also true that Gambian banks
> > >denominanate
> > > > >the
> > > > > > >Gambian Dalasi as the money measure amount owed to a foreign
> > >seller.
> > > > > > >
> > > > > > >When total manufacturing or service costs are valued, the
>notion
>is
> > > > >that
> > > > > > >the entity hopes to make a profit. In this regard, realization
> > > > >principle
> > > > > > >takes form when a sale or purchase is made. Realization
>principle
> > >is
> > > > > > >defined as the point of sale or purchase, from which a
>transaction
> > >is
> > > > > >first
> > > > > > >recorded in the book of original entry called the general
>journal.
> > >Are
> > > > > > >entities in the Gambia recording their transactions in foreign
> > > > > >currencies?
> > > > > > >I hope not! If this is true, then the Dalasi will continue to
> > >devalue
> > > > >at
> > > > > >a
> > > > > > >significant rate.
> > > > > > >
> > > > > > >Even if an entity that is located in the Gambia is a subsidiary
>of
> > >a
> > > > > >parent
> > > > > > >headquartered in a foreign country, asset = liabilities +
>owners'
> > > > >equity
> > > > > > >should be measured in the Gambian Dalasi; thus affirming that
>at
> > >point
> > > > >of
> > > > > > >sale these transactions should be recorded at historical value.
> > >This
> > > > > > >affirms the notion that assets recorded at historical
> > > > > > >values assert that inflation is temporary and that changes in
> > >prices
> > > > >are
> > > > > > >minimal. But if the entity chooses to ignore its funcitional
> > >currency,
> > > > > >its
> > > > > > >is directly affirming its lack of confidence in its own
>domestic
> > > > > >currency.
> > > > > > >
> > > > > > >Foreign currency adjustments in the form of comprehensive
>income
> > >will
> > > > >not
> > > > > > >be necessitated by an entity such as
> > > > > > >Taff. The principle is further affirmed that the only entity
> > >making
> > > > > > >foreign currency translation adjustments should be the Central
>Bank
> > >of
> > > > > >the
> > > > > > >Gambia. A subsidiary entity located in the Gambia plays no
>active
> > >role
> > > > > >in
> > > > > > >the determination of asset = liabilities + owners' equity on a
> > > > > > >consolidated basis. Do we even have such entities? No. Why?
> > >Because
> > > > > > >policies enacted or lack of sound fiscal policies are
>cultivating
> > > > > >negative
> > > > > > >trends in the viability of the Gambian's economic output. This
> > >policy
> > > > > > >should be above politics because it directly affects every
>Gambian.
> > > > > > >
> > > > > > >A note of caution is that since we have numerous merchandises
>and
> > >hotel
> > > > > > >industries in the Gambia, why should a price at point of sale
>be
> > > > > > >denominated in the U.S. Dollar and the British Pound Sterling?
> > >Does
> > > > >this
> > > > > > >signal that these entities have no trust in the Gambian Dalasi?
> > >Why
> > > > > >should
> > > > > > >one pay Taff Real Estate foreign currencies at realization
>point
>of
> > > > > > >obtaining property? Does Taff have authority directly selling
> > >foreign
> > > > > > >currencies to respective foreign governments? Is Taff Real
>Estate
> > >now
> > > > > >the
> > > > > > >Central Bank of the Gambia?
> > > > > > >
> > > > > > >Are other Gambian entities also directly selling those foreign
> > > > >currencies
> > > > > > >with respective foreign governments? I state emphatically that
> > >this
> > >is
> > > > > > >totally impossible. Are these entities mediating as the
>Central
> > >Bank
> > > > >of
> > > > > > >The Gambia? No. If this is in the affirmative, then we have a
> > >fiscal
> > > > > > >crisis in the Gambia. Are these entities deposing their daily
> > > > > >transactions
> > > > > > >denominated in the Gambian Dalasi with commercial banks in the
> > >Gambia?
> > > > >I
> > > > > > >concur affirmatively.
> > > > > > >
> > > > > > >A case in point is that the Gambia Central Bank is the
>intermediary
> > >of
> > > > > > >foreign currency sales between affected foreign governments.
>Is
> > >this
> > > > >not
> > > > > > >of sound fiscal policy that our house be in order. This in my
> > > > > > >interpretation should be above politics. I practically and
> > >sincerely
> > > > > > >affirm constructive engagement. The APRC government should
>change
> > > > >course
> > > > > > >and listen to its critics. We all have stakes in the Gambia,
>and
> > >thus
> > > > >it
> > > > > > >is prudent that the realization principle not be violated by
>these
> > > > > >entities
> > > > > > >and the Gambian government.
> > > > > > >
> > > > > > >Naphiyo,
> > > > > > >Muhammad Lamine J. Conteh
> > > > > > >
> > > > > > >
> > > > > > >-----Original Message-----
> > > > > > >From: Abdoul Njie <[log in to unmask]>
> > > > > > >Sent: Feb 3, 2004 11:52 AM
> > > > > > >To: [log in to unmask]
> > > > > > >Subject: Re: The Gambian Dalasi-LEKBI
> > > > > > >
> > > > > > >Mr. Jasseh,
> > > > > > >
> > > > > > >At your convenience, for those of us who are not savy in the
>fields
> > >of
> > > > > > >accounting and financing, could you kindly elaborate on the
> > >realization
> > > > > > >principle( Revenue Recogniton Principle) and the effect such
> > >practices
> > > > > > >have
> > > > > > >on the devaluation of the Gambian Dalasi?
> > > > > > >
> > > > > > >
> > > > > > >Welcome back and hope you had a wonderful time.
> > > > > > >
> > > > > > >
> > > > > > >As always to You- BEST REGARDS,
> > > > > > >
> > > > > > >
> > > > > > >Ablie Njie- Lekbi
> > > > > > >
> > > > > > >
> > > > > > >
> > > > > > >
> > > > > > >
> > > > > > >
> > > > > > >Best Regards,
> > > > > > >
> > > > > > >
> > > > > > >Ablie Njie0- Lekbi
> > > > > > >
> > > > > > >
> > > > > > >
> > > > > > >
> > > > > > >
> > > > > > > >From: Jassey Conteh <[log in to unmask]>
> > > > > > > >Reply-To: Jassey Conteh <[log in to unmask]>
> > > > > > > >To: [log in to unmask]
> > > > > > > >Subject: The Gambian Dalasi
> > > > > > > >Date: Tue, 3 Feb 2004 10:12:29 -0500
> > > > > > > >
> > > > > > > >Comrades:
> > > > > > > >
> > > > > > > >I was just checking around and noticed that hotels, taff's
>real
> > > > >estate
> > > > > > >and
> > > > > > > >other
> > > > > > > >entities in the Gambia are denominating their respective
>sales
> > >prices
> > > > > >in
> > > > > > > >the U.S.
> > > > > > > >and the British Pound Sterling. This should be stopped by
>the
> > > > >Ministry
> > > > > > >of
> > > > > > > >Finance
> > > > > > > >because it has contributed to the devaluation of the Gambian
> > >Dalais.
> > > > > > > >
> > > > > > > >Since these entities are located in the Gambia, both the
>revenue
> > >and
> > > > > > > >expenditure
> > > > > > > >measurements state that the domestic currency should be the
> > > > >functional
> > > > > > > >currency
> > > > > > > >for the realization principle. I hope the Ministry of
>Finance
> > >takes
> > > > >a
> > > > > > > >serious look
> > > > > > > >at the lack of confidence that these entities are
>contributing
>to
> > >the
> > > > > > > >economic stability of
> > > > > > > >the Gambia.
> > > > > > > >
> > > > > > > >Naphiyo,
> > > > > > > >Comrade M. Lamine J. Conteh
> > > > > > > >
> > > > > > > >~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
> > > > > > > >To Search in the Gambia-L archives, go to:
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> > > > > > > >Web interface
> > > > > > > >at: http://maelstrom.stjohns.edu/archives/gambia-l.html
> > > > > > > >
> > > > > > > >~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
> > > > > > >
> > > > > >
> >_________________________________________________________________
> > > > > > >What are the 5 hot job markets for 2004? Click here to find
>out.
> > > > > >
> > > > >
> > >
> >http://msn.careerbuilder.com/Custom/MSN/CareerAdvice/WPI_WhereWillWeFindJob
> > >sIn2004.htm?siteid=CBMSN3006&sc_extcmp=JS_wi08_dec03_hotmail1
> > > > > > >
> > > > > > >~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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> > > > > > >
> > > > > > >~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
> > > > > > >
> > > > > > >~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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>the
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> > > > > > >Web interface
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> > > > > > >
> > > > > > >~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
> > > > > >
> > > > > >_________________________________________________________________
> > > > > >Get a FREE online virus check for your PC here, from McAfee.
> > > > > >http://clinic.mcafee.com/clinic/ibuy/campaign.asp?cid=3963
> > > > > >
> > > > > >~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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> > > > > >
> > > > > >~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
> > > > > >
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> > > > > >To Search in the Gambia-L archives, go to:
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> > >Gambia-L
> > > > > >Web interface
> > > > > >at: http://maelstrom.stjohns.edu/archives/gambia-l.html
> > > > > >
> > > > > >~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
> > > > >
> > > > >_________________________________________________________________
> > > > >Scope out the new MSN Plus Internet Software - optimizes dial-up to
>the
> > > > >max!
> > > > > http://join.msn.com/?pgmarket=en-us&page=byoa/plus&ST=1
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> > > > >Web interface
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> > > > >
> > > > >~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
> > > >
> > > > _________________________________________________________________
> > > > Plan your next US getaway to one of the super destinations here.
> > > > http://special.msn.com/local/hotdestinations.armx
> > > >
> > > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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> > >
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> >
> > _________________________________________________________________
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>
>~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
_________________________________________________________________
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~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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To contact the List Management, please send an e-mail to:
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~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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To contact the List Management, please send an e-mail to:
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~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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