Dear List members:
CC.
Well, as far as this issue is concerned i have to start with the European
example that has already inspired nations in other parts of the world to
follow suit. Ambitious plans for regional or subregional economical
integration have in fact been stressed in other parts of the world.
Argentina, Brazil.Paraguay and Uruguay are on the way to a common market.
The same goes for the Caribbean countries, likewise The United states,
Canada and Mexico. It also seems that the ASEAN countries of the south east
asian countries are determined to strenghten their economic cooperation. I
do not see any reason why a West African currency, with a common central
bank cannot be in existence. It is only through regional economic
cooperation like the one within the European Community that we can achieve
political stability, social and economic improvement as well as strenghten
our global position in the global market.
I think that since the continent is less open to international trade than
other regions of the world, it is high time for our leaders to find a
solution to Africa´s poor performance in trade that has led to its terrible
maginalisation.
To be able to take an active part in global trade expansion, Africa needs to
start up a credible regional economic promotion strategy. And the best way
to come to this i think is governments to lock themselves in good economic
policies aimed to benefit the whole region.
A West African central Bank will in fact help control inflation and to
harmonise banking and other business regulations in the whole region.
Regional coodination of banks and other financial institutions, coupled with
adequate lagislation could reduce risk, increase investment and provide a
stimulus to cross border trade.
We know that the 90´s have been years of crises, conflicts and continous
deepening poverty not only in our region or country alone, but the whole of
Africa. I do not understand when people like Dr. Saine whom i thought to
be well cultivated on world issues, particularly African issues criticises
president Jammeh that poeple in the Gambia have become poorer under his
rule. With global foreign direct investment reached 100 billion US dollars
in 1995, only 5 % went to the African continent with North Africa as the
only African region with increased trade. 65% went to Asia and 27% to Latin
America.
As long as the capitalists institutions like the IMF/the world bank,
countries and multi-national companies are in power, the poor and small
nations will just continue to be maginalised unless they find their own
solutions to their problems. There can never be an economic self reliance if
African countries do not start with putting together their economies and
pull down trade barriers.
Thanks for Sharing!
SS.Jawara,
Stockholm, Sweden.
----- Original Message -----
From: Jungle Sunrise
To: [log in to unmask]
Sent: Saturday, March 30, 2002 2:01 PM
Subject: Well, what do you think?
Should The Gambia Join a Common West African Monetary Union or Not?
Folks,
The following is a press release that has been doing the rounds in some of
the local papers these past days. The reason I am forwarding it is for those
who are experts or are conversant with monetary policies or common currency
issues to give their opinions about it. The issue of a common West African
Currency, slated for 2003, has been the subject of much discussion in
certain quarters. There are some who are very enthusiastic about it and how
it would help ease the pressure on the demand for foreign (European and US)
currencies and help integrate our economies. These people would ask why some
neighbouring countries which sometimes share borders cannot trade using
their own currencies instead of say the US Dollar. Others who are skeptical
of a Common West African Currency on the other hand would argue that Gambia’
s Dalasi is very strong and should not be sacrificed for a common currency.
Some of them would tell you that it would be suicidal for The Gambia to join
a common currency especially when one considers the turmoil in countries
like Nigeria, Liberia, Sierra Leone and until recently Ghana.
With this background, I hope those conversant with monetary policies and
international trade would give their take on the issue. I must stress here
that this is not an APRC or Jammeh thing. This is an issue that would affect
all of us, whether you like the government or not or live abroad or not. For
this reason, I am please appealing to those who, like me, know very little
about the issue at hand to just ask questions and not muddy the discussions.
Those of you in the EU, where the Euro was launched a few months back give
their opinion of how this change is being handled both at government level
and by individual citizens.
On many occasions people have criticized National Assembly Members as inept
and usually not of very high caliber. Now is the chance for the L’s National
Assembly to debate this issue so that when it is tabled before our NA some
of them may have known some of the pros and cons of joining or not joining a
common currency.
Have a good day, Gassa.
Launching ceremony for the sensitization programme on the second West
African Monetary Zone
The Central Bank of The Gambia and the Department Of State for Finance and
Economic Affairs on the 28th March 2002 organized a launching ceremony in
the form of a one-day seminar for the sensitization programme on the second
West African Monetary Zone. The seminar took place at the Kairaba Hotel in
Kololi.
Common currencies are the strength of most sub-regional economies such as
Europe and other parts of the world.
The West African Common Currency will be handled by the proposed West
African Central Bank for the second Monetary Zone.
Objectives
· Integration of the economies of the countries involved within the
sub-region and saving in the use of foreign exchange in intra-regional trade
payment transaction;
· Cross-border payments, trade and investment within the sub-region;
· A single regional market over a wider geographical area of 16
countries with over 210 million people;
· Greater inflow of foreign capital and thus stemming capital flight
as a result of improved credibility of the region in international monetary
and financial circles.
The single currency will come into effect in 2003 in all six member states
of the second monetary zone.
I suspect that The Gambia is one on those countries that would likely join
the proposed West African Monetary Union (Common Currency).
There is a time in the life of every problem when it is big enough to see,
yet small enough to solve. -Mike- Levitt-
Chat with friends online, try MSN Messenger: Click Here
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