Early this month, Gambia had consultations with the IMF during which the financial institution issued a bombshell statement revealing that the country is still confronted with tough economic challenges.
IMF decried the ‘act that the directive fixing FOREX rates remains in force, despite being counterproductive.’
“The directive worsened the shortage of FOREX: volume of FOREX transactions on formal market substantially declined (by about 60%). Weekly transactions averaged US$27 million before; now about US$11 million equivalent,” the report said.
In the light of the economic picture presented by IMF , the United Democratic Party (UDP) leader said they challenged the decision taken in May 2015 by the Office of the President to intervene in the foreign exchange markets to influence the level of the exchange rate.
“We are now vindicated by the IMF . The market should remain free from government restrictions,” he told this reporter.
Darboe said Jammeh’s economic adventurism has plunged the country into an unprecedented crisis. “All sectors are affected.”
The economy of the tiny West African nation continues to be dominated by President Yahya Jammeh’s executive directives. He has changed the constitution in order to be able to venture into business activities.
He has extended his tentacles in many sectors of the economy.
Written by Abdoulie JOHN