Mr. Darboe has raised alarms regarding The Gambia’s extensive debt of over 100 billion dalasis, highlighting the significant 11 billion dalasi expenditure on debt servicing. He emphasized the potential for agricultural investment to enhance economic stability and criticized undisclosed loans and unfavorable agreements, urging for transparency and sustainable financial practices.
Mr. Darboe has expressed deep concerns regarding The Gambia’s current debt situation, noting that the nation is already burdened with over 100 billion dalasis in loans, accompanied by an 11 billion dalasi allocation for debt servicing. He emphasized that investment in agriculture could significantly benefit both the economy and social security, rather than continuing reliance on loans.
Mr. Darboe suggested that a thorough audit of government financial activities might reveal undisclosed loans that pose further threats to national stability. He highlighted discrepancies found in past audits, where millions in various currencies were hidden and not mentioned in budget speeches, arguing that such financial burdens adversely affect the economy through increased debt obligations.
He lamented that, despite the escalating debt, the government remains fixated on obtaining additional loans rather than investing in critical sectors like agriculture to facilitate growth. Mr. Darboe also criticized the agreement with the Gambia Ports Authority, which grants foreign companies a 30-year management contract for the port, offering only 20% benefits to The Gambia and 80% to the partners, which he equated to a significant financial loss for the country.
In conclusion, Mr. Darboe’s remarks underline the critical need for transparency in government financial management and the pressing requirement to address the national debt crisis. He advocates for prioritizing investment in agriculture over acquiring further debt and cautions against unfavorable agreements with foreign investors that may jeopardize national resources. Transparency and financial accountability are vital for safeguarding The Gambia’s economic future.
Original Source: thepoint.gm
