PRESS RELEASE ON THE STATE OF THE GAMBIAN ECONOMY AND SOME FRAUDULENT ACTIVITIES OF THE FORMER PRESIDENT YAYA JAMMEH AND HIS APRC GOVERNMENT.
With the new dispensation, The Ministry of Finance and Economic Affairs is pleased to inform the general Public concerning the state of the economy at the exit point of the presidency of the former president Yahya Jammeh and the APRC Government.
The Real GDP growth of The Gambia bas rebounded to 4.3 per cent in 2015 from 0.9per cent in 2014. The improved economic activities continued in 2016 with growth be expected to be within the long-term trend growth rant of 4-6 per cent.
Total Revenue and grants in 201 7 is estimated at 14.34 billion from D 12.99 billion budgeted, representing a growth of 10.4 per cent. Domestic revenue is estimated at D8.5 in 2017. Conversely, Total Expenditure and net Lending is projected at D19.1 billion in 2017 from 16.9 billion budgeted in 2016. Of Ibis, interest payments are estimated to be over D 3 billion.
Fiscal deficit in 20 I 7 is anticipated to increase to D4. 7 billion (I 0 per cent of GD P) from D3.9 billion budgeted in 2016, representing a growth of 20.5 per cent. The estimated Net Domestic borrowing for the fiscal year is expected to be 10% of GDP.
Public debt ratio is II 5% of G D P as at end Dec 2016. Total debt stock stood at D48. 3 billion comprising D20.3 billion external and D28 billion domestic. Tbe domestic debt increases from 54% to 67% of GDP from 2015 to 2016 respectively, compared with a marginal increase of the external debt from 46% to 48% of GDP from 2015 to 2016 respectively.
Consumer price inflation measured by the National Consumer Price Index (NCPI) rose to 7.9 per cent in December 2016 compared to 6.9 per cent in the corresponding period in 2015. Both food and nonfood inflation increased to 8.7 and 6.S per cent in Dec 2016 from 7.6 and 5.3 per cent in 2015 respectively.
Th monetary policy rate has remained constant at 23 percent since April 2015.
Gross official reserves are US$68.75 million as at Feb 3rd 2017, while the net international reserves are at US$20.81. This is approximately less than 2 months of import cover.
From the above information, it could be clear that the Economy of The Gambia had been completely destroyed and part of the stories are related to the action of the then President Exiled Yaya Jammeh and his enablers. From the little investigations, the Ministry conducted, some alarming and gross mismanagement of public funds were discovered that requires the attention of the Public.
GAMTEL GATE WAY REVENUE
It was discovered that theGAMTEL Ltd Gateway Termination Revenue had been siphoned by the president.
The Gambia Gateway Project is being managed by Gambia Telecommunications Company Ltd, GAMTEL LTD, on behalf of the Government of the Gambia. Incomes emanating from international incoming and outgoing traffic are generated through this gateway and initially used by Gamtel to offset its costs and loans. However, the management of the gateway was contracted to third parties over the years, Spectrum, System1, Tel. and MGl. Currently, the Government through Gamtel Ltd is having a 5 year contract with MGI from 2014 to 2019.
Fellow Gambians, the incomes generated by this project were diverted from Gamtel to an account International Gateway Account at the Central Bank of the Gambia from 13 th September 2013 to 4th July 2014. This account had an accumulated deposit for this period of US$5,421,732.98 of which US$5,421,440.61 was withdrawn leaving a balance of only US$292.37.
On 10th July 2014, another account was opened called the Special Projects Fund. A total US$45,194,083.24 was deposited over the period and US$45,171,420.05 was withdrawn over the same period leaving a balance of only 110,630.42 as at 23rd January 2017.
A sample of the withdrawals include:
Vll. 16/9/15 Cash withdrawal of US$400,000 through Sulayman Badgie, Office of the President.
V111. 16/9/15 Cash withdrawal of US$800,000 through Sulayman Badgie, Office of the President.
Xl. 16/9/15 Cash withdrawal of US$704,721.63 through Nuha Williams, Office of the President.
According to our preliminary findings, these amounts have been withdrawn in cash US dollars or Gambian dalasis withdrawn and US dollars bought in the foreign exchange market thus creating undue pressure on both our reserves and the exchange rates. These two accounts totaling US$50,615,816-22 in deposits of our international call terminating revenue have been withdrawn mainly in cash foreign currency and dalsis converted into foreign currency.
2.1 Carnegie Mining Project
The Gambia has not discovered huge mineral resources but Elminite has been discovered and mined over the years. Carnegie Mining Project account was opened at CBG from 24th January 2012 to 30th December 2015 receiving D139.423 million as deposits and D139.312 million as expenditure. This leaves a balance of only D 11 0,630 as at this date today.
This account was operated outside the Central Government budgetary system and not accounted for in the Consolidated Revenue Fund. The account has been managed by the Office of the President and Yaya Jammeh and all expenditures were done at his directive or will. A sample of these expenditures include:
From 30th December 2015 there was no deposit into this account and we are now investigating were the revenues due to the Government from the mining contract. The Government is paying for the services of lawyers retained for the legal case with Carnegie with retainer fees totaling D59.28 million to date and claims of monthly payments of 50,000 per month still running. The Attorney General and Minister of Justice will look into these payments and the legal issues with Carnegie with a view to bringing this bizarre drama indicative of the selfish interest of the Jammeh APRC regime.
We are verifying the current contract that exists between the Mining operators and a company said to have the mining rights Alhamdulilahi Petroleum and Mineral Company. From our initial investigations of this company, there was no trace of its registration with the Registrar of Companies and the Attorney General and Minister of Justice is assisting us on this matter.
2.2 Social Security Housing and Finance Corporation (SSHFC)
The Jammeh APRC administration has dipped its long arm into workers pension funds through rampant Executive Directives to the management of SSHFC. A total of D2,094,891,000 was withdrawn by Executive Directives to a multitude of expenditures including:
All these expenditures were out of the ordinary workers accumulated pensions fund and out of a total of D2,094,891,000, the sum of D1.71 billion remains non-performing without any payment made to it.
Our preliminary review of GP A found that the Authority made some questionable and wanon expenditure in its Business Development Expenses/Corporate Social Responsibilities account for 2015 and 2016:
AJJ Jammeh for D25,000.
V11. Printing of green T-Shirts for D255,750.
Vlll. Payment sponsoring of a table for D375,000 for APRC Peace and Love Gala dinner.
For the year 2016, GPA made the following expenditures out of its Business Development Expenses/Corporate Social Responsibilities account, the resources of the Gambian people:
VlI. Payment fo D 11 0,000 for 500 T-Shirts for July 22nd celebrations.
Vlll. Payment of 105,000 T-Shirts for July 22nd celebrations.
In 2016, the investigations discovered with shock that the GP A bought a new vehicle budgeted at D3,000,000 for D7,527,392.16. This is more than double the budget for thisitem.
These sample Public Enterprise accounts of SSHFC and Gamtel, The Carnegie mmmg project is a reflection of the gross mismanagement of our economy by Yaya AJJ Jammenh and his APRC Government. There conduct amounts to a total betrayal of the Gambian people leaving them with monstrous debts of D48.3 billion, net international reserves of only US$27.4 million or 0.7 months of import of goods and services. The Central Bank of The Gambia has short term borrowings (SWAPS) from commercial banks of US$32.7 million to enable it meet the Governments loan repayment obligations.
Fellow Gambians, this brief is to show you what His Excellency, Adama Barrow and his Government have found left of our country. A truly APRC disaster in human rights, socially, politically, fiscally and monetarily, economically and financially.
We, in the Government of The New Gambia, under your New President, Adama Barrow and the strong goodwill of our international partners and the urgency with which they have come forth to assist and support a New Gambia that if full of freedom, democracy, human rights, rule of law and with sound fiscal and monetary policies, will strive and work and play to achieve the development aspirations of the people of The New Gambia.
His Excellency, the President and his Government will take all steps and measures to ensure that all lost, stolen and misappropriated assets are returned to the Gambian people. The Honourable Minister of Interior and Attorney General and Minister of Justice will have all the information on these preliminary findings to take appropriate actions. The Ministry will continue to come up with more press releases as and when more information are gathered.
Views: 5,221
Visit link:
- Patriots For Economic Freedom - December 8th, 2016 [December 8th, 2016]
- Fiscal Freedom and Financial Literacy Campaign :: City of ... - December 30th, 2016 [December 30th, 2016]
- To see how a bill becomes law, follow the money - News Sentinel - February 7th, 2017 [February 7th, 2017]
- Economy to grow more than 7 per cent next fiscal: Shaktikanta Das - The Indian Express - February 7th, 2017 [February 7th, 2017]
- Making the case for an RBI rate cut - Livemint - February 7th, 2017 [February 7th, 2017]
- Cotton Calls for a $26B Uptick in Planned Defense Supplemental - USNI News - February 7th, 2017 [February 7th, 2017]
- Making A FOIA Request Is About To Get Tougher At FBI - Daily Caller - February 7th, 2017 [February 7th, 2017]
- Guest Article: Capitulation before the First Shots Are Fired - Somewhat Reasonable - Heartland Institute (blog) - February 7th, 2017 [February 7th, 2017]
- U.S. Air Force extended some 800 million yen in funds to 128 ... - The Mainichi - February 8th, 2017 [February 8th, 2017]
- Greece and the Folly of Trying to Solve an Overspending Problem with Tax Increases - People's Pundit Daily - February 8th, 2017 [February 8th, 2017]
- Hill Republicans quake at Trump's budget-busting wish list - Politico - February 8th, 2017 [February 8th, 2017]
- Key conservative open to insurer payments during ObamaCare transition - The Hill - February 8th, 2017 [February 8th, 2017]
- Historic audit of illegitimate debts - Inquirer.net - February 8th, 2017 [February 8th, 2017]
- Fiscal Freedom: How Tax Burden Affects Economic Freedom - February 8th, 2017 [February 8th, 2017]
- Police Criticized as Violence Continues in Brazil's City of Vitria - The Rio Times - February 9th, 2017 [February 9th, 2017]
- Business divided on Malloy budget - CT Post - February 9th, 2017 [February 9th, 2017]
- The United Kingdom and the Benefits of Spending Restraint - Cato Institute (blog) - February 9th, 2017 [February 9th, 2017]
- Trump Threatens to Cut Off Government Funds to Universities, and Why Not? - PanAm Post - February 10th, 2017 [February 10th, 2017]
- For Philly Cops Already Awash in Overtime Pay, Another Boost -- Thanks to Trump - NBC 10 Philadelphia - February 10th, 2017 [February 10th, 2017]
- Fiscal Freedom | Prometheism.net - Part 2 - February 10th, 2017 [February 10th, 2017]
- Personal finance lessons from the Budget - Hindu Business Line - February 11th, 2017 [February 11th, 2017]
- The United Kingdom and the Benefits of Spending Restraint - People's Pundit Daily - February 12th, 2017 [February 12th, 2017]
- MEL STA. MARIA | The 1987 Freedom Constitution should not be changed - InterAksyon - February 12th, 2017 [February 12th, 2017]
- Venezuela now leads US asylum requests as crisis deepens - Philly.com - February 12th, 2017 [February 12th, 2017]
- Promoting fiscal discipline - Daily Excelsior - February 12th, 2017 [February 12th, 2017]
- The GOP's Big Tax Dilemma: Repealing Obamacare Taxes - The Fiscal Times - February 13th, 2017 [February 13th, 2017]
- Why Liberty Advocates Should Focus on Spending Restraint over Tax Hikes - PanAm Post - February 13th, 2017 [February 13th, 2017]
- What the papers say: Britain's soaring EU budget bill shows Brexit can't happen soon enough - Spectator.co.uk (blog) - February 14th, 2017 [February 14th, 2017]
- Meet The Venezuelan-Born Mom Who Ran For State Senate To Stop Socialism - The Federalist - February 14th, 2017 [February 14th, 2017]
- GOP defense hawks barely squawked on Mulvaney nomination - Washington Examiner - February 14th, 2017 [February 14th, 2017]
- Floyd Bledsoe urges Kansas to compensate the wrongfully convicted: 'I lost my freedom' - The Garden City Telegram - February 15th, 2017 [February 15th, 2017]
- Are Republicans Losing Momentum on Obamacare Repeal? - The Fiscal Times - February 15th, 2017 [February 15th, 2017]
- Study: US falls to 17th place in 2017 global economic freedom index - Economic Collapse News - February 15th, 2017 [February 15th, 2017]
- Mason Fiscal give WVFD go-ahead - Ledger Independent - February 15th, 2017 [February 15th, 2017]
- Officials Continue to Dodge Attempts to Disclose Use of Stingrays - Reason (blog) - February 16th, 2017 [February 16th, 2017]
- 10 Things to Know About Stephen Feinberg, Trump's Potential Intelligence Czar - The Fiscal Times - February 16th, 2017 [February 16th, 2017]
- Mason Fiscal gives WVFD go-ahead - Ledger Independent - February 16th, 2017 [February 16th, 2017]
- Senate Confirms Fiscal Hawk Mick Mulvaney As Trump's Budget Director - New York Magazine - February 16th, 2017 [February 16th, 2017]
- Thank You, Obama: US Steadily Lost Ground On Economic Freedom Over Past 8 Years - Investor's Business Daily - February 17th, 2017 [February 17th, 2017]
- Scott Pruitt: 5 Fast Facts You need to Know - Heavy.com - February 17th, 2017 [February 17th, 2017]
- Liberia Ahead Of Ukraine In Index of Economic Freedom 2017 - Global News Network - February 18th, 2017 [February 18th, 2017]
- EDITORIAL: The United States continues to drop on the Heritage Foundation's index of economic freedom - Las Vegas Review-Journal - February 18th, 2017 [February 18th, 2017]
- US Economic Freedom Hits Historic Low - theTrumpet.com - February 18th, 2017 [February 18th, 2017]
- Sounds of freedom rattling to far reaches of area - Jacksonville Daily News - February 18th, 2017 [February 18th, 2017]
- State lawmakers looking at forced treatment as option to combat opioid crises - Pittsburgh Post-Gazette - February 20th, 2017 [February 20th, 2017]
- Sri Lanka's govt. integrity, economic freedom deteriorate - Daily Mirror - February 20th, 2017 [February 20th, 2017]
- Budget 2017: Why taxes will increase - DA - Politicsweb - February 20th, 2017 [February 20th, 2017]
- PH up by 12 notches in Economic Freedom Index 2017 ranking | SunStar - Sun.Star - February 20th, 2017 [February 20th, 2017]
- County Commission Backs Medical Marijuana, Opposes School Vouchers - Memphis Daily News - February 21st, 2017 [February 21st, 2017]
- Kellogg column: Our culture must shift from dependent to interdependent - Glenwood Springs Post Independent - February 21st, 2017 [February 21st, 2017]
- India's economic freedom plunge | Business Standard News - Business Standard - February 21st, 2017 [February 21st, 2017]
- Ohanaeze president worried about maltreatment of pro-Biafran members worries - Guardian - February 22nd, 2017 [February 22nd, 2017]
- Why is a freedom enshrined in the UN declaration of human rights ... - Stabroek News - February 22nd, 2017 [February 22nd, 2017]
- Gauging the Trump Effect on Congress and the DOJ - Freedom Leaf (press release) (blog) - February 23rd, 2017 [February 23rd, 2017]
- PH leaps in economic freedom; 'yes' to calls for lasting peace - Manila Bulletin - February 23rd, 2017 [February 23rd, 2017]
- Ohanaeze Ndigbo decries violence against MASSOB, IPOB - Vanguard - February 23rd, 2017 [February 23rd, 2017]
- PH leaps 12 places in 2017 Economic Freedom Index - Filipino Reporter - February 24th, 2017 [February 24th, 2017]
- Read Scott Walker's Advice on How Republicans Should Handle Protests - TIME - February 24th, 2017 [February 24th, 2017]
- JCPenney to close 13 to 14 percent of stores - Rome Sentinel - February 24th, 2017 [February 24th, 2017]
- Dj vu all over again - The Capitol Fax Blog (blog) - February 24th, 2017 [February 24th, 2017]
- Solution created for county builders - Morehead News - February 24th, 2017 [February 24th, 2017]
- Economic Freedom Up Again, But Not in the US - Investor's Business Daily - February 24th, 2017 [February 24th, 2017]
- Expect the unexpected with upcoming budget, appropriations cycle, experts say - FederalNewsRadio.com - February 25th, 2017 [February 25th, 2017]
- Pleading poverty, demanding new taxes - Washington Times - February 27th, 2017 [February 27th, 2017]
- Newspaper lobby seeks Albany allies in fight for sunlight over state finances - Lockport Union-Sun & Journal - February 27th, 2017 [February 27th, 2017]
- Philippines Improves in Economic Freedom ranking | CFO innovation - CFO innovation ASIA - February 27th, 2017 [February 27th, 2017]
- California lawmakers press ICE for information about raids - The Mercury News - February 28th, 2017 [February 28th, 2017]
- ExclusiveRep. Meadows: We Won't Fix Healthcare By Replacing Obamacare with Another Bad Plan - Breitbart News - February 28th, 2017 [February 28th, 2017]
- Economic Freedom - HATICE KARAHAN - Yeni afak - Yeni afak English - February 28th, 2017 [February 28th, 2017]
- California 'Trust Women' License Plates to Help Pay for Reproductive Care in Trump Era - Rewire - March 1st, 2017 [March 1st, 2017]
- Reader Viewpoint: Recognizing our imperfections, tribulations allows us to be wise - The Herald Bulletin - March 1st, 2017 [March 1st, 2017]
- The Staggering Costs of Operating Air Force One - The Fiscal Times - March 2nd, 2017 [March 2nd, 2017]
- How a Tenet of GOP Orthodoxy Slipped Away - Roll Call - March 2nd, 2017 [March 2nd, 2017]
- Who is the enemy? - Emporia Gazette - March 2nd, 2017 [March 2nd, 2017]
- Wake Up, Republicans: This Could Be the Democrats' Tea Party - POLITICO Magazine - March 2nd, 2017 [March 2nd, 2017]
- Pakistan ranked ahead India in Economic Freedom Index report ... - ARY NEWS - March 2nd, 2017 [March 2nd, 2017]
- Excess rules stifle freedom - The Robesonian - March 2nd, 2017 [March 2nd, 2017]
- Law & (Executive) Order - Patriot Post - March 3rd, 2017 [March 3rd, 2017]
- A Closer Look at Trump's 10% Defense Spending Increase - Morningstar.com - March 3rd, 2017 [March 3rd, 2017]
- Parks and Recreations department outlines vision - Virginia Gazette - March 3rd, 2017 [March 3rd, 2017]