Number of Gambians defaulting in repaying loans increased significantly

The number of people who took various kinds of loan from the banks in The Gambia and failed to pay has increased considerably in 2013, the Central Bank of The Gambia (CBG) says in a report.

The ratio of Non-performing loans (NPLs), loans given to customers which they failed to pay back, increased significantly, from 12.1 per cent in 2012 to 19 per cent in 2013, the quarterly report, released on Friday, of the Monetary Policy Committee of the CBG states.

The intense competition in the banking industry has left commercial banks in the country rocking the boat of bad debts.  This is due to unprecedented increased in lending to both the public and private sectors, which unfortunately led to increased risks of NPLs.

Vulnerable to bad debts

Monies from foreign donors to Gambia government reduced significantly in 2013

US Dollar notes

Grants to The Gambia, moneys donated by multinational organisations and foreign governments, had reduced by more than D1 billion (about US$ 2,632,000) in 2013, statistics from Central Bank of The Gambia (CBG) has indicates.  

The Monetary Policy Committee (MPC) of the CBG states in its quarterly report, released on Friday, that grants (to The Gambia) declined significantly from D1.8 billion (US$  5, 260, 000) in 2012 to D725.1 million (US$ 2,000,000) in 2013.

The Committee has not given any reason for this negative development.  However, in 2013, President Jammeh abruptly withdrew The Gambia from the Commonwealth, and also cut diplomatic relations with Taiwan; an organization, and a country that used to donate to the country.

Powering Gambia on solar energy can lower electricity bills

The use of solar energy as an alternative to fossil fuel can greatly reduce heavy electricity bills on Gambian consumers, a report by the International Energy Agency states.

The report has it that the development of reasonably priced, inexhaustible and clean solar technology will have significant long-term benefits for The Gambia’s electricity tariffs.

Solar energy could be Gambia’s predominant source of energy for decades to come and perhaps a lasting solution to the country’s energy problems, the report added.

It also states that solar energy will increase the country’s energy security, reduce pollution, lower costs of tackling climate change and keep fossil fuel prices lower than otherwise.

West African accountants urge to cooperate with other authorities to tackle money laundering

Dr Abdullahi Shehu, DG of GIABA

Accountants in the West African sub-region should cooperate and collaborate with relevant authorities in their countries to curb the menace of Money Laundering and Terrorism Financing (ML and FT), said the director general of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA).

Dr Abdullahi Shehu said accountants across the sub-region should cooperate with authorities like the police, lawyers, and other law enforcement agencies in customer identification, and record keeping and reporting of suspicious transactions.  This is cognizance of the fact that the fight against the twin evils of ML/TF required concerted efforts.

Dr Shehu made this statement on Wednesday in Banjul during the beginning of a two-day regional training on Anti-Money Laundering and Counter-Financing of Terrorism (AML and CFT) requirements for accountants.   

The training, which is organised by GIABA, is being attended by accountants from English-speaking countries in the sub-region namely Ghana, The Gambia, Nigeria, Liberia and Sierra Leone.  It is meant to enhance the capacity of participants to enable them fulfil their obligations to adopt and implement AML and CFT measures.  Such measures include risk assessment and application of the risk-based approach to AML and CFT implementation.

Dr Shehu noted that if the expertise of accountants is provided to a criminal enable them (the criminals) to legitimatise their illegal funds through money laundering, the process of legitimisation of illegally acquired money in order to hide its true source. 

“It is therefore critical that accountants and accounting professionals are aware of and thus, are required to exercise due diligence and consistently monitor transactions of their clients to ensure accurate and meaningful disclosures of suspicion of illegal activity,” the GIABA DG said.

As financial professionals, accountants cannot afford to be complacent when it to being involved in the laundering or criminal proceeds. 

GIABA DG told the accountants: “You are expected to be on the lookout for possible criminal activities because, even if you are judged to have been unaware of the full nature of a client’s shady business, you will still be subject to legal or professional penalties at the end of the day.”

Almost 600 million Africans rely on kerosene lamps and candles for lighting

Six out of every ten Africans, representing 600 million people, rely on dangerous fuel-based lighting like kerosene lamps and candles, Lighting Africa Progress Report has stated.

“This large proportion of Africans who lack electricity spends US$ 10.5 billion a year on kerosene which is the dominant source of lighting,” the 2013 annual report of Lighting Africa says.

It notes that kerosene is used as a primary lighting source by 53 per cent of Africa’s population.

The report also states that resorting to expensive and dangerous fuel-based lighting poses fire hazards and causes pollution.

It suggests that the continent should consider shifting to other sources of energy like windmill and solar.

WAICA Re enhances skill of insurers on marine and aviation insurance

Cross section of the participants

Insurance practitioners from various companies in West Africa are undergoing a weeklong international training course on advance marine and aviation insurance in The Gambia.

The training that started on Monday is organised by the West Africa Reinsurance Corporation (WAICA-Re), a sub-regional reinsurance company based in Freetown, Sierra Leone. 

It is being attended by about 50 participants from various insurance companies in English-speaking countries of West Africa namely Gambia, Ghana, Liberia, Nigeria and Sierra Leone.  It is underway at the Kairaba Beach Hotel in Kololi.

The course was declared open by the governor of the Central Bank of The Gambia, Amadou Colley, who was represented by Mr Saikou Gassama, a senior officer at the Bank.

The participants are being train on modules such as marine cargo underwriting, marine cargo and hull reinsurance, aviation insurance underwriting, and aviation insurance claims and adjustments.

Speaking on the occasion, the managing director and chief executive officer of WAICA Re, Mr Abiola Ekundayo, said marine and aviation are chosen to be main theme of the training because there are obvious challenges in underwriting those two classes of insurance in the sub-region.

“We know there are challenges in these fields in the sense that we do not have many marine and aviation underwriters.  Also, if you look at the insurance industry in Africa generally, the old people are going out and the younger ones they are leaving are not well versatile when it comes to underwriting skills, particularly marine and aviation insurance. 

“So we are trying to develop them, the younger ones, in order to prepare them for the future so that the industry will not collapse even if all the old ones retire.”

WAICA Re CEO claimed that at the end of the training, by the time the participants listened to various experts, the facilitators, they will also be versatile in underwriting the two classes of insurance – marine and aviation.

In Gambia, people are afraid to speak

Source:  unitedpatriotsworldwide.com

Opinion is said to be the cheapest commodity in the world – because every other person has one.  This might not be very true of The Gambia where people with contrary views on controversial issues are not able or willing to speak their mind.

Not only on controversial issue but people are mute on things like healthcare delivery and other social issues which they could comment on.

People are afraid of drawing attention of the authorities to some of the issues affecting their lives and livelihood including existing human rights problems and abuses and persuade the government to take action on them. 

Instead, most of the times, people only open their mouth in public to praise the government - sing the praises of the big men and women - but keep mute on real issues affecting them as if everything is ok. 

However, in principle the Constitution of the land has it that everyone has the right to freedom of opinion … and the freedom to express, impact opinion without interference.  In practice, this is far from the reality due to various restrictions that are continuously being enacted by the government. 

Citizens with divergent views on some of the national issues are either really afraid or legally not allowed to speak their minds.  People are getting more and more scare from speaking their minds on national topical issues.  Or if one is so strong with his/her opinion and cannot help button it, the person has to greatly censor him/herself.

People are afraid of speaking their mind for one of two reasons, or both.  Some are afraid that in the process of commenting, giving their view on something, they may be seen to be going against the government in which case they could be labelled as an opposition. Though being an opposition is not prohibited anyway! Besides, others are afraid they may fall foul of one of the various laws in the country that limits people’s expression and in which case they will face dire punishment.

It has got to a stage that even when you want discuss certain things with people on phone, you will simply be reminded that “please you are on phone”, as if somebody is listening to everything.  Whether that is the case, is another thing but this is an indication that people are afraid even to speak particularly if they hold a divergent view on a controversial topic.

The people have opinions but would not speak.