By Binta Jaiteh
Hagie Suwaneh, a politician and President of the United Democratic Youth Wing has ranted over the $50 Million loans that National Assembly Ratified between the Gambia Government and BADEA.
Mr. Suwaneh said the loan will depreciate the Gambian currency, adding that, it will also have significant damage to the economy.
“The government took a loan amounting to $50 million to guarantee the private sector. Such a thing has never happened in the history of the Gambia. And I don’t think a serious government will take such a Loan,” he told King FM in a radio interview.
He stressed that the government took the loan on behalf of the people who engage in business buying essential commodities from other countries like Rice and Oil.
He noted that the businessmen need a foreign currency which is the dollar and the shortage of that currency and its hike led to the increment of commodities in this country.
“This is the reason why they took the loan, according to Hon Billay Suwaneh, the government guarantees individuals but he again said the beneficiaries will not take a loan but instead buy it which is a third party.
“But the primary entity who went to take the loan, if those people default and fail to refund the money who will pay that money that is the stage where his statements overlap,” he reasoned.
Hagie added that Billay does not understand instead he is trying to mislead the people to give a good name to the government.
He claimed that the government has entered into something that has destroyed the country’s economy. “In my opinion if surviving becomes difficult and they know that the dollar currency is a factor in that issue. In the short term, they should empower the farmers.”
He further added that the loan is not a good sign of microeconomic management and it will seriously affect the economy of the country plus the interest will ruin the economy, especially on the inflation side.