GAMBIA DEMOCRATIC CONGRESS
14th February,2023
Press Release
THE DEPRECIATION OF THE DALASI
We have learned with dismay the continue depreciating of the value of our currency which is putting more Gambians to a very terrible situation. The CFA, Dollar and the Euro out shadow our Dalasi in a very appalling manner. I write to express my concern as foreign currencies continue to outweighing the Dalasi which is not to the interest of our economy.
A currency’s rate is typically determined by the strenght and weakness of our underlying economy. The outright dominance of the Dollar, Euro and CFA has negative impact on the merchandise trade, our economic growth, capital flows, inflation and interest rate. We have seen over the years the hardship our traders have to go through as the value of our domestic currency continue to depreciate. It is a key consideration for Central Bank to revisit their exchange rate policies to regain the value of our currency. Our import and export trade becomes very expensive while stimulating exports by making them cheaper for oversea customers to buy.
The government and the Central Bank of The Gambia should intervene to help stabilize our currency in support of our economy; this we believe will lift the burden on the Gambians.
As country’s currency loses value, people’s purchasing power decline as well, because products within and imported ones generally rise in prices and end up to an inflation.
The value of our currency should be protected to boast the purchasing and selling power of our traders and by extension to realize an impact in our economy.
I call on the Central Bank and the government to response to our currency deprecation to increase the value of our Dalasi as its state is deplorable.
Thank you.
Hon. Mamma Kandeh.
(GDC Party Leader and Secretary General).
