{"id":28149,"date":"2023-01-20T11:36:30","date_gmt":"2023-01-20T11:36:30","guid":{"rendered":"https:\/\/www.africa-press.net\/gambia\/uncategorized\/gambia-must-abandon-economic-policies-that-benefit-only-those-in-power"},"modified":"2023-01-20T12:05:38","modified_gmt":"2023-01-20T12:05:38","slug":"gambia-must-abandon-economic-policies-that-benefit-only-those-in-power","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/gambia\/all-news\/gambia-must-abandon-economic-policies-that-benefit-only-those-in-power","title":{"rendered":"\u2018Gambia must abandon economic policies that benefit only those in power\u2019"},"content":{"rendered":"

Africa-Press – Gambia. <\/strong><\/span>Dr Assan Jallow, an economist, has said the country\u2019s \u201crugged capitalism, structural reforms, and economic development\u201d is designed to benefit the rich and those in power calling the shots across public and private sector institutions.<\/b><\/p>\n

\u201cWe must formulate a policy convergence and confluence to understand better the hellish road we pursued when we pursued free-market policies to address our structural, institutional, and administrative development challenges,\u201d he told.<\/p>\n

Dr Jallow said making and implementing policy decisions \u201cis not about putting forward the best ideas or blaming who is at fault. It is not a contest of theorizing without practice. In reality, it is about prioritizing policies that will significantly and positively affect lives and livelihoods in our country.\u201d<\/p>\n

He further explained that the capitalist economic model the country has adopted has placed it in \u201ca state of no development, stifling our creative spirit and inhibiting our desire to see a new and developed Gambia\u201d.<\/p>\n

\u201cDue to this, the economy is vulture-infested, deep-rooted, and greed-based, creating parochialism and vested interests among groups and individuals, thus creating a wedge between rich and poor. The latter are primarily marginalized under the guise of false ambivalence of issued-based policies,\u201d he added.<\/p>\n

Dr Jallow continued to say that the country needs new orientations and models of development in its fiscal ecosystem because of vast economic disparities, senile economic growth, marginalization, rising unemployment, rising crimes and insecurity, rising prices of essential commodities, corruption, misplaced development priorities, misaligned policies, and wasteful public spending.<\/p>\n

He said developing economies like the Gambia will continue to struggle, if serious measures are not put in place.<\/p>\n

\u201cThe need for a new economic vision and development model for the Gambia cannot be overemphasized, as the continuous application of a capitalist punctured model has not delivered the desired outcomes of our investments for the past 59 years of nationhood and independence.\u201d<\/p>\n

\u201cOur foreign policy must be aligned with our national economic policies and centered around partnerships and collaboration for development and investments rather than budget support and financial aid. The latter cannot be sustained and could compromise our national development policy and values, as development assistance comes with conditions attached. In budgeting, we must be financially conscious, prudent, frugal, and mindful of non-business value-added expenditures by ensuring that appropriate strategies are identified to address the root causes of our identified problems, not the symptoms,\u201d he added.<\/p>\n

He said the country should also adopt austerity and policies that are mutually beneficial, sound, and uncompromising to avoid the SAB dilemma.<\/p>\n

\u201cA reasonable budget is appropriately costed and not adjusted over time by the executive and presented to the hallowed house of the National Assembly for approval. We must get our acts right and save ourselves from a governance\u2019s conveyor belts of short-sightedness. To invest, support, and sustain our productive sectors (for example, the fishing and manufacturing sectors), we must ensure our macroeconomic fundamentals are built on the dynamic of ex-post-cum-ex-ante, where our sovereign wealth funds generate financial resources. In this way, we are spared from rugged capitalism that forces us to rely on foreign aid and loans to fund our budget and development,\u201d he noted.<\/p>\n

He said the government should also make sure that its budget is tailored to the country\u2019s priorities and repurpose spending on critical activities to meet development needs while taming unprecedented inflationary pressures.<\/p>\n

\u201cGovernment should implement effective tracking and trending systems to monitor the execution of the identified, agreed-upon policies and costs by tailoring them to our needs rather than becoming too ambitious and developing policies outside the realm of SMART principles. Ensure that the policy environment is conducive, effective, coordinated, and carried out in compliance with the NDP to avoid deviation resulting in policies being politicized and misaligned,\u201d he concluded.<\/p>\n

For More News And Analysis About Gambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Gambia. Dr Assan Jallow, an economist, has said the country\u2019s \u201crugged capitalism, structural reforms, and economic development\u201d is designed to benefit the rich and those in power calling the shots across public and private sector institutions. \u201cWe must formulate a policy convergence and confluence to understand better the hellish road we pursued when […]<\/p>\n","protected":false},"author":84,"featured_media":28148,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[2355,2361,260],"class_list":["post-28149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-africa-press","tag-africa-press-gambia","tag-gambia"],"yoast_head":"\n\u2018Gambia must abandon economic policies that benefit only those in power\u2019 - Gambia<\/title>\n<meta name=\"description\" content=\"Dr Assan Jallow, an economist, has said the country\u2019s \u201crugged capitalism, structural reforms, and economic developmen ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/gambia\/all-news\/gambia-must-abandon-economic-policies-that-benefit-only-those-in-power\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2018Gambia must abandon economic policies that benefit only those in power\u2019\" \/>\n<meta property=\"og:description\" content=\"Dr Assan Jallow, an economist, has said the country\u2019s \u201crugged capitalism, structural reforms, and economic developmen ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/gambia\/all-news\/gambia-must-abandon-economic-policies-that-benefit-only-those-in-power\" \/>\n<meta property=\"og:site_name\" content=\"Gambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-20T11:36:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-20T12:05:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/gambia\/sites\/19\/2023\/01\/postQueueImg_1674202057.90.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"440\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/gambia-must-abandon-economic-policies-that-benefit-only-those-in-power#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/gambia-must-abandon-economic-policies-that-benefit-only-those-in-power\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"\u2018Gambia must abandon economic policies that benefit only those in power\u2019\",\"datePublished\":\"2023-01-20T11:36:30+00:00\",\"dateModified\":\"2023-01-20T12:05:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/gambia-must-abandon-economic-policies-that-benefit-only-those-in-power\"},\"wordCount\":644,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/gambia-must-abandon-economic-policies-that-benefit-only-those-in-power#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/gambia\/sites\/19\/2023\/01\/postQueueImg_1674202057.90.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Gambia\",\"Gambia\"],\"articleSection\":[\"all news\",\"files\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/gambia\/all-news\/gambia-must-abandon-economic-policies-that-benefit-only-those-in-power#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/gambia-must-abandon-economic-policies-that-benefit-only-those-in-power\",\"url\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/gambia-must-abandon-economic-policies-that-benefit-only-those-in-power\",\"name\":\"\u2018Gambia must abandon economic policies that benefit only those in power\u2019 - 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