{"id":81455,"date":"2025-07-05T15:38:57","date_gmt":"2025-07-05T15:38:57","guid":{"rendered":"https:\/\/www.africa-press.net\/gambia\/uncategorized\/economist-links-dalasi-volatility-to-trade-deficits"},"modified":"2025-07-05T16:49:03","modified_gmt":"2025-07-05T16:49:03","slug":"economist-links-dalasi-volatility-to-trade-deficits","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/gambia\/all-news\/economist-links-dalasi-volatility-to-trade-deficits","title":{"rendered":"Economist Links Dalasi Volatility to Trade Deficits"},"content":{"rendered":"

Africa-Press – Gambia. <\/strong><\/span>Dr. Foday Joof, an economic expert, has linked The Gambia\u2019s persistent dalasi volatility to its heavy trade deficits and low market confidence, warning that the country\u2019s overreliance on imports and limited exports continues to put pressure on its currency.<\/b><\/p>\n

In an interview with The Voice, Dr. Joof explained that over 90 percent of goods consumed in The Gambia are imported, creating constant demand for foreign currencies such as the US dollar, the Euro, and the CFA franc.<\/p>\n

\u201cOver 90 percent of what people use in the country is imported. This means people and businesses need foreign money, like US dollars, euros, or CFA francs, to pay for these goods. Since the dalasi cannot be used to buy things from other countries, there is a high demand for foreign money.<\/p>\n

Dr. Joof added that rising import costs have worsened the situation, as more dalasi are needed to buy the same amount of goods. He pointed out that the dalasi weakening against the CFA franc is particularly concerning, given The Gambia\u2019s extensive trade ties with neighboring Senegal.<\/p>\n

\u201cThe CFA franc has become stronger compared to the dalasi because The Gambia trades a lot with Senegal, which increases demand for CFA francs and puts more pressure on the dalasi,\u201d he explained.<\/p>\n

Joof noted that even though the dalasi is the only legal money in The Gambia, many local markets, especially at places like the Tanji beach market, traders prefer using CFA francs over the dalasi, expressing concerns over currency trust. \u201cThis happens due to people\u2019s preference to hold CFA, and which may undermine the dalasi\u2019s role as the country\u2019s legal tender,\u201d he stressed.<\/p>\n

The Economist further emphasized that a currency\u2019s value is largely based on public confidence. \u201cMoney is only worth something when people believe in it. If people lose trust in the dalasi, they may prefer to hold foreign currency, which causes its value to depreciate even more,\u201d he said.<\/p>\n

To help change the situation, Dr. Joof urged a national focus on local production in export-oriented sectors. \u201cWithout producing and exporting goods, the dalasi cannot remain stable. Sectors like farming, fishing, and small-scale industries hold significant untapped potential to boost exports. \u201cWe don\u2019t print foreign currency, why must we earn it?\u201d he added.<\/p>\n

He also noted that since 2024, the dalasi has shown remarkable resilience against the U.S. dollar, maintaining a relatively stable range between 71 and 73 dalasi. Dr. Joof described this as a \u201cmiracle,\u201d given the series of compounding shocks impacting the currency. Under normal circumstances, the dalasi should have depreciated much further,\u201d he observed.<\/p>\n

Dr. Joof stated that while the Central Bank can intervene to stabilize the dalasi in the short term through foreign currency intervention, policies aimed at enhancing credibility, such as measures, offer only temporary relief. \u201cLong-term stability depends on broader structural reforms beyond monetary policy,\u201d he asserted.<\/p>\n

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

Africa-Press – Gambia. Dr. Foday Joof, an economic expert, has linked The Gambia\u2019s persistent dalasi volatility to its heavy trade deficits and low market confidence, warning that the country\u2019s overreliance on imports and limited exports continues to put pressure on its currency. In an interview with The Voice, Dr. Joof explained that over 90 percent […]<\/p>\n","protected":false},"author":84,"featured_media":81454,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[260],"class_list":["post-81455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-gambia"],"yoast_head":"\nEconomist Links Dalasi Volatility to Trade Deficits - Gambia<\/title>\n<meta name=\"description\" content=\"Dr. Foday Joof, an economic expert, has linked The Gambia\u2019s persistent dalasi volatility to its heavy trade deficits ...\" \/>\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\/economist-links-dalasi-volatility-to-trade-deficits\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economist Links Dalasi Volatility to Trade Deficits\" \/>\n<meta property=\"og:description\" content=\"Dr. Foday Joof, an economic expert, has linked The Gambia\u2019s persistent dalasi volatility to its heavy trade deficits ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/gambia\/all-news\/economist-links-dalasi-volatility-to-trade-deficits\" \/>\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=\"2025-07-05T15:38:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-07-05T16:49:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/gambia\/sites\/19\/2025\/07\/sm_1751721420.806084.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"719\" \/>\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\/economist-links-dalasi-volatility-to-trade-deficits#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/economist-links-dalasi-volatility-to-trade-deficits\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Economist Links Dalasi Volatility to Trade Deficits\",\"datePublished\":\"2025-07-05T15:38:57+00:00\",\"dateModified\":\"2025-07-05T16:49:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/economist-links-dalasi-volatility-to-trade-deficits\"},\"wordCount\":494,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/economist-links-dalasi-volatility-to-trade-deficits#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/gambia\/sites\/19\/2025\/07\/sm_1751721420.806084.jpg\",\"keywords\":[\"Gambia\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/gambia\/all-news\/economist-links-dalasi-volatility-to-trade-deficits#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/economist-links-dalasi-volatility-to-trade-deficits\",\"url\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/economist-links-dalasi-volatility-to-trade-deficits\",\"name\":\"Economist Links Dalasi Volatility to Trade Deficits - 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