Market beat: The Dalasi update

Good Monday morning Gambia and welcome to Dalasi Update (DUD). This week’s trading figures registered more non-movers and that is a sign of stability.

This is a good sign and I hope we can build from it and make some more gains in the weeks that lie ahead.

Non-movers
TBL, BANK PHB and BSIC are all 100% non-movers this week on all currencies as per last week’s trading figures.

Mixed picture
All other commercial banks in the country registered some gains, some losses and some non-movers to that effect. Generally, the buying and selling  of foreign currencies in our banks are stable this week and hope it will be used as a platform for more gains in the coming weeks.

Mind the gap
Market Beat has the privilege to bring to you the Indicative Rates currency tables as we buy and sell in some of our commercial banks as dictated to us by the Central Bank of the Gambia (CBG) as at the 27th, February 2009.Please note that these figures could be subjected to changes as market forces come into play.

The need for single currency for Africa

I wish to continue from where I stopped last week on this august discourse on the monetary institutes and policies that will ultimately see West Africa integrated under a single currency. Last week we looked at The West African Monetary Union (WAMU) which is characterised by the recognition of a common monetary unit, the Franc of the African Financial Community (CFA F), which is issued by the Central Bank of West African States (BCEAO). WAMU currently comprises: Benin, Burkina Faso, Guinea Bissau, Côte d'Ivoire, Mali, Niger, Senegal and Togo. This week, we seek to proceed with the role and functions of the West African Monetary Institute (WAMI).

This is a lofty ambition and all past and reigning heads of state in West Africa who directly or indirectly contributed or continue to contribute to the attainment of these divine goals deserved praises and acknowledgement. This is what correct leadership is all about;  leading one’s people and nation to deliverance especially economic emancipation. Remember, there is very little, Africa and African leaders can do if we refuse to integrate economically. Look at the onslaught of western multi corporations and companies on our infant industries.

Take a look at the power of the World Bank and IMF on our central banks and the free entry by western nationals to our countries, some doing some hedonistic stuff on our soils against the draconian requirements that Africans must satisfy to get a visa to the West. We must unite or continue to carry the baton of slavery and neocolonialism into womb of generation yet to be born. Wake up Africa as education is an instrument of change and we must turn the tides and on that note I will seize this point to say, please carry on the crusade and mental surgery, President Jammeh;  you are on the right path. Nkrumah said:

"We are on the threshold of burying slavery and all its aftereffects but the last stage is the hardest which is neocolonialism, decolonizing the minds of Africans but it is great that Jammeh keeps Nkrumah alive. Please give us more lectures President Jammeh, you are the right man coming at the right time as the youths are hungry for the vibes that will free Africa mentally and economically.  

At this point of our respective journeys as emerging nation states there could be no better ways and routes to development other than consolidating our respective currencies making them into single currency for accelerated development, low inflation and improved GDPs. Africa and West Africa for that matter must stand together and make sure we enforce the provisions of the dictates of the ECOWAS Treaty which is in itself a magnificent working instrument for the economic advancement of the peoples of West Africa. Looking at some of the provisions of ECOWAS, what could be better worded than "allow the free movement of people and goods across borders"? This is a great provision and once we are able to get it working unhindered, then we are truly serious about the welfare of our respective citizenries.

Please wake up African leaders and work together for the deliverance of our diverse peoples who are all from the Mali Empire, Ghana Empire and the Songhai Empire. We were divided by western madness designed to help them reign and rule over us by turning us into invalid and unviable nation states but the people of West Africa and Africa at large are one. Bring on the single currency for a better West Africa, as the journey of a thousand mile starts with one step. I am privileged to bring to you a glimpse of the West Africa Monetary Institute and what  is drafted to achieve; so tighten your seatbelts to destination, West Africa Monetary Zone.