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Tuesday 22 September 2009

Jammeh threatens to kill troublemakers

Gambian President Yahya Jammeh on Monday warned that anyone who sought to "destabilise" the tiny west African nation would be killed.

"If you want to destabilise this country and bring trouble and suffering to my people, I will make sure that you are dead," Jammeh told state television.

He added that cooperating with human rights groups was no guarantee of protection.

"Those who want to collaborate and listen to those so-called human rights campaigners and think that they will be defended by them are fooling themselves," said the president, who has held power in Gambia for 15 years.

Jammeh also issued a direct warning to human rights groups, which have criticised the Gambian head of state's iron-fisted rule, not to interfere in the country's affairs.

"What I want to make very clear to everybody and those so-called human rights campaigners is that I will never allow anyone to destabilise this country," the president said.

"If you are a troublemaker, keep away from the country," he warned.

Jammeh, who has ruled since taking power in a bloodless coup in 1994, has been repeatedly attacked by human rights campaigners for his repressive attitude particularly towards the media.

He came under fire earlier this month from press watchdog Reporters Without Borders (RSF), which urged Jammeh to "loosen the vice" on the media after six journalists who criticised him were jailed.

The journalists -- one woman and five men -- spent just under a month in prison after publishing comments critical of Jammeh.

They were originally given two-year jail sentences but were freed two weeks ago after receiving a presidential pardon.

Despite freeing the journalists, Jammeh has kept up pressure on the media by warning journalists they could still be prosecuted for being "disrespectful".

RSF places Gambia 137th out of 173 countries in its press freedom ranking.

Green Economy Coalition urges G20 to match rhetoric with action

Press Release

A new coalition of international business, trade unions, research and environmental organisations is calling on the G20 nations to follow through on their pledges to accelerate the transition to a green economy and secure a visionary global deal on climate change, in an open letter published today.

The Green Economy Coalition is hosted by the International Institute for Environment and Development. Its letter warns that G20 nations are failing to match their rhetoric with action, are delaying the transition to sustainable development and are promoting climate change through their subsidies for fossil fuel production and consumption.

It calls on G20 nations to honour aid commitments and provide new funds to enable developing nations to shift to sustainable development pathways.

The Green Economy Coalition will be focusing on the policy changes needed to transform the global economy into one that is clean, green and equitable. It will grow to include about 20 core members in addition to associate members that join specific activities.

In this case, the letter has been signed by heads of Consumers International, the Inspire Foundation for Business and Society, International Trade Union Confederation, WWF International, International Union for the Conservation of Nature, Global Reporting Initiative, Ecologic Institute, Trade Union Advisory Committee to the OECD, Bellagio Forum for Sustainable Development, IISD-Europe, the Centre for Human Ecology and the UN Environment Programme’s Green Economy Initiative.

“The Green Economy Coalition promotes equitable and resilient economies which provide a better quality of life for all, within the ecological limits of one planet,” says Sally Jeanrenaud of IIED. “We have a unique opportunity today refocus the world economy by investing in green sectors for a fairer and more sustainable future.”

Dalasi & Butut:Dalasi Sends Mixed Signals

The Gambia’s local currency posted mixed signals on the interbank and depreciated against its major trade counterparts on the parallel market this week. On the interbank market, the Dalasi was unchanged at D26.65 against the Dollar but depreciated by 80 bututs against the Pound to close at D44.40.

Against the Euro, the local currency gained 25 bututs and was quoted at D37.75 but lost ground against the CFA Francs by D2.50 to close the week at D285. On the parallel market, the local currency depreciated by 2 bututs against the Dollar and lost 50 bututs to the Pound to close at D26.90 and D44.00 respectively.

The Dalasi was also re-rated downwards by 1 butut against the Euro to D39 and lost D3.50 to the CFA Francs to close this week at D280. The US Dollar appreciated against the Pound but depreciated against the Euro and the Japanese Yen on the international currency market this week.

The greenback was up by 0.04 per cent against the Pound to $1.63 but was down by
0.01 per cent against the Euro to close at $1.47. The Dollar also depreciated by 0.1 per cent against the Yen and exchanged hands with the Yen at $91.13.


Dalasi Interbank Mid Exchange Rates

$ 26.65
£ 44.40
€ 37.75
CFA 285.00



Parallel Mid Exchange Rates

$ 26.90
£ 44.00
€ 39.00

CFA 280.00

Money Market Updates

91-Day Bills Drop Points: Both the 91-Day Bill and its Sukuk Al-Salam counterpart lost points following the end of this week’s trading. While the 182-Day Bill and the 1-Year Note improved, the 91-Day Bill was down by 7 basis points
from its previous level of 10.14 per cent to 10.07 per cent following an undersubscription of 67 per cent.

The 91-Day Sukuk Al-Salam Bill also lost 14 basis points of its last week rate of 10.71 per cent and was quoted at 10.57 per cent this week, after being oversubscribed by 60 per cent.

The 182-Day Bill posted a gain of 29 basis points and was undersubscribed by 76 per cent. The Half-Year Bill which was quoted at 11.45 per cent last week closed this week at a higher rate of 11.74 per cent. The longer dated arm of the market also witnessed a 69 basis point appreciation in the level of the 1-Year Note after an
undersubscription of 46 per cent. The Note was quoted at 14.75 per cent this
week but was previously quoted at 14.06 per cent.

Gambia Seeks Amendment of ECOWAS Court Powers‏

The ECOWAS Commission has called a meeting of Government Experts of the 15 Member States in Abuja, Nigeria from 28 September to 3 October 2009 to discuss proposals from the Gambia to amend the provisions concerning the jurisdiction of and access to ECOWAS Court of Justice under the Protocol creating the Court. The Gambia's request for an amendment is accompanied by a draft Supplementary Act (amending instrument) prepared by the Government of the Gambia.

The Gambia seeks an amendment of Articles 9(4) on jurisdiction of and 10(d) on access to the Court. In particular, they request five specific amendments:

(a) that with respect to human rights cases, the Court should only have jurisdiction in respect of international instruments ratified by the respondent country;
(b) also in human rights cases, the ECOWAS Court's jurisdiction should be made subject to the exhaustion of domestic remedies;
(c) cases should only be admissible if instituted not later than 12 months after the exhaustion of local remedies;
(d) cases should not be anonymous; and
(e) the court should not hear cases that are before other international mechanisms of settlement.