Search This Blog

Tuesday 25 May 2010

Gambia's 'Smiling Coast' hides local media's grimace


Who would not like to enjoy luxurious beach resorts and quaint fishing villages on the “Smiling Coast of Africa”? This is the pitch that the Gambian government made to participants of an international tourism conference last week. In fact, behind the idyllic facade of a tropical paradise wedged on Africa's western Atlantic coast is the grimace of Gambia's independent press.

Years of political censorship and intimidation, arbitrary arrests, repressive media laws and the unsolved murder of a prominent editor have forced some of the best Gambian journalists into exile. Those remaining in the country work in fear and intense self-censorship.

The Africa Travel Association (ATA), which convened its annual world congress in Gambia last week, calculated that the nation's poor human rights record was not relevant to tourism. “When people plan their trips they don’t really think about issues of human rights in the destination country. Things like freedom of speech are not mentioned by trip advisors. When you travel, you see what you want to see,” ATA Gambia marketing committee chairman Marcel Hendrickx told CPJ in April.

The government does its best to keep tourists in the dark about Gambia’s political and social conflicts. In particular, journalists who try to convey both negative and positive aspects of Gambian tourism are discouraged or intimidated from publishing such articles. In March for instance, two reporters with the private Daily News, Sana Camara and Saikou Jammeh, were arrested by Gambia's Tourism Security Unit while on assignment at the public Palma Rima Beach, and accused of “taking photographs without authorization,” according to the Media Foundation of West Africa. Local sources who declined to be identified for fear of government reprisals told CPJ that the journalists were investigating the tourism-related sex trade. For the government, such reports are clearly undesirable; the two reporters were forced to delete photographs, according to news accounts.

Speaking to ATA conference participants, Gambia’s tourism minister, Fatou Mass Jobe Njie, articulated the nation's sales pitch. “There is abundant peace and tranquility which has been ensured thanks to the efforts and sterling qualities of our dynamic president, Sheikh Professor Dr. Alhaji Yahya A. J. J. Jammeh.”

But President Jammeh has been less than tranquil about journalists and international observers in recent years. "The whole world can go to hell. If I want to ban any newspaper, I will, with good reason," he said in 2006. "I don't believe in killing people. I believe in locking you up for the rest of your life," he added in response to questions about the unsolved 2004 murder of editor Deyda Hydara.

More recently, he mocked those seeking justice for Hydara. “Let them go and ask Deyda Hydara who killed him,” he said last summer before throwing into prison Gambia Press Union leaders who criticized the insensitive remarks. Then came a chilling warning to journalists and human rights activists: “So they think they can hide behind so-called press freedom and violate the law and get away with it. ... If anybody is caught, he will be severely dealt with."

Jammeh's administration has failed to address issues related to its treatment of journalists and respect for human rights. The Gambian administration is currently a defendant before a West African human rights court in a case of illegal detention and torture brought by exiled editor Musa Saidykhan, whose newspaper was banned in 2006. The government is also resisting an order of the same court calling for its immediate release of imprisoned journalist "Chief" Ebrima Manneh. Despite reports of Manneh's sightings in government custody, a Gambian delegation told the UN Human Rights Council in March that “the government has investigated his whereabouts, but to no avail.”

Tourism has the potential to improve the lives of the citizens of this impoverished nation; improving the country’s human rights record would enhance that effort. The government would reap the benefits of investor and tourist confidence if a vibrant and independent press were allowed to freely report on the nation’s complexities.

By Mohamed Keita and Caitlin Clarke/CPJ Africa Staff

Gambian Market Updates


Yield Remains Unchanged
Yield on the 91-day (ss) bill remained unchanged at 10.45% after this week’s auction. The bill was under subscribed by 45.35%. Yields on all the other instruments traded in the money market continued the downward drift the market has been experiencing over the past four weeks.

The 91-day bill and the 1-year note each shaved off 1bps and were quoted at 9.80% and 13.24% respectively. The 182-day bill was down 5bps to 10.76%. Total amount on offer at next week’s auction is half of what was on offer at this week’s auction. We expect yields to dip further.

Dalasi Firm in Interbank Market
The Dalasi remained firm in the interbank market. It gained 2bututs against the Dollar to D26.98, gained 50butus against the Pound to D41.38 and gained 140bututs against the Euro to D35.75.

In the Parallel Market, the local currency appreciated against both the Pound and the
Euro by 52bututs and 75bututs to D41.63 and D36.00 respectively. The currency however depreciated against the Dollar by a new record weekly drop of 88bututs beating last week’s drop of 65bututs. The Dollar was quoted at D29.38. Are we going to see the Dollar breaking though the D30.00/S1.00 barrier at next week’s close?

Dalasi Interbank Mid Exchange Rates

Dollar 26.98
Pound 41.38
Euro 35.75
CFA 282.50

Parallel Mid Exchange Rates

Dollar 29.38
Pound 41.63
Euro 36.00
CFA 278.50

Tuesday 18 May 2010

Gambian Financial Update


Yields Continue Southward Drift

Yields on the instruments traded on the money market continued their southward drift. The policy 91-day bill has lost 23bps over the past four weeks. At this week’s auction, the bill shaved off 4bps from last week’s price and was quoted at 9.81%. Its counterpart 91-day (s/s) lost 5bps to 10.45%. The 182-day bill was down 4bps to 10.81%. The 1-year note was down 5bps to 13.25%.

Dalasi Looses Ground Against The Greenback

The relative strength of the United States Dollar on the international currency market was reflected on the local Parallel Forex Market. The local currency lost 65bututs against the Dollar and was quoted at D28.50. This has been the highest weekly drop this year. The Dalasi remained unchanged against the Pound Sterling at D42.15 and appreciated by 53bututs against the Euro to D36.75. The movement of the Dalasi was mixed on the interbank market. It remained unchanged against the Dollar at D27.00, depreciated by 13bututs against the pound sterling to D42.15 and gained 10bututs against the Euro to D37.15.

Dalasi Interbank Mid Exchange Rates

Dollar 27.00
Pound 41.88
Euro 37.15
CFA 282.50

Parallel Mid Exchange Rates

Dollar 28.50
Pound 42.15
Euro 36.75
CFA 278.50

Tuesday 4 May 2010

Dalasi Updates


Yields on the Bills traded on the Money market moved in different directions this week. The 91-day bill and the 182-day bill lost 4bps and 8bps and were quoted at 9.90% and 10.89% respectively.

The 182day bill was under-subscribed by 70.32 per cent. The 91-day (s/s) and the 1-year note on the other hand were up on last week’s close. The 91-day (s/s) was up 20bps to close this week at 10.54 per cent. The 1-year note was quoted at 13.41 per cent up 38bps.

Dalasi Still Under Pressure

For the second week in a row, the Dalasi continued to depreciate in the Parallel Market. It lost 27bututs against Dollar to D27.60. Against the Pound Sterling it was quoted at D42.00 loosing 50bututs, and lost 12bututs against the Euro to D37.25.

Movements by the local currency in the Interbank Market were however mixed. It depreciated by 2bututs against the Dollar to D27.00 but it appreciated by 13butus and 3bututs to D41.75 and D36.90 against the Pound Sterling and Euro respectively.

Dalasi Interbank Mid Exchange Rates

Dollar 27.00
Pound 41.75
Euro 36.90
CFA 282.50


Parallel Mid Exchange Rates

Dollar 27.60
Pound 42.00
Euro 37.25
CFA 280.00