Wednesday, December 17, 2014

Jammeh continues acting alone in petroleum sector



  • Acquisition to cover approximately 1504 square kilometres.
CAMAC Energy Inc. (NYSE MKT: CAK) announced today that its wholly owned subsidiary, CAMAC Energy Gambia Ltd, awarded a contract for the acquisition of a 3D seismic survey to Polarcus Limited. The survey will cover approximately 1,504 km2 in the Company's A2 and A5 blocks offshore Gambia.

The objectives of the seismic survey are to enhance the definition and maturation of potential prospects in the blocks and provide high-quality sub-surface images that allow high-resolution characterization of reservoirs. The A2 and A5 blocks are located in the offshore Casamance sub-basin, which forms the southern part of the greater Senegal Basin. The southern area, including blocks A2 and A5, now has a proven petroleum system in place due to two recent discovery wells on an adjacent offshore Senegal block.

The recent FAN-1 and SNE-1 offshore Senegal discoveries, by Cairn (LSE: CNE), Conoco (NYSE: COP), FAR (ASX: FAR) and Petrosen (Senegalese NOC), are on-trend with the Company's A2 and A5 blocks and are located approximately 35.5 km NNE and 13.8 km NNW, respectively, of block A2. The 3D seismic survey will help determine the extent of the play fairways into CAMAC's blocks.

Segun Omidele, Senior Vice President of Exploration and Production, commented, 'This 3D acquisition is an important part of our offshore Gambia exploration program. We are encouraged by the recent discoveries north of us and excited that we are able to contract with Polarcus. Given their in-place infrastructure, almost immediately with the 3D seismic acquisition.' 


The National Assembly is an accomplice in Jammeh's misdeeds








The National Assembly rubber-stamp approval of the 2014 Supplementary Appropriations Bill to the tune of D1.12 billion with neither substantial debate nor probing questions makes its members accomplices in Jammeh's criminal activities.  The reason being, it is obvious that the Executive branch of government, specifically the Office of The President, has been using the budget process to siphon off public monies for private use by Yaya Jammeh.  

It is evident that he using the budget process to conceal his regime's nefarious spending habits that will not pass normal budget scrutiny even by this rubber-stamp National Assembly.  

Jammeh also appears to be "pre-financing" the same bad spending habits of his only to you the budget process to seek "reimbursement".  For example, his fleet of jets are maintained and fuel by the Gambian taxpayers without the benefit of us knowing who owns the planes, and why are taxpayers paying the salaries of the pilots and crew.  

Nowhere in the public assets register are the planes listed as government property and yet the National Assembly routinely approves Supplementary Appropriations year after year without asking the right questions about assets, with dubious origins that are being maintained through the public purse.

The huge deficit, particularly the domestic debt, is partially due to the raiding of the revenue generating government agencies of The Gambia Revenue Authority(GRA), The Gambia Ports Authority (GPA), the Civil Aviation Authority (CAA). 

It is common knowledge that a substantial part of the foreign exchange collected at the Banjul International Airport (BIA) and other foreign points of entry is collected and delivered to the dictator in Kanilai thus aggravating and weakening the forex market further.  The erosion of confidence in forex market continues to go unabated since Jammeh decided to interfere in it over a year ago because forex bureaux and individual dealers do not trust that Jammeh will ever stop interfering.   

The confidence in the market is at its lowest in years and the small forex traders, most of them Fulas of Guinean origin, sufficiently intimidated by the regime that most are just waiting for the land borders to open for them to return to Guinea.  

It is, therefore, not surprising that the revenue targets set by the Finance Ministry are hard met, year in, year out.  The revenue leakages are mainly caused by Jammeh by siphoning off revenues collected by GRA, GPA, CAA to name a few.   

The National Assembly, as representatives of the Gambian people must, first and foremost, protect their interests and not those of Yaya Jammeh.  

Therefore, it follows that if their is collusion between the National Assembly, and Yaya Jammeh, its Members are equally culpable and will, therefore, be held responsible for encouraging and perpetuating a devious system designed to encourage illegal use of public funds using an opaque budget process.  

Transparency in the process if the regime stands any chance of reversing the existing and deteriorating economic condition that Gambia faces today.  The National Assembly must exercise its constitutional duty as representatives of the people by scrutinizing every expenditure item brought before it by the regime.




Sunday, December 14, 2014

Rice importation ban effective Jan.1, 2015

In an interview granted to the Gambia Radio and Television Services last June, Yaya Jammeh announced that he will ban importation of rice effective January 1, 2015.


According to the Gambian dictator, the ban is in accordance to his Vision 2016 which calls for rice self-sufficiency in The Gambia by 2016, a country whose rice import bill is estimated to be in the region of $50 million annually.


During the interview, Jammeh warned rice importers that consignments will not be allowed to enter the country even if they place their orders well before the 31 December, 2014 deadline, arbitrarily set by the regime.


Importers have two weeks before the deadline which, for all intents and purposes, would be too late to have placed their orders for it to be in the country by 31 December, 2014.


January 1, 2015 is the first test of the resolve of the Jammeh dictatorship to see its Vision 2016 through to its logical conclusion.

Saturday, December 13, 2014

The 2015 Groundnut-buying seasn

Last year, like the year before, the regime of Yaya Jammeh started off the season late with conflicting announcement about the official opening of the season that left the Gambian farming community confused.


First, the regime withdrew its association with the Agribusiness Services and Producers Association (ASPA), effectively giving monopoly power to Gambia Groundnut Corporation (GGC), a public enterprise that is not financial solvent under ordinary circumstances.  You can find our comments on the two previous seasons here and here .


We are now in the second week in December without any indication from GGC as to plans for the seasons.  Based on information available thus far, the late rains have impacted the quality of the nuts as well as its quality.  Therefore, it will very optimistic to match lasts years purchase of 32,000 tons. The producer price is yet to be announced which adds to the uncertainty.


With the economy in the doldrums, credit buying or its avoidance is uppermost in the minds of the farming communities.  They need their money immediately upon delivery, especially in these hard economic times.  The regime and the local councils have failed in providing the much needed services despite taxes and rates collected from the poorest of the rural communities.  To delay payments for their produce is unjust and immoral.


The second pressing issue facing is allowing the ASPA and allow other private buyers to participate in buying this year's crop.  In 2013, the regime handed monopoly power to GGC.  When it could not deliver in its new-found role, the private buyers were allowed midway (January 2013) into the season.  Upon entry into the market, they forced the producer price upward which benefitted the farmers greatly.  Higher producer process greatly enhanced  farmer income in 2013, thanks to an open market.


We hope in the 2015 season, private buyers will be allowed to participate and compete with GGC, an event that can only benefit the rural farmers by enhancing their incomes.

Friday, December 12, 2014

Gambia : A battered and demoralized nation

The Gambia is like a battered wife.  Anytime the abusive husband enters the room, she instinctively takes on a defensive posture to protect her face and body from the vicious blows that are likely to follow.  Yaya Jammeh has so habitually abused and humiliated Gambians that anytime he shows his ugly face, an entire nation is on edge, wondering when the next blow will throw and where it will land in an already battered body.


The dire nature of Gambia's predicament always reminds me of Yaya Jammeh's uncle's  horrifying warnings to an inattentive nation that the junta's enemies defined as residents of Pipeline, that they will be force-feed chloroquine, if necessary - as punishment, I presume - for being born into privileged families of civil servants.  These unfortunate souls were also guilty of "enjoying" under Sir Dawda's administration while the mother of Yaya Jammeh and both parents of the Singhatey brothers lived in unfinished structures by night while barely eking a living by day in I civil servant's "mansions" as maids.  Little did Gambians know that John P. Bojang, who died recently, meant every word of it.


When I became Foreign Minister in November 2004 - March 2005,I visited Taipei and was received by him in his capacity of Gambia's Ambassador to Taiwan.  Every gesture and utterances of Mr. Bojang, at the time, suggested regret that those words will haunt him to his grave.  I brought it up only to watch him squirm Those were hurtful and vindictive words that became the hallmark of what has morphed from a kleptocratic military "soldiers with a difference" regime of 1994 to the full-blown repressive "Futampaf" dictatorship we have today.


This brings me to the elders of Banjul who, like the in-laws or the good neighbor, are expected to step in on the side of the abused wife or child.  Unfortunately, they have shirked their collective responsibilities toward society in exchange for raw cash, titles and other amenities denied the more deserving and better qualified in exchange for occasional trips to GRTS to sign praise to the dictator and to chastise and admonish good and decent citizens like Imam Baba Leigh or Ba Kawsu Fofana who dare challenge the authority and policies of Yaya Jammeh.


One can see how Yaya Jammeh, a functional illiterate, managed to cling to power by murdering, maiming, torturing, executing women and the mentally-challenged extra-judiciarilly, raping, stealing from the public treasury, raiding the Central Bank and forcing educated Gambians into exile.  Instead of fighting back, we elected to throw away our moral compasses, checked out consciences at the door together with our common decency in exchange for some worldly paraphernalia.  Just watch members of the Supreme Islamic Council seated behind a mountain of chase representing nothing but bribe money without an iota of guilt or embarrassment.  These are the same men moralizing about gay and lesbianism when the entire economy and our livelihoods are going to hell in an hand basket. What a shameless bunch of Banjul Mullahs.


Gambia has been emptied of a majority of its good and decent citizens.  Most of those left behind have either succumb to the repressive forces like the National Intelligence Agency (NIA) or risk being made to disappear or sent to Mile II prisons. Compliance with the obnoxious laws is no guarantee of one's safety because all it takes is the word of an APRC supporter against an innocent person to face the wrath of Jammeh's age. Husbands have turned against wives, sisters against brothers and friends against friends. No more family visitations for fear that you will be set up by your own or friend.


Regrettably, North Koreans enjoy more personal freedoms than Gambians. Who would have predicted this even a decade ago without being laughed off stage.  Today, it is no laughing matter.  Everyone in The Gambia is as scared as the battered wife or the abused child.  The good neighbor is nowhere to be found, his silence bought by Jammeh with cash and patronage.


National salvation lies in our hands - the Dispora Gambians.  It is, therefore, incumbent upon us to give voice to the voiceless and hope to the hopeless.   We on longer can sit on the sidelines and pretend that somehow the abusive husband will come to his senses and stop the abuse., especially when he's a proven drug addict.


The economy has been so terribly managed that jobs are being lost instead of being created, forcing our young men and daring young women into taking the "Back Way" at great personal risk.


Despite the that fact that the dictatorship has failed the youth, Jammeh has managed, until very recently, lying to them about creating a conducive environment for them to prosper by advancing their education thus increasing their chances of being gainfully employment.  It's all phony baloney as Karamba Touray is fond of saying.


The chickens have finally come home to roost.  Jammeh's own Finance Minister, faced with disturbingly huge deficit numbers had to face his colleagues last week to admit that "2015 is not going to be an easy year" which is still considered by many, including yours truly, to be an understatement.  Things are going to get extremely dire for many Gambians when many of them, exactly 33% of the population cannot afford three square meals a day, and many more facing hunger and malnutrition.  As I pen this blog, children in the CRR are already dying of hunger and malnutrition - a crisis that the regime is concealing from you and me.    
Test

Wednesday, December 10, 2014

Was NAWEC forced to buy Brikama power station from Mohamed Bazzi?



In what appears to have been a leaked Cabinet Paper (CP) of the Minister of Finance, Kebba S. Touray, laying out the outline of his 2015 Budget Estimates, several stauning revelations and admissions were made to his cabinet colleagues.

The CP's preamble warns of the impending hardship that Gambians should expect in 2015 because of the rapidly deteriorating fiscal condition resulting from imprudent fiscal and monetary management of the economy.

The deficit which was projected to be in the region of 4.5% of GDP is now projected over twice that to 10% of GDP, forcing the Finance Minister to admit to both the Joint National Assembly Members last week, and now his cabinet colleagues that "2015 is not going to be easy."

Despite numerous warnings by the International Monetary Fund (IMF) of the devastating effects a ballooning deficit will have on the overall performance of the economy, the regime of Jammeh has proven unable to control spending most of which are of the frivolous kind that contributes nothing to economic growth.

The latest explanation of the ballooning deficit is what the Minister described as "spending on NAWEC's behalf" equivalent to 2.5% of GDP which we estimate to be in the region of GMD 783 million.  What was the amount for?  It now appears that NAWEC was forced to buy the Brikama plant from Mohamed Bazzi, Jammeh's business partner.

We look forward to the Minister's  Budget Statement in the next few days to see if further details are provided to Gambians about this particular expenditure, the rationale for the sale and terms and conditions of the sale.