Banjul, The Gambia-The Gambia government has embarked on printing counterfeit currency, the dalasi, in an apparent move to combat the massive cash shortage facing the impoverished West African nation, Freedom Radio Gambia, can reveal. The quality of the printed banknotes are left to be desired. It is also unhygienic. The notes depreciate within a day.
The International monetary fund is being placed on notice. These bad banknotes would only further aggravate the already collapsed economy. It would also lead to hyperinflation. The Central Bank of The Gambia, ought to have known better. But no one within the Bank seems to care the economic ramifications associated with the circulation of counterfeit currencies.
Gambians across the length and breadth of the country have been complaining about the poor state of the newly printed banknotes bearing dictator Yahya Jammeh’s ugly face. They said the banknotes hardly last for a day without depreciating in quality.
It appears that there is more bad cash in the market compared to the legitimate ones. This is indeed a cause for concern. The regime should be mindful about the dalasi manipulations it has embarked on. It would no doubt backfire on them.
The IMF should send a fact finding mission to Banjul to learn firsthand about the quality of the newly printed dalasi banknotes. Failure of which, could lead to the IMF losing its investments in The Gambia, because once the Central Bank becomes insolvent; it means the entire financial institutions in the country would be rendered closed. You can take our analysis to the bank if you want. Time will tell!
Written By A Correspondent