From time immemorial precisely
during the early days of adoption of “Democracy” by the Greek as a system of political
governance which dates back to countries past, would countries over saw
the need to evolve a governmental system formulated through which she could
inter-relate with her neighbouring counties as well formulate policies geared
towards accountability and service delivery to suit the written cum caprices of
her citizenry through some elected or appointed person who function as leaders
to govern the overwhelming masses.
Quoting John Mason, “there is
limitation in imitation”. As counties adoption of democracy globally increased.
Some country leaders implemented the provisions of democracy while others
abused it. Embezzled public fund and contracted fund with the name of the
public, and here, “ODIOUS DEBT”
comes in.
Represent the good people of the
Gambia Republic. On the fateful cool afternoon of 18th February,
1965, Gambia gained her independence from great “Britain” and became a Republic
on 25th April 1970. Gambia the smallest country in Africa is in the
West of the continent bordered by Atlantic ocean in the West and Senegal in the
North, cast and south respectively. Gambia with capital Peanjul has derekunda
the largest city with the nation’s population approximately 2 million people
under an economy driven by forming, fishing and tourism and pea nuts
exportation.
On my country’s stance on the
legitimacy of the odious debt doctrine, I would say it is a new ideology.
Quoting statistics, odious debt is a debt contracted against the welfare of the
state by an individual or group of persons with the full awareness of the
creditor. If could also be said to be a debt contracted by government in power
without due awareness the people.
The idea of odious debt contraction
is not in voke at Gambia. This is because, Gambia is undue the control of a
responsible government, where there is serious checks and balances between the
three organ of government in control if the nation. When an individual in power
in Gambia contrasts debt that from the factors and situation surrounding it
could be said to be odious, when discovered by the leaders of the arms on tiers
of government, depending on the level in which the act was perpetrated. The
individual involved in the scandal is persecuted in accordance to the section
of the constitution that takes care of that effect.
Contraction of debt by Gambia
leaders against the whims and caprices Gambia masses has not fully been invoke
or practice for a couple of reasons. In the first place, some debt which
leaders contract and are considered odious are contracted with some conduction.
The economy of the country, the population, ability of the country to pay back
are all put in consideration by the creditor. Now, Gambia is not an
economically stable nation, this makes it head for this leaders to contract
heavy debt which quiz is millions of US dollars because it is to the full
awareness of the creditor be it IMT, World Bank, Paris Club, etc that they wont
easily be able to pay. This tends to be a blockage towards debt heavy
contraction from the aforementioned bodies.
Another factor additionally that has
made debt contraction; odious debt; a near failure is the population of the
Gambia. The Gambia according to statistics is populated by approximately 2.5
million people. The valance of a nations economy unarguably has one or two things
to do with her population. Some West African countries unlike the Gambia can
contract debt global monetary bodies because of her population. The generates
so much from her population as the more the population, the more the people who
pay tax and then the higher the nations goes Domestic Product. The more the
people the higher the nation active labour force. Now in the Gambia there are
about 2 million people and a particular percent out of it are still dependent
rations. Unlike her fellow West African countries like Nigeria where we have
approximately 150 million people.
The Gambia is a nation that the
President – Yahya Jeremiah is struggling tirelessly to project into a trading,
export oriented agricultural and manufacturing nation, thieving on free market
policies and a vibrant private sector sustained by a well educated, trained,
skilled, reliant and enterprising population as to bring into fruition the
fundamental aim aspiration of the nations vision 2020.
From 18th February, 1965
when Gambia gained independence, there has not been cases odious debt even
though we as a nation uphold the provisions of the 1978 Vienna convention. If
there a any case of odious debt. It should have been recorded during the reign
of the military government that too over the affairs of the nation in 1994
though a bloody coup.
Following a partially widely
accepted definition of odious debt; “Debt contract a predecessor state that was
contrary to the good of the successor state and all debts contracted contrary
to the provision of the UN charter in cases of state and not government
succession.
The times the Gambia contracted
foreign debts, the money involved wasn’t much and it never met any of the three
Alexander Sack’s specific tests for determining whether the debt is odious or
not. The debt has always been contracted with the masser awareness through
national opinion pools, used in favour of the Gambia federation with the
creditor aware of the awareness of the state towards the debt is contracted by
the Gambia government there has not been any case of sanction improved on
Gambia by any monetary body or agency.
Gambia enacted her federal
constitution in 1970 same year that she became a republic. Provision was made
in a section of her constitution drafted by her federal unicameral legislative
body to deal with any risen cases if odious debt. Nevertheless, under the
definition of odious debt but put it this way “in any case of public fund
misappropriation by any person or group of people or on the other hand a person
or body of individuals going to bosom with the name of the agency at
parasitical they represent, such individuals shall have their assets confiscated by the Gambia government and tried before the supreme court of
the Gambia and prosecuted accordingly and punished if found guilty in line with
the judgment meant for persons who committed a crime against the state”.
Persons involved in money laundering which is the indirect way of viewing
odious debt in the Gambia are nationally regarded as unpatriotic civilians to
the nation.
As at present, the Gambia is faced
with the daunting task of nation building and following her national economy
analysis, it could be deduced that the Gambia at present is not facing any
external debt. Instead, the Gambia is struggling for external aid, foreign
investment and economic polices to formulate to improve her goes Domestic
Product late SGDP; and foreign reserve.
This is working tirelessly on her national tax policy to produce a vibrant
economy as well putting up democratic and behaviour of governance conducts to
see an accountable and responsible government that will live up to the
expectations of her citizen I protect her continental shelf and territorial boundaries as a sovereign entity. The only seeming debt circumstance facing the
Gambia could be said to be protracted debt protracted by some unidentified
civilians who claimed to have gone to borrow on behalf of the Gambia when the
nation was in crisis in 1994. Bought about by the coup that ousted the sitting
government. Notwithstanding, the amount involved is not a heavy one that the
country at the inception of Yahya Jeremiah’s presidential administration paid
it off and so was not sanctioned. Economically or any foam of trade embargo
placed on her from any of the recognized World financial bodies.
Whether the Gambia is a creditor or
debtor state is a question that can be tackled from an Xray of her economy. A
country in which her citizens (Mary) live below a dollar per day with a low
goes Domestic Product unarguably can’t be a lender or creditor state. Gambia is
a nation struggling with service delivery to her citizenry and at the verge of
formulating policies that will be reaced towards nation building. Rather,
creditor or lender states are: The united States, Germany Japan because of
their buoyant economics. A look at the value of their shaves and stocks at the
world exchange markets attests to this. For the united states dollar
transactions and inter-country debt payments.
Gambia since the country of “odious
debt” came into us in the world economics has always been of the view that
debts contracted by a predecessor government against a succeeding one should
always be relieved from the sitting government. If the amount contracted is
much, the Gambia has always been of the opinion that it be half. That is half
written off and the government residing allowed to pay the remaining.
A case study is what happened is
Nigeria when the then government of Ibrahim Badamoi Babangida went and
contracted a loan from IMT and accepted all its conditionlitics. Nevertheless,
the debt was contracted against the wisher of the people as an opinion pod.