Economic expert Dr. Foday Joof blames Gambia's shaky dalasi on massive trade gaps and weak public trust. The country buys over nine-tenths of everything from abroad. People and companies scramble for dollars, euros, and CFA francs to pay foreign sellers. Import bills keep climbing higher each month. The dalasi cannot buy goods from other nations.
The CFA franc beats the dalasi because Gambia trades heavily with Senegal next door. Businesses need more CFA francs for cross-border deals. This demand crushes the dalasi further down. Even Tanji beach market traders dump dalasi for CFA francs. Local money loses respect at home.
Joof says currency value depends on what people believe about it. Citizens lose faith and grab foreign cash instead. This makes the dalasi weaker each day. Trust disappears fast when people doubt their money. The cycle keeps getting worse.
Gambia must grow crops, catch fish, and make products for export. Local production can save the dalasi from collapse. Farmers and fishermen hold the key to currency strength. The country cannot print foreign money but must earn it. Export sectors need urgent development.
The dalasi stayed steady against the dollar through 2024 at 71 to 73 rates. Joof calls this survival amazing given all the economic shocks. Central Bank actions help temporarily but cannot fix deep problems. Real solutions need major changes beyond just monetary moves. Structural reforms must happen for lasting stability.
The CFA franc beats the dalasi because Gambia trades heavily with Senegal next door. Businesses need more CFA francs for cross-border deals. This demand crushes the dalasi further down. Even Tanji beach market traders dump dalasi for CFA francs. Local money loses respect at home.
Joof says currency value depends on what people believe about it. Citizens lose faith and grab foreign cash instead. This makes the dalasi weaker each day. Trust disappears fast when people doubt their money. The cycle keeps getting worse.
Gambia must grow crops, catch fish, and make products for export. Local production can save the dalasi from collapse. Farmers and fishermen hold the key to currency strength. The country cannot print foreign money but must earn it. Export sectors need urgent development.
The dalasi stayed steady against the dollar through 2024 at 71 to 73 rates. Joof calls this survival amazing given all the economic shocks. Central Bank actions help temporarily but cannot fix deep problems. Real solutions need major changes beyond just monetary moves. Structural reforms must happen for lasting stability.
