The Gambian government made an awful deal with Africa50 for the Senegambia Bridge. I checked the money details again, and Finance Minister Seedy Keita lost our country over $100 million. President Barrow's team gave away our bridge to Africa50 for 25 years. They called this bad idea an "asset recycling" plan. Our country gets $100 million once, and then Africa50 runs everything for 25 years.
This payment shortchanges us badly. The bridge's value comes from future income it makes during its life, which comes from drivers paying tolls when they cross. From 2019 to 2023, about 530,000 vehicles used the bridge yearly, ranging from small motorcycles to big trucks. The bridge earned around 327 million dalasi each year.
Africa50 hired experts who studied traffic and made predictions through 2048. Our Finance Minister did no homework at all. He trusted Africa50's numbers instead of checking anything himself. My traffic calculations show yearly crossings will pass 800,000 by 2025. By 2035, more than a million vehicles will cross every year. This number will hit almost 1.4 million by 2048.
Tolls vary by vehicle size, from 50 dalasi to 2,000 dalasi per crossing. Adding up all future money until 2048, the bridge should make about $500 million. Subtract the $100 million Africa50 pays us, and they pocket $400 million. The bridge stays almost new then with many good years left. Even after upkeep costs, we deserved at least $200 million upfront.
Our Finance Minister shows exactly what bad leadership looks like. I dare the Ministry to share their financial math if they disagree with me. Every citizen deserves to see these papers to understand how much this hurts us. We actually receive less than $100 million because toll booth construction costs come from that amount.
Nobody told Gambians that Africa50 pays zero taxes during these 25 years. This makes zero sense. Africa50 built nothing new here. The bridge already exists and makes money. They face no risk because the bridge creates cash from day one. They earn huge profits, yet pay nothing to our country for 25 years.
The worst part blocks our growth for decades. The contract bans building anything that might pull traffic from this bridge. All Gambians need to know that we need many bridges across the River Gambia to connect our country right. Only someone who hates their country would agree to such a harmful rule.
This Africa50 agreement completely betrays us through high-ranking officials. It proves extreme incompetence and lack of patriotism from the people who signed it. Any good government would punish those responsible for such a terrible deal. Maybe Gambians will see justice happen soon.
This payment shortchanges us badly. The bridge's value comes from future income it makes during its life, which comes from drivers paying tolls when they cross. From 2019 to 2023, about 530,000 vehicles used the bridge yearly, ranging from small motorcycles to big trucks. The bridge earned around 327 million dalasi each year.
Africa50 hired experts who studied traffic and made predictions through 2048. Our Finance Minister did no homework at all. He trusted Africa50's numbers instead of checking anything himself. My traffic calculations show yearly crossings will pass 800,000 by 2025. By 2035, more than a million vehicles will cross every year. This number will hit almost 1.4 million by 2048.
Tolls vary by vehicle size, from 50 dalasi to 2,000 dalasi per crossing. Adding up all future money until 2048, the bridge should make about $500 million. Subtract the $100 million Africa50 pays us, and they pocket $400 million. The bridge stays almost new then with many good years left. Even after upkeep costs, we deserved at least $200 million upfront.
Our Finance Minister shows exactly what bad leadership looks like. I dare the Ministry to share their financial math if they disagree with me. Every citizen deserves to see these papers to understand how much this hurts us. We actually receive less than $100 million because toll booth construction costs come from that amount.
Nobody told Gambians that Africa50 pays zero taxes during these 25 years. This makes zero sense. Africa50 built nothing new here. The bridge already exists and makes money. They face no risk because the bridge creates cash from day one. They earn huge profits, yet pay nothing to our country for 25 years.
The worst part blocks our growth for decades. The contract bans building anything that might pull traffic from this bridge. All Gambians need to know that we need many bridges across the River Gambia to connect our country right. Only someone who hates their country would agree to such a harmful rule.
This Africa50 agreement completely betrays us through high-ranking officials. It proves extreme incompetence and lack of patriotism from the people who signed it. Any good government would punish those responsible for such a terrible deal. Maybe Gambians will see justice happen soon.
