By Nelson Manneh
Ousman Jallow, the Chairperson of the Progressive Movement of The Gambia, has expressed concerns over the instability and rampant deflation within the country’s foreign exchange market, calling on the government to prioritize issues affecting Gambians daily, rather than concentrate on the Draft constitution.
“The exchange rate has no control and no legal monitoring process,’’ Jallow said, saying the volatility of the exchange rate market is what is driving the prices of basic commodities.
“It is not a hidden fact that every Gambian and even non-Gambian knows that most exchange rate dealers operate illegally, and increase the exchange rates illegally without any authorization. This is just next to fraud,” he alleged.
Additionally, Jallow pointed out the numerous Western Union branches that provide similar services, adding that Gambians now subscribe to using Wave, Western Union, Ria, or MoneyGram among others that are not properly monitored and regulated, giving them the latitude to exploit their customers. Jallow urges the Barrow administration to take immediate action by enhancing the monitoring and regulation of foreign exchange bureaus to safeguard consumers and ensure fair play in the business. He advocates for better reporting mechanisms to deliver accurate information on exchange rates and services.
By effectively addressing these issues, Jallow believes that the government can stabilize the market, restore public confidence, and contribute to a healthier economy.
