User talk:Assan76

THE NEED FOR A NEW ECONOMIC VISION AND DEVELOPMENT MODEL FOR THE GAMBIA

We need new orientations and models of development in the Gambia's fiscal ecosystem because of vast economic disparities, senile economic growth, marginalization, rising unemployment, rising crimes and insecurity, rising prices of essential commodities, corruption, misplaced development priorities, misaligned policies, and wasteful public spending. All of these contribute negatively to weakening our capability and expansionary growth of the economy to create jobs for our teeming youthful population, generate optimal revenues, and provide inclusive development across our national divide.

As a result of these unprecedented challenges, a fundamental shift in economic policies requires recalibration and re-evaluation in the form of a paradigm shift that is practical and responsive to our needs and aspirations as a people and country.

Our failure to restrategize, re-evaluate, and repurpose our economic fundamentals on the constructivist approach will create the cyclical and cataclysmic "continuum" of unending stressors of economic chaos and uncertainty as we are currently passing through the volatile socio-economic and political situation uncertainties.

Hence, it becomes imperative to look at our NDPs from a global, regional, and domestic level to ascertain whether the set objectives can provide concrete and realistic solutions amidst the continued challenges faced by the country at the domestic and international levels.

We need not be dogmatic in our thinking and application of capitalism but give democratic socialism a try and see its outcomes for our country. This will enable us to operate outside our comfort zones and resist indulging in ideological polemics and populist rhetoric. Hence, implementing the articles of faith on democratic principles, secular values, and socialism through ideation, vision, and pragmatism to build the "Gambia We Want," where equal opportunities and endless possibilities exist. That is critical as the capitalist model we had adopted/executed seems to need fixing. The equations must be applied correctly to give us the magic numbers to set our country on a growth-led and successful trajectory in all spheres of development through the rhythm of democratic socialism.

In this context, failure, economic pooling of resources generated through loans and placing us in the debt trap, misuse of resources, or relaxation of the rule of law and good governance practices in our economic policies is not an option. This is because the consequences of inadequate financial management of resources and stewardship in our governance are too grave to bear, given our country's limited resources, vulnerability, and fiscal space to recover and stay strong, resilient, and competitive in the face of unanticipated rising global economic challenges.

Therefore, we must not be bandied around in setting our development models on the whims and caprices of "half-baked" theories presented and imposed on us by the IMF, World Bank, ADB, and the EU. Instead, we must set our development models and strategies fit for purpose in moving us from our state of non-growth and underdevelopment where poverty, incompetence, and corruption tamed our creative ingenuity on the pleasures of self-serving desires.

Below is what I suggest in setting the ball running if we desire to reach the summit of growth, development, and economic prosperity:

1. We need to redirect our foreign policy to synch with our national economic policies and center it based on genuine partnership and collaboration for development rather than on the wings of "budget support: as the latter is not sustainable and places us at the risk of possibly being compromised in our national development policies and values as such development assistance comes with conditions attached.

2. In budgeting, we must be financially conscious, frugal, and mindful of non-business valued-added expenditures.

3. Adopt austerity and policies that are mutually beneficial, sound, and uncompromising to avoid the SAB dilemma. A good budget is appropriately costed and not adjusted over time by the executive and presented to the hallowed house of the National Assembly for approval. We must get our acts right and save ourselves from the conveyors of shortsightedness in our development parameters.

4. To invest, support, and sustain our productive sectors, we must ensure our macroeconomic fundamentals are built on the dynamic of ex-post-cum-ex-ante, where our sovereign wealth funds generate financial resources. In this way, we are spared from rugged capitalism that forces us to rely on foreign aid and loans to fund our budget and development.

5. Make sure our budget is tailored to our priorities, and repurpose spending on critical activities to meet development needs while taming unprecedented inflationary pressures. Assan76 (talk) 05:17, 17 January 2023 (UTC)