WE WERE BANKERS!

CredoWriters: WAKDOK, SAMUEL STEPHEN

September 10, 2013
New York- U.S.A
Studio lights come on

Good evening viewers, my name is Jane Washington of CWM International broadcasting from our New York studios. You are welcome to this week's edition of Global Finance Focus on Africa. Today we are discussing the Rate of Recovery in African Economies. With me in the studio is Dr. Aloye Sanchez, a consultant from Goldman Sachs, and joining us via broad band is Ms. Vera Philips of the University of West Indies.

"Ms. Phillips, the developed world has recovered from the economic crisis of 2007-2009, how will you rate the recovery of African Economies?"

"I will not say with certainty that the recovery rate of African Economies is high, but you will agree with me that comparing the level of systemic damage done to these economies, there seems to be encouraging results from the tremendous efforts to pull these economies from the brink. I can see some positive results."

"Dr. Sanchez, do you share the same opinion?"

Dr.Sanchez: "I will like to agree in principle with Ms. Philips, but I will go further by saying the nominal growth has steadily picked up in some of the African economies. Taking some key financial indicators like banks liquidity ratios, capital adequacy ratios, non deficit components of annual budgets, there have been improvement. But real term human development indices like employment growth rate, exchange rate flexibility, and domestic currencies convertibility have not matched up with forecasts."

Anchor: "When we use a five years moving average, what pattern of growth will we see in the African economies?"

Ms. Phillips: “It will not be easy getting a definite pattern; one of the reasons is the unavailability of a central data collection for these economies. African economies have a lot of distortions in their multivariate functions. The seasonal variations make it more complicated to ascertain an analysis of trend in their growth rate.

Dr. Sanchez: "In as much as we have scattered seasonal variations, available statistics show positive movements in trade, broad money M2 though broader money M3 is still low. These distortions in the African economy though not excusable, originate mostly from the western world. The level of capitalism has become so inhuman. The major issue is having the foreign reserves and trades in the US dollars. This creates destabilizations in the foreign exchange convertibility of the African economies. It also distorts their domestic currencies convergence. That is why we at Goldman Sachs agree with the Fund (IMF) that the reserve currency be changed to a basket of world currencies using the SDR (Special Drawing Rights) as the new unit of measurement."

Ms. Philips: "Yes, the international payment system of the present economic world order which determines the liquidity of countries cannot protect the transition of weak economies like the African Economies towards a vibrant liberalized market. These economies have not achieved desired growth because they cannot be insulated from the vagaries of the US dollar...


November 19, 2009.
Kaduna - Nigeria

"Aloye, Aloye, wake up. Time is gone; you are running late already"

"Good morning baby. I must have been dreaming, I was in New York"

Emily: "There is no gas and PHCN has struck as usual, I am afraid you will have to bath with cold water. I hope we will not manage to death?"

Aloye: "Sweetie, the car has refused to start again. I will take a bus to the office; the mechanic will come and look at the car later."

October 16, 2004.
Lagos - Nigeria.

"Good morning ladies and gentlemen, I am here to take you on communication skills. I will love to congratulate you all on your induction. Welcome to the Royal Bank of Nigeria. You made the right choice by working with us. Here, we pride ourselves as the best bank in Nigeria and our staff can testify to the excellent working conditions. You are bankers now and you must think, talk, act, work and live as bankers. From your offer letters I hope you all know that you are millionaires now. Your salaries are twice or even more those of directors in ministries and parastatals. You are the bank and people must see this bank in you..."


November 19, 2009
Kaduna-Nigeria

Throwing the gate open "Oga Aloye good morning"

"Frank, good morning, how is the cold?"

"Oga we dey fine, how man go do for cold, na the work now"

user name aloye sanchez
password **********

"Janice good morning, have they not paid?"

"Aloye, good morning. How is madam?"

"We thank God my sister; at least we are still alive. I am getting exasperated. Things are getting tougher and one can't even understand any more. This melt down has dealt with me seriously and we are bankers"

Janice: "This year has been a rough time for everyone, it is so traumatic. Did I hear you say we are bankers? I think the right thing to say is that we were bankers. The shine is gone, when I came to this bank 3 years ago I was sure that poverty was out of my life for good. See our plights now, even journalists and comedians have found bankers as the hottest selling topic..."


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