A Primer On The Concept Of DAD

2 September 2006 at 06:09 | 854 views

In this article Sierra Leonean economist Mohamed Jalloh(photo) presents a revolutionary concept of self-reliance and self-empowerment by Sierra Leoneans in the diaspora called DAD (Dollar a Day).

By Mohamed A. Jalloh, USA.

1. What is DAD?

DAD (dollar-a-day) is a means for S/Leoneans to raise money among themselves for the purpose of developing SL and improving the welfare of S/Leoneans, based on the belief that S/Leoneans are primarily responsible for developing their own country and themselves.

At the outset, it is important to understand that DAD is a general concept, not a specific project. Accordingly, whereas DAD can — and should — lead to the development and implementation of specific projects based on the core philosophy of DAD (self-reliance), DAD itself remains a means of achieving specific goals requiring the raising of money.

The best way to understand DAD is to consider it as an antithesis to the way in which S/Leoneans, in particular, and Africans, in general, have been accustomed to carrying on the business of developing their respective countries. As those who are familiar with my published writings know, ever since my article "Foreign Aid: A Curse or Blessing?" was published in 1979 in We Yone in SL, I have consistently maintained that the paradoxical poverty of S/Leoneans amidst the abundance of natural resources is explained in preponderant part by three factors. Those factors are, in order of decreasing magnitude: foreign "aid," foreign trade, and domestic malfeasance.

Significantly, the two factors most responsible for poverty in SL, in my humble opinion, namely, foreign "aid" and foreign trade, are facilitated by a single phenomenon. That culprit is the belief held by S/Leoneans, in particular, and Africans, in general, that anyone and all things foreign are inherently superior to anyone and all things African, for no other reason than their racial differences. Many would recognize therein the concept I have been referring to in published writings over the past 5 years as Colonial Mentality. The most common manifestation of Colonial Mentality among our people is their utter dependence upon non-S/Leoneans for any and everything associated with the development of SL and the improvement of the welfare of S/Leoneans.

It is that debilitating mentality among S/Leoneans that the concept of DAD is meant to reverse. Therefore, DAD may be defined as a practical manifestation of the belief held by S/Leoneans that anyone and everything African is not inherently inferior to anyone and everything foreign due to their racial differences, through the raising of money by and among S/Leoneans for the benefit of their country and its people.

2. What is the Extent of DAD?

DAD, by reason of its being a general concept and not a specific project, is capable of virtually unlimited application in the development of SL and the improvement of the welfare of S/Leoneans. So, the concept can be used to provide financing to both non-profit and for-profit entities.

Significantly, the same S/Leoneans, in whole or in part, can simultaneously finance any number of specific projects based on DAD. For instance, DAD could be used to raise money for an investment fund here in the U.S., a credit union in the U.S., a bank in SL, a private water supply company in Freetown, a private electricity generating company in Makeni, a private garbage disposal company in Freetown, a series of coffee and cocoa plantations in Kenema, a coffee, cocoa, and rice exporting company in SL, a diamond mining company in Kono, a minerals exporting company in SL, and so on.

It is evident, therefore, that the number of specific projects in SL compatible with DAD is as numerous as the number of economic and philanthropic opportunities lawfully available to S/Leoneans in their own country and in other countries.

3. How Should DAD be Implemented?

DAD, being a general concept, is capable of many specific applications. Therefore, discussions about how to implement DAD would be most productive when they are not framed as a choice between DAD as a non-profit entity and a for-profit entity. Nor should S/Leoneans who are otherwise united in their perception of the merits of DAD become disunited on the question of which particular application of DAD is desirable. Instead, S/Leoneans should think of DAD as a funding mechanism by which specific projects benefiting SL and S/.Leoneans can be implemented.

Thus, there can be as many DAD projects as there are willing and able S/Leoneans to come together to finance and/or manage such projects.

© 2006 Mohamed A. Jalloh

Disclaimer:The above information is not a solicitation to buy securities, nor is it intended as an offer to buy or sell any security in any state of the U.S. or other jurisdiction.

About the author:

Mohamed A. Jalloh, known to his friends by his nickname, Moh’m, is the founding Managing Director of Bridgedal Capital Management, LLC, a financial services company based in suburban Washington, D.C., USA. He also serves as the Regional Manager in the state of Maryland for Synergy Investment Group, LLC, the first independent nationwide investment brokerage firm in the USA to effectively merge the benefits of a full service Wall Street firm and the advantages of an online broker.

Mohamed Jalloh managed a multi-million dollar investment portfolio for corporations and high net worth individual investors at the Bethesda, Maryland office of the largest private bank in the world - UBS Financial Services, Inc. Headquartered in Zurich, Switzerland, UBS has assets of over $2 trillion. Mr. Jalloh was recognized in the October, 2004 edition of the firm’s 66,000-employee circulation magazine, Financial Advisor, for his exemplary performance as a financial advisor. He was invited to join Synergy Investment Group, LLC, in 2005.
Mr. Jalloh has been listed in Marquis Who’s Who in Finance in America, as well as Who’s Who in the World. An extremely patriotic Sierra Leonean and promoter of self-esteem among Africans, Mohamed Jalloh has spent most of his life empowering Africans through his internationally published writings and philanthropy. His first article, "Foreign Aid: A Curse or Blessing?" was published in Freetown in 1979 by We Yone, then the leading newspaper in Sierra Leone. Since then, in The Washington Post and the London-based West Africa weekly newsmagazine, among other publications, Mr. Jalloh has written extensively about the causes of, and solutions to, the problem of underdevelopment in African countries. In particular, he has focused on the role of Western countries and other Western entities, in addition to that of African leaders and other indigenous officials, in creating Africa’s problems.