New bill to allow Central Bank appoint external auditors

Thursday, August 02, 2018

Following a daylong debate over Central Bank’s 2018 bill, deputies finally adopted the bill that was tabled by the minister of Finance and Economic Affairs.

The bill is expected to give CBG at least a provision to appoint external auditors.

Minister Mambury Njie thanked National Assembly members for finally adopting this important bill, adding that the bill has come through the whole Assembly with amendments and read the third time and passed.

Minister Njie said the Central Bank of The Gambia is governed by the constitution and the Central Bank of The Gambia Act 2005, adding that a review of the law has indicated the need to improve the CGB Act by drafting amendments to align it with best practices of Central Banks.

Njie told deputies that one of the most important agendas for the new government is to overhaul The Gambia’s Constitution. During the drafting process, the CGB is hoping to make such input as to address discrepancies between the constitutional provisions relating to the CGB and international best practice, which inter alia guarantees the institutional, operational, financial and personal autonomy of the Central Bank.

According to Mr. Njie, since the constitutional review process may take long time, the bank had sought the indulgence of the relevant government authorities to amend the related provisions of the CGB Act that pose no conflict with the constitution as a matter of urgency.

“This bill was thus, prepared in close collaboration with the country’s development partners particularly the World Bank and the IMF to amend the law with a view to removing these obstacles. Currently, the CBG Act has no provisions which enables the CGB to appoint external auditors. In line with international best practice, the bill provides for the CGB Board to appoint an external auditor on the recommendation of the Audit Committee, with multi-year appointments and with the possibility to terminate the audit contract for good cause.

Author: Njie Baldeh
Source: Picture: Minister Mambury Njie