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No Insurance Cover on Assets at Central Bank

Aug 25, 2008, 6:13 AM | Article By: By Abba A.S Gibba

After due consultations, the Joint Session of the Public Accounts/ Enterprises of the National Assembly has noted with grave concern the non-existence of insurance cover on assets at the Central Bank of The Gambia.

The committee, which received the bank's annual report, the external auditor's report and the audited accounts for financial years 2004, 2005 and 2006, also noted with concern the non-adherence to the Central Bank Act, overdrawn accounts and missing signature cards at the bank.

According to the National Assembly committee's latest report, the treasury bill accounts is not regularly reconciled, financial reporting standards not adhered to and posting errors, prepaid expenses as highlighted in the bank's report have not been accounted for.

The committee went on to call the Management and Board of Directors of the bank to further clarify to the Secretary of State for Finance and Economic Affairs the issues raised for onward transmission to the 2008 PAC/PEC joint session.

It could be recalled that in pursuance of the powers bestowed on Public Accounts Committee (PAC) and the Public Enterprise Committee (PEC) of the National Assembly by the provisions of Section 102, 109 and 110 of the 1997 Constitution of The Gambia, the committees annually receive and consider annual reports, accounts and financial statements of all Public Enterprises and Agencies that are funded wholly and partly by taxes from the people of The Gambia.

The principal objective of this statutory exercise, according to reports, is to perform lawful checks, scrutiny and oversight over Public Enterprises and Agencies and the public service delivery systems with a view to ensuring that the Government of The Gambia and its public service delivery systems, institutions, enterprises and agencies are all accountable to the Gambian people.