The transformation of the SOE sector from a consolidated net loss of D2.6 billion in 2024 to a consolidated net profit of D2.5 billion in 2025 represents one of the most remarkable public sector turnarounds in our nation’s history. This positive swing of approximately D5.1 billion within a single fiscal year demonstrates that reforms anchored on governance, accountability and performance management can indeed deliver tangible results.
For decades, many SOEs were characterised by weak corporate governance, political interference, operational inefficiencies, mounting debt and an overreliance on government bailouts. Rather than contributing to the national treasury, several of these institutions represented substantial contingent liabilities for Government.
Mr President, the fact that six SOEs are now contributing dividends signifies a fundamental shift in the relationship between Government and public enterprises. It sends a strong signal that enhanced oversight, financial discipline, audited accounts and performance-based management systems are beginning to take root.
The major contributors, namely the Gambia Ports Authority (D70 million) and the Gambia National Petroleum Company (GNPC ) D50 Million underscore the strategic importance of maritime trade, and petroleum to our national economy. Their performance also demonstrates the potential of well-managed public enterprises to become engines of growth, employment and fiscal sustainability.
However, Mr President, while profitability is important, it must never become an end in itself. The primary mandate of State-Owned Enterprises remains the effective, efficient, timely and affordable delivery of public services.
This is particularly relevant in the case of the National Water and Electricity Company (NAWEC). Despite its contribution to the dividend pool, many Gambians continue to experience frequent power outages, high utility costs and reliability challenges. Citizens will ultimately judge reforms not by financial statements alone, but by the quality, affordability and reliability of services they receive.
Similarly, institutions such as GRTS and GPPC must continue to balance commercial viability with their broader public service obligations.
Mr President, sustaining these gains will require that reforms become institutionalised. Strong and independent boards, merit-based appointments, professional management, transparent procurement systems and robust internal controls must remain non-negotiable.
Government should also consider publishing annual SOE scorecards, accelerating digital transformation and exploring partial listings of mature SOEs Gambia Stock Exchange which is still not operational.
Such measures would further strengthen transparency, accountability and public participation.
Furthermore, not all SOEs exist primarily to generate profits. Government must clearly distinguish between commercial enterprises and those established to provide strategic social services. Public service obligations should be transparently funded and measured accordingly.
Mr President, the payment of D137 million in dividends is more than a financial transaction; it symbolises a changing culture within the public sector. If sustained and accompanied by improved service delivery, these reforms could become one of the most enduring legacies of your administration.
The challenge now is to ensure that every dalasi of profit translates into better services, stronger institutions and an improved quality of life for all Gambians.
Good Day!