“Their work is vital in ensuring that our financial systems remain robust, transparent, and in line with international best practices,” the Finance Minister said. “This institution is empowered with the necessary institutional instruments to supervise financial reporting, corporate governance, and the quality control of external audits, among other areas under its purview.”
The minister made this statement at the opening ceremony of a 3-day engagement meeting (24 - 26 June 2024) organised by FROB at the Ocean Bay Hotel at Cape Point, Bakau. The meeting engaged stakeholders, among other issues, on the functions and mandate of the Board.
Minister Keita added that the meeting would also strengthen financial reporting framework and bolster investor confidence in The Gambia markets to secure private sector investments.
”The FROB’s work is crucial in the economy as it will generally improve the national competitiveness of our business industry in terms of Financial Reporting when the country adopts international reporting standards,” he pointed out, saying: "The Ministry of Finance and Economic Affairs fully supports the initiatives and objectives of the FROB. We recognize the importance of fostering a regulatory environment that promotes transparency, accountability, and good governance."
It is essential to acknowledge the pivotal role that public interest entities play in the economy, he said, adding that these entities not only drive economic growth and development but also significantly impact public trust and confidence in The Gambia’s financial systems. “Therefore, it is imperative that we uphold the highest standards of financial reporting and governance,” he stated.
Financial Reporting, the minister indicates, provides a valuable platform for open dialogue, collaboration, and the sharing of best practices, which is an opportunity to address the challenges they face, explore innovative solutions, and reinforce collective commitment to excellence in financial reporting.
"Under the ambit of my Ministry, the FROB has continually registered progress, and today’s maiden stakeholders’ workshop is another statement of intent that the institution is ready to occupy its rightful place in financial governance," he stated.
Minister Keita said further that the FROB has set itself on a path to steadily improve all facets of the governance system of The Gambia. “Thus, I urge all PIEs to work with the FROB in attaining a homogenous Financial Reporting Framework that will be nationally responsive and internationally acceptable.”
The Chief Executive Officer of the Financial Reporting Oversight Board, Sulayman Foday Drammeh, said FROB was established to enhance financial stability and provide services to the private sector to build a robust financial framework.
”The establishment of FROB is a testament to our collective commitment to enhancing transparency, accountability, and integrity in financial reporting,” he stated, adding that the meeting was a collaborative platform to engage, discuss and forge pathways that “will strengthen our financial reporting framework and bolster investor confidence in our market”.
