Responding to this, the governor of CBG, Hon. Buah Saidy, explained that it’s something that he has been working hard to resolve.
He attributed the delay to a disagreement with the International Monetary Fund (IMF) over the use of audit procedures. “Following the conclusion of a three-year ECF programme with the IMF, a new programme was initiated, triggering a safeguard assessment by the IMF's Safeguard Assessment Division,” he added.
Governor Saidy also explained that the IMF's assessment, which involved the bank's auditors, PKF, took an unusually long time, causing delays. He insisted that the IMF should not use the 2023 audits to assess the bank's activities in 2024, emphasising the bank's independence and its willingness to provide information through regular reporting channels.
The governor clarified that the delays were not due to issues within the bank or incomplete accounts but rather as a result of the IMF's audit process. He expressed confidence that these issues have been resolved, and such delays will not occur in the future.
However, Hon. Mbowe tells the governor that: “We must always remember that our national law, particularly the Constitution, is very important. I'm sure that the bank and any other financial institution are cognizant of the fact that compliance is key.”
“And I believe we need to ensure that people are complying with their own laws, particularly the Constitution of the country.”
Governor Saidy, however, assured timely submission of their report.
