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NA cautions CBG over consistent delay in reports submission

May 8, 2025, 11:27 AM | Article By: Jankey Ceesay 

Facing the Finance and Public Accounts Committee (FPAC), the Central Bank of The Gambia (CBG) was questioned about its failure to consistently provide financial and activity reports on time, as mandated by the Constitution and the Central Bank Act. 

Hon. Alhagie Mbowe, the member of the Committee points out significant delays in the submission of financial data over the past five years, with the 2023 account being eight months late before submission. They seek clarification on why the bank is not adhering to the legal requirements for timely reporting.

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.