Seedy Keita was speaking on Monday at the start of a three-day stakeholders’ engagement forum to discuss and forge pathways that would strengthen the financial reporting framework and bolster investor confidence in the market.
The event, which is currently underway at the Ocean Bay Hotel, Cape Point, Bakau, was organised by Financial Reporting Oversight Board (FROB).
It seeks to serve a as a pivotal moment in the history of financial reporting, auditing and oversight in The Gambia.
He maintained that under the ambit of his Ministry, the Financial Reporting Oversight Board (FROB) has continually registered progress.
The forum, he added, would also serve as a platform for stakeholders to address the challenges faced, explore
commitment to excellence in financial reporting.
Minister Keita indicated that the maiden stakeholders’ forum is another statement of intent that the institution was ready to occupy its rightful place in financial governance.
The meeting, he added, would also provide a valuable platform for open dialogue, collaboration, and the sharing of best practices.
“It is an opportunity for them to address the challenges they face, explore innovative solutions, and reinforce their collective commitment to excellence in financial reporting.”
He thus urged all the Public Interest Entity (PIEs) to work with the FROB in attaining a homogenous Financial Reporting Framework that will be nationally responsive and internationally acceptable.
The finance minister also stated that the world is becoming more globalised than ever before, reminding that in view of that reality, The Gambia cannot afford to be left out of the system of globally accepted standards in Financial Reporting.
“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 revealed.
He assured that his Ministry will continue to support the initiative to meet its objectives, citing the importance of fostering a regulatory environment that promotes transparency, accountability, and good governance.
“I would like to reiterate our commitment to supporting the efforts of the FROB and all public interest entities in The Gambia. Together, we can build a financial ecosystem that is resilient, trustworthy, and conducive to sustainable economic growth.” he added.
