By Kebba AF Touray
The Central Bank of The Gambia (CBG) on Wednesday appeared before the Finance and Public Accounts Committee (FPAC) of the National Assembly to answer questions over repeated delays in submitting its audited accounts in line with constitutional and statutory requirements.
During the session, lawmakers confronted CBG officials over what they described as persistent non-compliance with Section 175(5) of the Constitution and the CBG Act, which require the bank to submit its audited accounts within three months after the end of each financial year.
“Records show that the CBG’s 2023 accounts were finalized in November 2024—eight months after the deadline,” said Hon. Alhagie Mbowe. “For the past five years, this has been a recurring issue. Why is the Bank failing to respect both the Constitution and your own Act?”
CBG Governor Buah Saidy acknowledged the delay and explained that external factors, particularly requirements from the International Monetary Fund (IMF), contributed to the late submission. He cited the role of the IMF’s Safeguard Assessment Division, which reviewed the CBG’s operations as part of negotiations for a new Extended Credit Facility (ECF) program.
“The delay in 2023 was largely due to the IMF’s safeguard assessment process. After months of waiting, I told them we couldn’t keep holding off on our audit. This is not how things work here,” Governor Saidy told FPAC. “This wasn’t about incomplete accounts or internal problems—it was about external interference in our audit timeline.”
He added that the issue has since been addressed, and he has made it clear to the IMF that future delays will not be tolerated. “Going forward, this will not happen again,” the Governor assured.
Despite the explanation, FPAC members emphasized the need for stricter adherence to the law and expressed concern that regulatory oversight is being weakened by such delays.
