The Gambia to submit a supplementary budget to National Assembly

Finance Minister Kolley is expected to submit an additional budget to the National Assembly. Last year, he said his ministry had to seek for an additional funding due to "urgent spending pressures". He warned fellow ministers to stop unnecessary spending.

Finance minister warn fellow ministers to ‘stick to budget’

Finance Minister Abdou Kolley observed that Gambian ministries are fond of initiating programmes that are not budgeted for

The challenge of vulnerability to external shocks remains significant, says Prof Ekpo

Participants & Facilitators:PHOTO/M.E. NJIE

The West African Institute for Financial and Economic Management (WAIFEM) is holding a two-week course in an attempt to defence against potential threats posed by heightened uncertainty from headwinds in the global economy due to the slow recovery from the crisis in Europe and the potential fiscal difficulties in the United States.

Cash-strapped GCCI forced to forgo plans

Almami Fanding Taal, CEO GCCI has been presiding over a cash-starved body: PHOTO/ Gamwriters

Gambia continues to dip into consolidated fund

Finance and Economic Affairs Minister Abdou Kolley

The Gambia government claims it under budgeted its 2012 fiscal year and requested the house of parliament to support its quest to access an additional funding close to D500 million with less than three months to the end of the year.

Gambia’s real gross domestic product (GDP), the total value of goods and services that the country produced in 2011, fell by about 5 percent, while economic activity remained weak for much of 2012, according to a September 18 International Monetary Fund (IMF) statement. 

Gambia: GDP fall amid weak economic activity

IMF Gambia Mission Chief, Mr. David Dunn

An IMF economic think-tank on Tuesday revealed Gambia’s real gross domestic product (GDP), the total value of goods and services that the country produced in 2011, fell by about 5 percent.

Mr. David Dunn who led an International Monetary Fund (IMF) mission to Banjul September 5-18, 2012, said economic activity remained “weak” for much of 2012, but is expected to pick up substantially in the final quarter, as the upcoming harvest points to a strong rebound in crops and growth in the tourism sector continues. 

Gambia toughens law against money launderers…

An international money laundering operation linked to drug trafficking has been broken up on the Costa del Sol. Photo - EFE Archives

Banjul host sub-regional anti-money laundering seminar for journalists

Journalists from Anglophone West Africa will converge in the Gambian capital, Banjul this Thursday for a “Sensitization seminar on Anti-Money Laundering and Counter-Financing Terrorism (AML/CFT)”.

The June 28-29 seminar is organised by the sub-regional Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) and hosted by a Network of Journalists reporting on money laundering and related financial crimes in The Gambia.  The network will be officially launched at the seminar.

The objectives of the seminar are to expose journalists to the knowledge of AML/CFT framework; to assist journalists to produce reports and articles or features of quality on AML/CFT issues; and to improve the network of journalists who will assist GIABA in disseminating information on the AML/CFT systems in West Africa.

Financial crime often motivated by human greed: Dr. Shehu

Economic and financial crime distorts values and standards and creates injustice, and in whatever form it is manifested, it is often motivated by human greed, Dr. Abdulahi Shehu Yibaikwal, GIABA Director General said on Tuesday.

He was speaking at a book presentation on "Strategies and Techniques of Prosecuting Economic and Financial Crimes" organised by the Inter-Governmental Action Group against Money laundering in West Africa (GIABA) on June 5, 2012 in the Nigerian capital Abuja. 

GIABA, West Africa’s leading antimony laundering and terrorism financing agency is mandated to promote the rule of law. One of its priorities is to assist member states to enact legislation of acceptable international standard, and with its active prodding and guidance, all member states have promulgated laws criminalising money laundering. 

Gambia: Heavy debt burden poses risk to economy

"In this world, nothing can be said to be certain except death and taxes" Benjamin Franklin

“The Gambia’s heavy debt burden poses high costs for the government and risks for the economy,” Mr. Naoyuki Shinohara, IMF Board Deputy Managing Director and Acting Chair said on Monday.

 

Mr. Shinohara remarks followed the International Monetary Fund (IMF) Executive Board’s May 28 approval of a new arrangement for Gambia under the Extended Credit Facility (ECF) an amount equivalent to SDR 18.66 million (about US$28.3 million). 

Join forces to stepup fight against money laundering, terrorism financing

Participants and Facilitators

In its communique, West Africa’s leading anti-money laundering, terrorism financing agency, GIABA, urges journalists to teamup with other agencies involved in the same cause to stepup against financial crimes.

The Inter-Governmental Action Group Against Money Laundering and Terrorist Financing, GIABA ,said both journalists and other agencies should collectively ensure that appropriate measures are taken against the twin crimes in a more harmonized and concerted manner. 

WAICA needs ethical practice to build public trust

L-R: Fatai K Lawal, Dawda Sarge & WAICA SG William B. Coker

Insurance practitioners in the West Africa sub-region gathered in the Gambian capital, Banjul to discuss professionalism and ethical practices in the industry needed to build public trust.

The professionals believe the insurance industry has been taint by unprofessional and unethical insurance institutions and individuals practitioners, thus bringing about growing public mistrust and as well a slow growth and development of the industry in the sub-region.

Dawda Sarge is new WAICA president

Sarge taking oath

The Managing Director of Prime Insurance Company Limited, Mr. Dawda Sarge, has taken over the position of presidency of the West African Insurance Companies Association (WAICA). 

His tenure will end in 2013. He succeeded Mr. Fatai Lawal, the Chief Executive of Sterling Assurance Nigerian Limited.  

Mr. Sarge’s inauguration was held on Tuesday at the end of a yearly general meeting and educational conference of WAICA, which brought together some 200 insurance professionals from the West Africa sub-region, held in Banjul, The Gambia (April 15-17, 2012).  

CBG calls for effective financial communication Skills

CBG Governor, Colley

The five-member countries of West African Institute for Financial and Economic Management, WAIFEM, have been exhorted to increase and continue strengthening effective communication and report writing skills in the sub-region.

The call was made by the Governor of the Central Bank (CBG) of the Gambia, Hon. Amadou Colley, on Monday during the beginning of a week long regional course on “Specialized report writing skills and presentation techniques” organised by monetary institute, WAIFEM.

The principal objective of the course is to empower the participants with the capacity to use communication as a powerful tool for job effectiveness.

Governor Colley said the unprecedented changes and transformation in communication, and the need to keep abreast with global developments, compelled WAIFEM to add this course to its programmes since 2002, this time under the theme: “Effective Communication in Today’s Economic and Business Milieu.”

Challenges enormous in modern budgeting: Hon Colley

CBG Hon. Amadou Colley

The Gambia’s Central Bank Governor observes that challenges to modern budgeting and planning are enormous, especially with regards to the scarcity of information to facilitate such financial planning.

This is further mixed with poor-integration of the public sector policy making; budgets overruns; non-involvement of communities or beneficiaries in budget preparations; poor budget implementation and inadequate monitoring of programmes, Governor Amadou Colley added.

“It will therefore be appropriate for us to look at some of these challenges and see how best to address them,” he stressed.

AfDB receives €45m pledges for rural water and sanitation

The governments of Chad, the Republic of Congo and France announced on 14 March that they would pledge some €45 million to support the Africa Development Bank’s (AfDB) Rural Water and Sanitation Initiative and the African Water Facility.

The pledge from the French government, made at the Sixth World Water Forum in Marseilles, was €40 million and that of Chad was USD 1 million to support the Rural Water Supply and Sanitation Initiative (RWSSI). The RWSSI is designed to increase access to water supply and improved sanitation in Africa’s rural areas.

Public accounting and transparency critical to good governance

Participants - Pix: The Point

Sound procurement and contracting, good public accounting and transparency are important aspects of good governance which can help build the trust between government and its people, according to Nicola Neuss, an EU delegation representative to The Gambia.

“This is particularly important in the current global economic situation where people want to know how their hard earned money is being spent by governments, said Neuss in her remarks during a nine-day training of stakeholders on the 10^th European Development Fund (EDF) procedures held at a local hotel at Senegambia, Kololi.

GTBank claims it has put up remarkable results last year

At a time when the banking industry in the Gambia is witnessing fierce competition within a relatively small market, one among 13 commercial banks operating in the country, Guaranty Trust Bank said it has yielded “remarkable results” as of December 31, 2010.

This puts the bank among the strongest in the industry and shows a growing balance sheet through increased profit, enhanced deposit portfolio and increased shareholders fund.

“In spite of the challenges posed by the global financial crisis and keen competition in the Gambian banking industry, Guaranty Trusty Bank (Gambia) Ltd has posted remarkable results for the year ended 31 December 2010,” a statement from the bank said.

Trust Bank acquires 100% ownership of Bayba Money Transfer

New GM of Bayba, Mr Bojang

Gambia News Online - Trust Bank Gambia Limited has finally acquired 100% share capital of Bayba Financial Services Limited after a rigorous bidding process that started in 2010.  

Bayba is a money transfer company which commenced operations in The Gambia in 2007 and specialises in cash remittances.  Bayba is said to have the exclusive rights with Bayba UK for the transfer of money inter alia between the UK and The Gambia.

Bayba Gambia was a subsidiary of Bayba (UK), which is a wholly owned subsidiary of Small World Financial Services Ltd; the third largest money transfer company in Europe after Western Union and MoneyGram.

Credit Unions: ‘The sharpest cutting edge against poverty’

At a time when the global target of ending poverty is running out, earnings dropping or stagnating and prices of basic commodities on a free rise, the Gambia Teachers Union (GTU) believes that Credit Unions are the most progressive tool to fight poverty.

During its 14^th General Assembly held at St. Therese’s Upper Basic School, Kanifing Municipality, on April 23, 2011, the Gambia Teachers Union Co-operative Credit Union (GTUCCU) adopted the theme “Credit Unions: the sharpest cutting edge against poverty”.

According to the Board Chairman of GTUCCU, Edrissa Bojang, fifteen years of challenging circumstances strengthened their desire and determination to tackle head-on the menace of poverty.