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Gambia's Finance ministry, Central Bank violate financial regulation Act
Thursday, 10 February 2011 02:01
PANA - Gambia's key financial establishments -- the Ministry of Finance and Economic Affairs and the Central Bank of The
Gambia (CBG) -- have violated the country's Financial Instruction Regulation Act, the local Voice Newspaper reported here. According to the paper, the Act, approved by the National Assembly of The Gambia to regulate government financial practice, stated in Section 229 that “Government bank account must not be overdrawn”.PANA quoted the Permanent Secretary (1) at the Ministry of Finance, Mr. Mod Secka, as saying Wednesday that the statement of cash and bank balances in the financial statements had shown that the government had 27 overdrawn bank accounts as at 31 December, 2005, totaling D415 million and 22 overdrawn accounts as at 31 December, 2006, totaling D153 million (28 Dalasis = US$ 1).
Recently, Mr. Secka presented the Gambia Government’s Financial Statements for the years ended 31 December 2005/06 respectively, before members of the Public Account/Public Enterprise Committee of the National Assembly for consideration and adoption.
On incidents of material fraud during 2005/06, Secka disclosed that lapses in financial control had resulted in the loss of government funds through error and fraud, stressing that some material frauds occurred in 2006 which had not been brought to the attention of the National Assembly.
“In the interest of transparency, I disclosed them before the Committee with the legal status of each case,” he said, noting that the departments or institutions involved included Treasury Directorate, Curator of the Intestate, Department of State for Justice, Commissioner’s Office Kerewan, and Commissioner’s Office Janjanbureh.
According to him, some of the fraudsters are facing prosecution, others convicted and some others have not been charged.
Mr. Secka noted that the Treasury Directorate’s bank reconciliations showed payments of D14,956,581 and D16,317,821 which have not been included in the financial statements for 2005 and 2006 respectively, but appeared as reconciling items on their bank reconciliations.
According to him, no criminal proceedings have been brought against the fraud saga at the Commissioner’s Office in Kerewan, were an unaccounted revenue of D2,132,328 was discovered and the Commissioner’s Office in Janjanbureh were an unaccounted revenue of D520,936 was also discovered during the year 2005/06.
He noted that criminal action will soon be brought against these two offices.
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data from the site or do I need special permission?. I'm doing a school project.
Jacob
All Ministers are urged to live up to expectations of their portfolio so as to ensure maximum delivery of the National Development programs set in Government’s Vision 2020 Blueprint, as time is ticking fast. (Observer)
Then Amadou Colley; the director of Banking Department at the Central Bank of The Gambia appointed governor of the institution with effect from December 3rd, 2010 .
When he is gone, you would not believe the abuse he did to our coffer. What a cunning prick this Yahya Jammeh is, but credit to him with his docile population Gambia as ex ambassador Wells in wikileaks tried to say to his US government
His Excellency The President of the Republic of The Gambia Sheikh Professor Alhaji Dr. Yahya A.J.J jammeh, acting under the provision of section 71 (1) and 71 (3) respectively, of the Constitution of The Republic of The Gambia has effected a Cabinet Re-shuffle with effect from 27th January 2011.
Hon. Mambury Njie, Minister of Economic Planning and Industrial Development has been re-assigned to the Ministry of Finance as Minister.
Hon. Abdou Kolley, Minister of Finance re-assigned to the Ministry of Trade, Regional Integration and Employment as Minister.
Hon. Yusupha Kah, Minister of Trade, Regional Integration and Employment has been re-assigned to the Ministry of Works, Construction and Infrastructure as Minister.
Where on Earth can he prop $40,000 cash to a golf club of central bank. Like His former lobbyist said, “THE CENTRAL BANK IS HIS PIGGY BANK”.
People underestimate Yahya Jammeh, he has learned the act of thief and money laundering and the ability to cover up and manipulate Gambians when he smells exposers. He has known this before Mr Secka even got his references and edited it before he laid hand on it.
Earlier manipulative measures in the finance ministry and Central Bank
Friday, January 28, 2011, this was contained in a media release issued by Office of the President.
Mr. Secka is "briefed”, but the only person plundering the central bank and Gambia government bank account is Yahya Jammeh. Mr Secka should give Gambian a break, these entities he mentioned are just copycats of Yahya Jammeh or to diverse attention and the assembly committee knows that. The real thief is Yahya Jammeh. His revelation are just loop just crumbs falling with the inflows and outflows of Dalasi and foreign currency from the central bank to the President Office. They should look at the foreign exchange reserve of the Gambia Central Bank too. This is just a manipulative move by Yahya Jammeh to diverse attention from the real looting and our debt and deficit. Mr Secka dare not mention that. I know facts from that Bank and no wonder M B Saho was desperate to leave his governor post.
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