World News - .geographical media - RSS

Central Bank Staff Subpoenaed

Fri, 14 Nov 2008 05:48:31 GMT

Friday, November 14, 2008

The Bundung Magistrates’ Court had issued a subpoenaed to one Babucarr Koita, a staff of the Central Bank of the Gambia, following an application made by the prosecution in the ongoing of fake CFA banknotes.

Mr Keita is to testify against one Charles Lawson, a Nigerian national, who is currently standing trial at the Bundung Magistrates’ Court before Principal Magistrate Kumba Sillah-Camara for being in possession of fake 1, 520,000 CFA banknotes.

The Central Bank staff is expected in court on 22nd November 2008.

Author: Malamin Conteh

Seminar for West and Central Africa Air Transport Harmonisation Kicks off

Thu, 23 Oct 2008 06:25:28 GMT

Thursday, October 23, 2008

A week-long seminar organised by the set committee of the West and Central Africa air transport economic and technical regulations in the region commenced on the 21st of October, 2008 in Banjul. This meeting of the Economic Community of West Africa in conjunction with stakeholders in air transport sector is expected to review air transport and economic regulations for its member states, the EU and UN partners.

In his keynote address, the permanent secretary for works, construction and infrastructure, on behalf of the Secretary of State Mr. Bakary Houma, informed the participants that the third meeting of council of aviation ministers for the implementation of the Yamoussoukro decision, held in Libreville, Gabon on the 2nd of December 2004, has approved three common regulations. The relate to denied boarding compensation, slot allocation and ground handling.

Mr. Houma further stated that The Gambia, like other member states of the above MOU, has already integrated these three common regulations in the national legislation.

Mr. Houma noted that, the approval of these draft texts shall contribute to notable progress in free grant of tariff rights and air links between states, to remove all the bottlenecks to the full implementation of the Yamoussoukro Decision and to establish a common air transport market in West and Central Africa.

For his part, the director general of civil aviation, Mr. Nfansu Bojang, reminded the forum of the urgent need for the committee to tighten their belts even in their drive to open the African skies and make air access as widely accessible as possible to our citizens and those visitors and investors wishing to travel to and within the continent.

Author: Soury Camara

Central Bank Forecasts Economic Growth at 6.5%

Fri, 29 Aug 2008 06:35:19 GMT

Friday, August 29, 2008

Central Bank Forecasts Economic Growth at 6.5%"[endif]Latest data released by the Monetary Policy Committee of the Central Bank of The Gambia indicates that the Gambian economy is forecast to grow at 6.5 percent in the year 2008.

This is premised on a strong rebound in agricultural output and the continued growth in the services and construction sectors.

Speaking at a press conference held at the Central Bank’s offices yesterday, Mr Bamba Saho, Governor of the Central Bank of The Gambia, said money supply grew by 8.5 percent in the year to end June 2008, compared to 12.9 percent a year earlier.

According to Governor Saho, preliminary data on the execution of the government budget indicates that total revenue and grants for the first six months of 2008 declined to D1.9 billion or 3.6 percent compared to the corresponding period in 2007.

“The decline is attributed to the lower than projected tax and non-tax revenue. Total expenditure and net lending increased to D2.0 billion, or 13.6 percent compared to the first half of 2007. The overall budget balance (including grants) on commitment basis was a deficit of D113.0 million, or 1.3 percent of GDP. Excluding grants, the deficit widened to D164.4 million, or 1.8 percent of GDP,” he revealed.

The Central Bank Governor added that the inter-bank foreign exchange market continues to be vibrant as volume of transactions, measured by aggregate sales and purchases of foreign currency, increased to US$1.7 billion at end-July 2008, or 13.3 percent from a year earlier.

“From end-December 2007 to July 2008, the Dalasi strengthened by 7.1 percent, 4.9 percent, 1.9 percent and 1.5 percent against the US Dollar, Pound Sterling, Euro and CFA Franc respectively,” he said.

Governor Saho was however quick to add that the Dalasi depreciated slightly against all major currencies between June and July 2008.

“The banking system recorded significant asset and deposit growth as well as a strong capital base. Total assets of the banking industry increased to D11.3 billion or 12.2 percent from end-June 2007. Return on assets declined from 2.1 percent in March 2008 to 1.5 percent at end-June,” he revealed.

Author: By Baboucarr Senghore

Source: Picture: Bamba Saho (Governor of Central Bank)

Central Bank Reacts

Thu, 28 Aug 2008 05:35:12 GMT

Thursday, August 28, 2008

Following our publication last Monday of a story regarding the expression of concerns by the Joint Session of Public Accounts/Enterprise Committees of the National Assembly as to the non-existence of insurance cover on assets at the Central Bank, the bank has reacted to our story.

The story, which was quoted from the report by the committees of the National Assembly highlighted issues of concern, called on the Management and Board of Directors of the bank to clarify to the Secretary of State for Finance and Economic Affairs the issues raised for onward transmission to the 2008 PAC/PEC joint session.

We hereunder reproduce the full statement from the Central Bank of The Gambia which was delivered to the offices of The Point yesterday:

Dear Sir

Headline - No Insurance Cover on Assets at Central Bank

We refer to your front-page headline in The Point Newspaper dated 25 August 2008 relating to the caption.

By quoting from the summary of the deliberations of the Joint Public Accounts and Public Enterprise Committees of the National Assembly (December 2007), the public may have been inadvertently given wrong and incomplete information. We therefore write to clarify the situation in relation to insurance of assets at the Central Bank.

The fixed assets of the Central Bank (the headquarters building and staff quarters, office furniture and equipment, motor vehicles etc.) are insured at all times. The issue referred to in the Committees report is actually related to the auditors’ recommendation in their 2004 management letter to insure some other assets of the Bank.

Some of the recommendations of the auditors are meant to assist management improve the control environment in which an institution operates in order to minimise loss of assets and to highlight areas of deficiencies for corrective actions. These recommendations are implemented if the audited institution agrees with the auditor that they would help strengthen internal controls and safeguard assets.

The other issues raised in your article referred to above have been adequately addressed within the framework of the Central Bank’s responses to the auditors’ management letter and the relevant authorities.

H. Joof for Second Deputy Governor.

Editor’s Note: The article referenced in this letter made no reference to the fixed assets of the Central Bank. Neither did it contain any inference that the fixed assets of the Central Bank were not insured. It simply quoted the concerns expressed by the Joint Session of Public Accounts/Enterprise Committees. It might be more fruitful if the Central Bank were to communicate with these committees regarding this matter.

Source: Picture: Bamba Saho (Governor Central Bank)

No Insurance Cover on Assets at Central Bank

Mon, 25 Aug 2008 06:13:24 GMT

Monday, August 25, 2008

After due consultations, the Joint Session of the Public Accounts/ Enterprises of the National Assembly has noted with grave concern the non-existence of insurance cover on assets at the Central Bank of The Gambia.

The committee, which received the bank’s annual report, the external auditor’s report and the audited accounts for financial years 2004, 2005 and 2006, also noted with concern the non-adherence to the Central Bank Act, overdrawn accounts and missing signature cards at the bank.

According to the National Assembly committee’s latest report, the treasury bill accounts is not regularly reconciled, financial reporting standards not adhered to and posting errors, prepaid expenses as highlighted in the bank’s report have not been accounted for.

The committee went on to call the Management and Board of Directors of the bank to further clarify to the Secretary of State for Finance and Economic Affairs the issues raised for onward transmission to the 2008 PAC/PEC joint session.

It could be recalled that in pursuance of the powers bestowed on Public Accounts Committee (PAC) and the Public Enterprise Committee (PEC) of the National Assembly by the provisions of Section 102, 109 and 110 of the 1997 Constitution of The Gambia, the committees annually receive and consider annual reports, accounts and financial statements of all Public Enterprises and Agencies that are funded wholly and partly by taxes from the people of The Gambia.

The principal objective of this statutory exercise, according to reports, is to perform lawful checks, scrutiny and oversight over Public Enterprises and Agencies and the public service delivery systems with a view to ensuring that the Government of The Gambia and its public service delivery systems, institutions, enterprises and agencies are all accountable to the Gambian people.

Author: By Abba A.S Gibba

Central Bank Employee Testifies in Fake Dalasi Case

Mon, 18 Aug 2008 07:51:05 GMT

Monday, August 18, 2008

Mr Babucarr Keita, an employee of the Central Bank of The Gambia, on 13th August 2008 gave his testimony in the on going trial of Charles Lowsen, Amadou Watera and Ebrima Danso.

The trio were before the Bundung Magistrates’ Court presided over by Magistrate Kumba Sillah-Camara charged with being in possession of fake dalasis note.

In his testimony, Mr Keita told the court that between December 2007 and January 2008 he received a letter from the police to examine some dalasis note. He added that after examining the notes, he discovered that they were counterfeit notes.

He said he then wrote a report to that effect and sent the original to the police while the copy was kept in their file.

Hearing continues.

Author: By Malamin Conteh

Central Bank Sets up Credit Reference Bureau

Thu, 31 Jul 2008 05:18:49 GMT

Thursday, July 31, 2008

Central Bank Sets up Credit Reference Bureau

According to a press release dated 28th July 2008 and made available to this paper, Central Bank of The Gambia has set up a Credit Reference Bureau as an integral part of its Financial Supervision Department. The bureau, the release states, will seek to facilitate the mutual sharing of consumer credit information by commercial banks with a view to making for “accurate evaluation of credit risks.” The full text of the release is reproduced below:

As part of its continuing efforts to further strengthen the Financial Sector, the Central Bank of The Gambia is pleased to announce to the general public of the setting-up of a Credit Reference Bureau (CRB) within its Financial Supervision Department. The raison d’etre of the bureau is to enable commercial banks share consumer credit information reciprocally thereby ensuring a more accurate evaluation of credit risks.

The CRB is established to provide a platform for the financial institutions to strengthen their credit appraisal procedures with a view to enhancing credit quality and responsible Credit behaviour in the Gambian financial system.

The CRB is established with the objective of enabling the financial institutions to identify borrowers who default in servicing the credit facilities extended to them by other lenders with a view to preventing such customers from enjoying any new facilities from any other bank until they made good their outstanding delinquent credits in the former bank(s). It is also hoped that good debtors can enjoy concessionary rates from the banks for being rated low risk.

In order to facilitate the successful implementation of the CRB, Tax Identification Number (TIN) is an integral part. In that regard, all banks have been informed that henceforth, no account should be opened without a Tax Identification Number (TIN) as this is the main driver of the CRB. In addition, no new Credit facility should be granted or extended without a TIN.

The Central Bank wishes to assure the general public of the full confidentiality of the information on the CRB which shall not be disclosed to any other party except to banks which are members of the Bureau for the purpose of processing requests for credits.

Bansang Nawettan Tournament in Progress

Tue, 29 Jul 2008 13:15:19 GMT

Tuesday, July 29, 2008

Ten teams are currently lined up in the ongoing Bansang Nawettan tournamentwhich kicked off recently in Bansang, Upper FulladuWest District, in the Central River Region of The Gambia.

Group A includes Dumasu FC, Santos FC, Real de Bansang, Medical and Rushing High Diamond. Surprising FC are pitted in Group B alongside Leones FC, Kinteh United, Torch Cash and Makdufoo United.

In the opening matches, Bansang tamed Santos 3-0 and Leones FC hammered Surprising FC 4-0. The Kinteh United and Torch Cash game ended goaless.

Other results are as follows; Medial FC defeated Makdufo United 1-0,Dumasu humiliated Santos 5-1, Torch Cash suffered a 2-1 defeatat the hands of Makdufo, Kinteh United beat Surprising FC 1-0 while Dumasu drew goaless with Medical FC.

A trophy and cash prize of D8000 awaits the winner of the championship.

Meanwhile, the Lions of Niani Sukuta FC were winners of the just concluded Niani Nawettanchampionship organised by theNiani sports Committee. They made if after defeating the Flying Eagles of Fulla Kunda 2-0.The tournament was sponsored by Amadou Jallow.

Author: By Abdourahman Sallah in CRR

Alleged Human Traffickers Remanded in Mile 2

Fri, 27 Jun 2008 04:47:02 GMT

Friday, June 27, 2008

Lamin Jaiteh and Kanjura Jaiteh, who were alleged to have engaged in human trafficking, were on Wednesday remanded in Mile 2, the state central prison.

The duo was arraigned before Principal Magistrate Buba Jawo of the Kanifing Magistrates’ Court, charged with “prohibition of trafficking in persons and concealment of trafficking in persons.”

In count one, the particulars of the offence read that the accused persons on 8th June 2008 at Bakau beach engaged in recruiting Lamin Manjang and 60 others for the purpose of exploitation within and outside the boarder.

The offence in count two revealed that on 8th June 2008 at Bakau, the accused, having information concerning trafficking in persons, failed to inform the police or other relevant authorities.

Both accused persons denied the allegation before being remanded by order of the magistrate at Mile 2.

The case was adjourned to 2nd July.

Author: By Modou Sanyang

Kombo Central Peace Tournament Kicks Off

Wed, 14 May 2008 06:21:16 GMT

Wednesday, May 14, 2008

The 2008 Kombo Central Football Peace Tournament, organised and coordinated by Kombo Central District Committee, has kicked off over the weekend. 10 teams are competing for the title, namely Busura, Jamwelly, Brikams Madina, Kembujeh, Kitty, Marakisa, BakarySambouya, Dasilami and Manduar.

Speaking to Pointsports, the chairman of Brikama Youth and Sports Association, Mr. Lamin King Colley, said that the tournament is organised to foster mutual understanding and unity among the youth of Kombo Central.

He revealed that the winner of the tournament will receive a giant trophy and a cash prize of D10, 000 the runners up will receive D5,000 while each team will receive D1000.

Author: By Lamin Darboe & Fatim Y Sanyang