By: Dawda Baldeh
The Gambia’s Minister of Finance and Economic Affairs, Hon. Seedy MK Keita, has stated that the total value of State-Owned Enterprises stands at thirty-four billion Dalasis (D34bn) during a meeting with the president on Tuesday, August 5, 2023.
Hon. Keita made these revelations to journalists during a briefing aimed at enlightening the President on the ministry’s activities for the 2023 budget in the last six months of the fiscal year, as well as donor coordination, project execution, and other pressing issues affecting the economy.
The Finance minister explained the purpose of the meeting with the president to journalists shortly after their meeting at the State House.
“…the meeting is to brief the President on the ministry’s activities in the last six months of the year, current affairs in key vital sectors, particularly the macroeconomic aspect, revenue performance, inflation, and the rising cost of living,” he explained.
Minister Keita disclosed that the overall asset value of State-Owned Enterprises stands at D34 billion, indicating a fragile performance.
He highlighted some major issues discussed during the meeting, including how to revive and strengthen the financial and institutional performances of the State-Owned Enterprises.
The revelations by the finance minister reflect a comparatively weak performance of the SOEs.
“As we stand now, the total assets of the State-Owned Enterprises are about D34 billion Gambian Dalasis, and most of them are struggling financially. The financial performances of the State-Owned Enterprises are very weak,” he told journalists.
However, Minister Keita revealed that the president was briefed on the performance of each State-Owned Enterprise, the factors contributing to their performance, and the way forward.
He described the performance of SOEs as weak, emphasizing the need for urgent action to ensure sustainability.
The Finance Minister expressed unwavering optimism that the establishment of a commission to oversee State-Owned Enterprises, if fully operational, will play a significant role in addressing the pressing issues within government institutions.
