By: Seringe ST Touray
Last June, the National Assembly approved a $50 million loan from the Arab Bank for Economic Development in Africa (BADEA) to aid Gambian businesses in importing essential commodities. Jah Oil was granted the loan, raising questions about the selection process.
In a press conference, Trade Minister Baboucarr Ousmaila Joof addressed concerns over the $50 million loan awarded to Jah Oil, emphasizing that the process was misconstrued.
“The loan facility negotiated by the government to support commodity trade in The Gambia… it doesn’t mean the $50 million was meant to import rice or bring its price down. It was generally about commodity trade support, and it was not a grant or gift; it was a loan,” Joof explained.
Despite criticism, Minister Joof stressed fairness, citing Jah Oil’s readiness to meet the requirements and highlighting that the loan bore no cost to the government.
“And by the way, this is not the first time that we have been given this facility. I understand the first one was returned because the eligibility criteria were difficult to deal with given the level and capacity of our business enterprises,” Joof said.
