The Gambia Central Bank Act under fire: D1.2 billion dividend transfers violates section 83. скачать в хорошем качестве

The Gambia Central Bank Act under fire: D1.2 billion dividend transfers violates section 83.

Bun Dawda told AG Radio that Governor Buah Saidy has been violating the Central Back Act to please President Adama Barrow. According to Bun Dawda, Section 83 of the Central Bank of The Gambia Act was designed to protect the National Economy from political misuse of public funds. It clearly and explicitly prohibits the Central Bank from paying any dividends to the Government until the 30-year consolidated bond, created from NAWEC arrears to Muhammed Bazzi and commercial banks’ forced exposure under Jammeh, has been fully repaid, both principal and interest. This provision was enacted to prevent the Central Bank from falling victim to reckless Government borrowing and interference. It is the firewall that protects the Dalasi, the banking sector, and the country’s financial stability. Yet, according to the President's Chief of Staff and President's Affairs Minister Mod K. Ceesay in a recent interview with Eye Africa TV, the Central Bank was invited, alongside the Attorney General, to negotiate the payment of D1.2 billion in dividends to the Government. If Section 83 prohibits dividend transfers, what legal authority permits this new payment? This contradiction exposes what many now describe as the arrogance of Governor Buah Saidy, a Governor who has allegedly promised to assist President Barrow in securing his re-election campaign, even by violating the Central Bank Act and existing IMF agreements. To make this politically motivated cash flow possible, the Governor has pushed for a new “development finance window” that would give the Government access to Central Bank funds whenever it falls short of cash. These funds will ultimately flow into procurement arrangements that enrich President Barrow and Amadou Sanneh. If the Governor believes he can break the law in the name of political loyalty, Then he must explain that to the Gambian people. Buah Saidy repeatedly claims that “there is only one Central Bank”, implying that criticism of him threatens the nation. But credibility is not maintained through intimidation. It is earned through compliance with the law and respect for accountability. The Central Bank was a centre of corruption under Jammeh. We all know what happened under Amadou Colley and Benjamin Camara. Gambians will not tolerate that era returning, with new faces and greater arrogance. Let Buah Saidy explain the contradiction between Mod K. Ceesay's statements and the explicit provisions of the Central Bank Act. The people demand answers: 1. Under what laws have past dividends been paid? 2. Who authorised negotiations for D1.2 billion for 2024? 3. Why are audited accounts delayed? 4. Why are fines applied to commercial banks but not the Central Bank? If the Governor continues to ignore the Act he swore to uphold, he is not defending the Central Bank; he is destroying it