Let me thank you for the wonderful job you are doing. Your newspaper is becoming the fourth pillar of government. It is providing the checks and balance necessary for our new democracy.
I am keenly following the mind-boggling revelations at the Commission and I couldn’t believe what I am hearing coming from the longest serving Central Bank Governor Mr. Amadou Colley. For him to say that throughout his appointment he did not have the opportunity to meet the former president regarding those withdrawals in his name or other names made by General Saul Badjie, shows the caliber of a person who was responsible for instituting measures that should have a positive effect on the balance of payment, public finances and general economic development of the economy as well as regulating and supervising the financial systems.
The Central as a public institution, should serve the public interest and carries out its functions independently. But the manner in which the bank was operating under the former president left me wondering whether Mr. Colley was running a ‘casino’ or a government bank functioning independently with the mandate to regulate the financial system and promote sound monetary policies.
The current government needs to address the governance structure of the bank not to give so much power anymore to future governors heading the bank to become chairman of the board as well. The board must confine itself to its oversight function based on the CBG Act. Did Mr. Amadou Colley informed the board about the fraudulent nature that the former president was using the bank to siphon off money meant for Gambians for his personal use? I doubt it.
There is now serious doubt about the economic data he used to boastfully issue in his regular Monetary Policy Press releases. With the revelations still continuing, the credibility of Gambia’s one time most respected bank is now in tatters.
The startling revelations coming from the testimonies of former officials of the CBG have renewed calls for the portrait of Yaya Jammeh be removed from the currency notes without any further delays. We don’t want to be constantly reminded about his corrupt and decadent rule.