By: Fatou Krubally
The Government of The Gambia’s 2022 financial statements have been branded as unreliable by the Auditor General, citing serious discrepancies in cash management, revenue reporting, and asset accounting that undermine transparency and fiscal accountability.
In a scathing report, the Auditor General issued an adverse opinion, warning that the consolidated accounts of the government do not present a fair or accurate picture of the nation’s finances. The report highlights cash misstatements of over GMD136 million and unreconciled receipts and payments totaling more than GMD9 billion dating back to 2019.
The audit revealed that bank reconciliations for multiple government accounts were inconsistent, with discrepancies amounting to over GMD104 million. Retained earnings were also misstated, with differences exceeding GMD3.4 billion between reported figures and actual balances. The report points to systemic weaknesses in internal controls over cash, which allowed for errors and omissions to persist across accounts.
Several government revenue streams were also underreported. Quarrying royalties were understated by GMD31.8 million, and fishing fees for vessels operating in Gambian waters remained largely uncollected, highlighting weak monitoring mechanisms. Seven fishing vessels that violated restricted zones were released without paying fines, further undermining revenue enforcement.
Debt management also drew scrutiny, with differences of over GMD440 million between principal payments disclosed in the financial statements and the Debt Management System. Seven deposit accounts totaling GMD5.8 million were wrongly classified as liabilities instead of revenue, while prior misclassifications of other income were not properly corrected.
Asset management was another major concern. The audit found missing or unverified records for sales of government property and vehicles, including high-value items from the former president’s estate. Notably, a property sold for GMD6 million in 2019 was resold months later for GMD12 million, raising questions about potential losses to the state.
The Auditor General warned that the use of suspense accounts to adjust prior year balances contravenes international accounting standards, reducing transparency and making it difficult for stakeholders to verify financial information.
The report underscores the urgent need for reforms in cash management, revenue collection, debt reporting, and asset oversight to restore public confidence in the government’s financial stewardship.
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By: Fatou Krubally The Government of The Gambia’s 2022 financial statements have been branded as unreliable by the Auditor General,…
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