By: Fatou Krubally
The Minister of Finance and Economic Affairs, Hon. Seedy Keita, has revealed that The Gambia holds significant shares in several international financial institutions, but also faces substantial outstanding payments, some amounting to millions in international currency units.
The disclosure was made on Wednesday during the National Assembly’s ongoing First Ordinary Session for the 2025 legislative year. Minister Keita was responding to a question raised by a member regarding the government’s equity in international organisations and the state of payments made or pending.
Hon. Keita told lawmakers that The Gambia currently holds 777 shares in the World Bank Group, 2,867 in the Islamic Development Bank, 18,432 in the African Development Bank, 40 in the ECOWAS Bank for Investment and Development (EBID), and 30 shares in BSIC Group. The country’s shareholding in the International Monetary Fund (IMF), he said, is handled by the Central Bank.
In terms of payments, he says the government has paid $270,000 to the World Bank, D2.4 million in local currency, and over 3 million Islamic dinars to the Islamic Development Bank. The African Development Bank and EBID have received 6.8 million and 5 million units of account, respectively, while BSIC Group received €8 million.
The minister noted that the government owes significant amounts to these institutions. These include $91 million to the World Bank (mainly callable capital), 4.3 billion Islamic dinars to the IDB, 177 million units of account to the AfDB, over 17 million to EBID, and €9.4 million to BSIC Group.
In the civil service, there are no ghost workers. The minister, however, declined to give the number of staff, saying the matter falls under the Ministry of Public Service and Administrative Reform. He also deflected a related question about the financial cost of ghost workers, stating that without the audit figures, his ministry could not provide an estimate.
Lawmakers also raised concerns over delays in the School Improvement Grant (SIG), which they say hampers school operations. The minister admitted that cash flow constraints have affected timely disbursements but emphasized that SIG remains a government priority. He provided a detailed breakdown of SIG allocations from 2020 to 2025, showing variations based on enrolment and budget availability.
Regarding a possible credit rating for The Gambia, Minister Keita confirmed there is currently none, but said the government plans to pursue a “shadow rating” as a preparatory step. He explained that such ratings are primarily needed to access international financial markets, which The Gambia is not yet ready for due to high debt levels and other prerequisites.
The Finance Minister’s appearance before lawmakers marked a significant engagement on fiscal transparency and sparked debate over accountability in public spending and institutional reform.