By: Fatou Krubally
Members of the National Assembly’s Public Finance Committee (PEC) have called for the establishment of a formal dividend policy for The Gambia Ports Authority (GPA) after the state-owned enterprise disclosed that it paid hundreds of millions of dalasi in dividends to government without a codified framework.
The concerns were raised during deliberations on a follow-up performance audit of cargo handling operations at the Port of Banjul, where GPA management confirmed that dividend payments were determined by board decisions and industry practice rather than a nationally approved policy.
According to GPA officials, the authority paid D170 million in dividends for 2023 and has already disbursed an interim dividend of D100 million for 2024.
Committee members questioned why payments of such magnitude were not guided by a clearly established policy aligned with existing legal and financial management frameworks.
Auditors had earlier flagged the issue, warning that the continued declaration of dividends without a formal structure could undermine transparency and consistency in public financial management.
Responding to lawmakers, the Managing Director said that in the absence of a written policy, the board relied on an industry benchmark of distributing 25 percent of net profit.
However, legislators insisted that decisions involving public funds should not rely solely on discretion and called for the urgent development of a comprehensive dividend framework to guide future payments.
They urged the GPA to work closely with its line ministry and the Ministry of Finance to establish clear rules governing profit calculation, dividend declaration and transfers to government.
GPA officials also outlined measures aimed at strengthening internal oversight, including the creation of a Monitoring and Evaluation unit, quarterly performance reviews and the introduction of key performance indicators under a formal performance contract with government.
The Port of Banjul remains the country’s primary gateway for imports and exports, making the GPA one of The Gambia’s most strategic state-owned enterprises.
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