By Haddy Touray
Five state-owned enterprises (SOEs) will collectively remit interim dividends totaling D137 million to the government following improved financial performance across the sector, President Adama Barrow has announced.
The dividend signing ceremony was held at the Office of the President in Banjul and involved the Gambia Civil Aviation Authority (GCAA), the Gambia Publishing and Printing Corporation (GPPC), the Gambia Ports Authority (GPA), the Gambia National Petroleum Corporation (GNPC), and the Gambia Radio and Television Services (GRTS).
President Barrow described the development as a significant milestone that reflected the success of the government’s reform agenda for state-owned enterprises.
According to the president, the SOE sector recorded a collective net loss of GMD2.3 billion in 2023, which increased to GMD2.6 billion in 2024. However, the sector registered a consolidated net profit of GMD2.5 billion in the 2025 fiscal year.
He said the improvement represented a year-on-year turnaround of GMD5.1 billion, equivalent to 196 percent within a 12-month period.
“To move from a cumulative loss of GMD2.3 billion in 2023 to an aggregate profit of GMD2.5 billion in 2025 is not merely commendable but unprecedented,” President Barrow said.
The President attributed the turnaround to the government’s governance and accountability reforms, particularly the establishment of the State-Owned Enterprises Commission under the SOE Act 2023.
He noted that the commission has strengthened oversight of public enterprises through performance contracts, key performance indicators and regular monitoring of boards and management teams.
President Barrow commended the commissioners, boards of directors, management teams and line ministries for their contribution to improving the performance of state-owned enterprises.
He said the reforms have helped shift public perception of SOEs from being a drain on public resources to institutions capable of generating revenue while delivering essential public services.
Despite the progress, the President warned against complacency, noting that several state-owned enterprises continue to face liquidity constraints, insolvency risks and declining revenues.
He also expressed concern over weak debt recovery and revenue collection systems in some institutions, citing debtor turnover periods exceeding 100 days.
“This is a systemic weakness in revenue collection that undermines cash flow predictability and operational resilience and must be corrected urgently,” he said.
The president further acknowledged the challenges facing the country’s energy sector and assured citizens that the government remained committed to addressing electricity supply and reliability issues.
He said improved financial performance at the National Water and Electricity Company (NAWEC) would support investments required to expand and stabilize energy services nationwide.
President Barrow described state-owned enterprises as critical pillars of national development, providing essential services in sectors such as energy, transport, communications, broadcasting, housing finance and social protection.
He emphasized that SOEs should deliver public services efficiently and sustainably without becoming a financial burden on the government.
The President called for stronger oversight, enhanced accountability and sustained reforms to consolidate recent gains and transform the sector into a major contributor to national fiscal sustainability.
He said the dividend payment marked a new relationship between government and state-owned enterprises based on performance, accountability and shared responsibility for national development.
“The journey ahead remains demanding, but the direction is clear and the momentum is with us,” President Barrow said.
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