By: Fatou Krubally
A parliamentary committee has set end of July as the deadline for the Gambia Ferry Services Company (GFSC) to explain the disappearance of a ferry valued at more than D13 million.
The National Assembly’s Public Enterprises Committee (PEC) has given the ferry services the deadline following a review of the company’s 2022 audited financial statements that uncovered series of governance, financial and operational lapses.
According to the committee’s report, auditors were unable to physically verify the Farafenni Ferry, which had a net book value of D13,067,348.53. Management informed auditors that the vessel had been disposed of in 2022, but failed to provide any supporting documents for the sale. The disposal was also not reflected in the company’s financial statements, while auditors found no record of the transaction in GFSC’s accounting records.
In response, the committee directed the board and management to submit, by the end of July 2026, documentary evidence including the advertisement for the disposal, the marine surveyor’s report and approval from the Gambia Public Procurement Authority (GPPA).
Beyond the missing ferry, the committee identified several governance weaknesses within the state-owned enterprise. It found that the company’s audit committee had become dormant, while the internal audit department reported directly to the General Manager instead of the board’s audit committee. Lawmakers also observed that the board met only twice throughout 2022, contrary to the requirements of the governing act.
The report further questioned the use of D60,000 in board sitting allowances belonging to board member Edrissa Mass Jobe to offset staff loans without written authorization from him.
Auditors also raised concerns over the company’s handling of revenue, revealing that cash collected at ferry terminals was routinely used to finance operational expenses before being deposited into the bank. Management acknowledged that the practice existed and admitted that some of the money was never refunded. Sample transactions examined by auditors included payments for fuel, dinner allowances, funeral expenses, Quran recitations and other operational costs amounting to D388,585.
The committee also faulted GFSC for failing to remit D19.44 million in Pay As You Earn (PAYE) taxes deducted from employees’ salaries during 2022 to the Gambia Revenue Authority. It directed management to settle the outstanding tax obligations and submit proof of payment to the National Audit Office.
Another major concern centred on an internal audit report that uncovered revenue suppression at the Senegambia Bridge. Auditors said management admitted that members of staff were involved in fraudulent cash collections but that the matter was not disclosed in the company’s financial statements. The committee has requested a comprehensive report detailing the nature of the fraud, its financial impact and the corrective measures taken.
The audit also found that the ferry company lacked several key governance instruments, including an accounting manual, strategic plan, disaster recovery plan, training policy, overtime policy and guidelines governing payments to casual workers. Lawmakers said these deficiencies weaken accountability and expose the institution to operational and financial risks.
The committee said the recommendations are intended to strengthen governance, improve financial discipline and ensure the Gambia Ferry Services Company operates in line with accepted public financial management and corporate governance standards.