19 November 2012

Gambia: Ocean Bay 100 Percent Owned By Social Security Bought and Refurbished for Over 400 Million Dalasi-What Benefit

On the 15th November 2012, the Social Security presented its activity report to the National Assembly PAC/PEC Committees. One of the issues mentioned is Ocean Bay which is one hundred percent owned by Social Security after investing over 400 Million Dalasi to purchase the ex. Mariatou's Beach Hotel and refurbished it.

The public want to know how much of the investment has been recovered so far and how long it would take to recover the rest.

Foroyaa will do a special edition on Ocean Bay and we hope the Social Security authorities will give us all the cooperation necessary to find out whether the investment was worth making. This should guide other investment plans for the Corporation which should shift to areas where investments could be recovered without delay. Risky investments that take long durations to be recovered or are not recoverable should be avoided.

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