Gambia: Legislators Questions D1.2 Billion Gambia Ferry Service Liability Without Written Agreement

1 July 2026
FOROYAA Newspaper (Serrekunda)
By Kebba a.F. Touray

The Public Enterprises Committee (PEC) of the National Assembly has questioned a liability of more than D1.2 billion recorded by the The Gambia Ferry Services Company (GFSC), saying there was no formal written agreement to support the arrangement.

The issue is contained in the Committee's consolidated report on State-Owned Enterprises, which was tabled before the National Assembly on Tuesday, 30 June 2026, by the Committee Chairperson, Lamin J. Sanneh.

According to the report, an audit of GFSC's financial statements found that the company recognised a liability described as a GPA investment account amounting to D1,202,028,000.

The Committee said its review of the investment ledger showed that the liability relates to financial support provided by the Gambia Ports Authority to fund operational deficits and other commitments undertaken on behalf of GFSC, with an understanding that the ferry company would repay the funds in the future.

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However, auditors reported that they were not provided with any written agreement between GPA and GFSC to support the arrangement.

To address the matter, the Committee recommended that the Board and Management ensure that a formal written agreement is in place for the GPA investment account by the end of July 2026.

The report also raised concerns over uncleared suspense accounts. Auditors found that GFSC had an outstanding balance of D4,461,836.03 in its suspense ledger at the end of the financial year, which the Committee said is contrary to the requirements of the applicable accounting standards.

PEC recommended that the Board and Management clear the outstanding balance and ensure that all journal entries relating to the account are made available to auditors for review to improve the accuracy and reliability of the company's financial reporting.

The Committee further observed that GFSC recognised grant income of D5,386,500 and a deferred income liability of D5,386,000, but had no accounting policy explaining how such grants should be treated in its financial statements.

The report also noted the absence of an overtime policy, despite the company recording D4,348,000 in overtime allowance expenses during the period under review.

PEC recommended that management provide auditors with an approved overtime policy or stop paying overtime allowances until such a policy is developed.

In addition, the Committee found that GFSC paid D2,291,000 in wages to casual workers but had no internal policy governing those payments.

It recommended that the Board and Management develop a policy to regulate the payment of wages to casual employees.

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