Abdoulie Jallow, the board chairperson of the Financial Reporting Oversight Board (FROB) of The Gambia, has said inadequate governance and low accountability cause poor delivery of essential services, stifle competitiveness, and restrict economic growth.
Mr Jallow made this statement today (Wednesday 29 Jan 2025) while speaking during the Gambia Financial Reporting Oversight Board inauguration of the Gambia Accounting, Auditing and Corporate Governance Standards Committee under section 66 (1) of the FR Act 2013, held at the Sir Dawda Kairaba Jawara International Conference Centre in Bijilo.
“It is worth mentioning that Public Interest Entities (PIEs) contributions in The Gambia’s economy is very significant in terms of contributions to GDP, creating jobs, and supplying essential services,” he said. “As a result, their performance has a direct impact on the social, political, and economic development of a country and on people’s everyday lives.”
He said FROB will continue to reach out to key stakeholders both locally and internationally to collaborate and to better execute its mandate. “We have signed an MOU with the Gambia Revenue Authority in this regard and today we will sign with PURA and FRC Nigeria,” he added.
According to him, the Financial Regulatory Commission (FRC) of Nigeria has supported FROB in its infancy and continues to open its doors for further collaboration. “We will continue to leverage on their experience in the months and years ahead,” he affirmed, extending gratitude to the Nigeria FRC for their invaluable assistance to FROB Gambia.
Chairman Jallow said the 2008 world financial crisis highlighted weaknesses in risk management, control, governance, statutory audit and regulation, which led to increased scrutiny of the respective roles in their institutions, especially Public Interest Entities.
FROB would ensure adherence by all PIEs and PIE auditors to the standards and regulations issued under the mandate of the Standards Committee, he said: “We seek the cooperation of all stakeholders as we begin this journey.”
He also said support from the Ministry of Finance and Economic Affairs “underscores the government’s unwavering commitment to this initiative” to fostering a resilient economy.
“To the Governor, Central Bank of the Gambia: FROB will forever be grateful to the Bank for the financial, logistical and moral support they continue to receive since inception,” he appreciated, calling on members of the Standards Committee to be fully committed to the task. “Your work will have a lasting impact on the financial landscape of our nation, setting a standard for generations to come,” he added.
He also thanked his colleagues and members of the FROB board for selecting him as chairman, saying he is grateful for the trust, confidence and unwavering support received. He applauded them for their “continued commitment and dedication” to FROB. “Together, let us continue to build a transparent, accountable, and resilient financial system that will serve as the cornerstone of sustainable growth and prosperity in The Gambia,” he encourages all and sundry.
