Mr Buah Saidy secured his appointment as Governor of the Central Bank of The Gambia (CBG) and Chairman of the CBG Board of Directors with the backing of President Barrow, former Finance Minister Mambury Njie, and the economic cartel surrounding the Barrow administration. His appointment was primarily to facilitate questionable financial initiatives for President Barrow and his cartel—initiatives the previous CBG leadership had resisted, resulting in their removal. To do this, the Governor needed to fiddle with the governance structure.
Immediately after the existing board’s term ended, Governor Saidy seized the opportunity to restructure the Board of Directors, which serves as the oversight authority. By replacing departing members with former colleagues—some of whom were his seniors at the CBG or the Civil Service—he ensured their loyalty and gratitude, weakening effective governance oversight.
Under the CBG Act 2018, and in consultation with the Public Service Commission, the President appoints four individuals of notable standing and experience in financial matters to the CBG Board. Aside from the chairperson, each board member typically serves a two-year term and may be reappointed for a further term. Although the board meets at least once every three months, the Governor may call additional meetings as necessary. Leveraging these provisions, Governor Saidy made several recommendations to the President:
Mr. Ken Johm was appointed to the board on the Governor’s recommendation. During the Jawara era, when Governor Saidy was a fresh graduate, he served as acting director of the project planning and monitoring unit at the Ministry of Agriculture. He later joined the African Development Bank (AfDB), where he worked for over twenty years before retiring in 2019. He still consults for the AfDB.
Governor Saidy also recommended Mr. Alieu Demba. Mr. Demba had worked at the CBG, where he was one of Saidy’s seniors, before joining the International Monetary Fund (IMF). After more than 25 years at the IMF, he retired and returned to The Gambia, having obtained both his Bachelor’s and Master’s degrees in the United States.
We understand that two existing board members are planning to resign. While investigating the matter, we received a report stating, “The two CBG board members left the Financial Stability Sector Reports meeting on Tuesday, February 11th, shortly after Open Gambia publicised their continued presence on the board despite their terms having expired.”
One of those members is Ms Eudora Thomas, an accountant recommended to President Barrow under the influence of then-Finance Minister Mambury Njie. Not much is known about her work history or qualifications, but what is apparent is that she developed a close relationship with Governor Saidy, enabling her to overstay her term. Her prolonged stay calls her integrity into question and undermines her effectiveness in providing independent oversight of the Bank.
Governor Saidy also recommended another appointee, Mr. Ousman Sowe. Mr. Sowe previously served on the Board of Mega Bank until its acquisition and was once the Director of Banking Supervision when Governor Saidy was a Manager. He also worked as a financial and regulatory matters director at the West African Institute for Financial and Economic Management (WAIFEM) in Lagos. After his contract ended, he returned to The Gambia in 2017 and joined the Mega Bank board.
A CBG contact revealed that Under Governor Bakary Jammeh’s Governorship, Mr Ceesay, a former Director of Research at CBG, was already a Board member until his untimely demise in 2021. Ultimately, Governor Saidy chose Mr. Sowe, a longstanding associate he believed would be more compliant. Mr. Sowe’s penchant for wrongdoing was so well known that Governor Saidy could only consider him for a board position.
Follow the Open Gambia platform to uncover further details about the many deals Governor Saidy has spearheaded on behalf of President Barrow’s political agenda and for their financial gain. These endeavours were made possible once Governor Saidy secured control of the CBG Board and the bank’s entire governance system.
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