The Central Bank of the Gambia (CBG), once a symbol of stability and integrity, has been marred by scandals that have eroded public trust and tarnished its reputation. To restore confidence and ensure good governance, the Governor of the CBG, Buah Saidy, MUST resign immediately. This would allow for a thorough, independent investigation and comprehensive reforms.
The CBG has faced numerous allegations of corruption and mismanagement, starting from the Janneh Commission of Inquiry revelations, which exposed endemic corruption during the Jammeh regime. Unfortunately, under the Barrow administration, these issues have not only persisted but intensified. Reports of financial misconduct and governance failures have become alarmingly frequent, particularly since the appointment of Governor Buah Saidy.
Recent developments have underscored the deepening crisis. The arrest of a CBG staff member allegedly involved in fraud and suspected money laundering has brought the institution’s integrity into further disrepute. This incident adds to a growing list of scandals that have shaken public confidence and raised serious questions about the bank’s governance and accountability mechanisms.
The central bank, a cornerstone of The Gambia’s economic stability, now faces a governance crisis. Accusations of incompetence, weak oversight, and corruption have left the institution vulnerable. Comparisons are now being drawn to the worst periods of the Jammeh era—a damning indictment of the current leadership’s failure to uphold the standards expected of such a critical institution.
The integrity of the CBG has been compromised to such an extent that its ability to manage the country’s monetary policy and foster economic growth is in doubt. Losing trust among the Gambian public and international stakeholders is a significant setback to national development efforts.
Immediate and decisive action is required to restore the CBG to its former glory and ensure it meets international standards. Governor Buah Saidy MUST resign to facilitate an independent and unbiased investigation into the bank’s operations. This step is crucial to establish accountability and rebuild trust in the institution.
The current board, under whose tenure these scandals have occurred, must also be dissolved. This will ensure a clean slate and provide an opportunity to reconstitute a governance structure prioritising transparency, integrity, and professionalism.
An independent and credible investigation is essential to uncover the root causes of corruption and governance failures within the bank. Such an investigation should also scrutinise the source of funds linked to the arrested staff member, shedding light on any deeper systemic issues.
Comprehensive reforms must be followed to align the bank’s management and operational systems with international best practices. The CBG can draw valuable lessons from the exemplary leadership during the First Republic, particularly under Governors like the late Hon. Shrieff Saihou Ceesay and Tom TSS Senghore, whose tenures were characterised by unparalleled professionalism and integrity.
The CBG plays a pivotal role in shaping The Gambia’s economic trajectory. Restoring trust and credibility is not only a matter of public interest but also a prerequisite for creating a conducive environment for sustainable economic growth and national development.
The Open Gambia Platform has launched an investigation into the ongoing saga to uncover the source of the funds with the arrested CBG staff and will report its findings soon.
Gambians deserve a Central Bank that embodies the values of integrity, professionalism, and good governance—qualities that have been lost under the current leadership.
The time to act is now. Only decisive measures can salvage the CBG from its current state and set it on a path toward reclaiming its reputation as a trusted institution.
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