Finance Minister Outlines Repayment Plan for GTSC Bus Loan, Says Final Payment Due in 2030

By Fatou Sillah

The Minister of Finance and Economic Affairs has outlined the government’s repayment plan for a loan obtained from the Social Security and Housing Finance Corporation (SSHFC) to finance the procurement of 70 buses for the Gambia Transport Service Company (GTSC), with the final installment scheduled for October 2030.

Speaking before the National Assembly on Wednesday, the minister disclosed the repayment terms in response to a question from the National Assembly Member for Brikama South, who sought clarification on when repayments would begin and how the government intended to settle the debt.

According to the minister, the financing arrangement for the 70 buses accounts for 50 percent of the relevant loan settlement agreement, amounting to D563,779,771.50.

He explained that the government is required to repay the principal in 10 equal semiannual installments of D56,377,977.15, beginning on April 30, 2026, and concluding on October 30, 2030.

The arrangement also includes interest payments that will gradually decline as the outstanding principal is reduced.

The minister confirmed that the first installment, comprising both principal and interest, was originally due on April 30, 2026, but was paid on May 12, 2026, nearly two weeks after the scheduled date.

Asked how much of the loan had been repaid, he said the government had settled the first installment and maintained that the repayment arrangement was being implemented as planned.

The disclosure provides details of the government’s financial obligations arising from the bus procurement initiative, which was undertaken to strengthen GTSC’s fleet and public transportation services.