Government Resumes Repayment of D521.7 Million Debt to SSHFC, Aims to Clear Balance by 2030

By Fatou Sillah

The Gambian government has resumed repayments on its outstanding debt to the Social Security and Housing Finance Corporation (SSHFC), with plans to settle the remaining D521.7 million by December 2030, the Minister of Finance and Economic Affairs told the National Assembly on Wednesday.

The disclosure came in response to a question from the National Assembly Member for Banjul Central, who sought an update on the government’s financial obligations to the corporation, including D8.6 million incurred on behalf of the National Water and Electricity Company (NAWEC).

According to the minister, the government’s total outstanding obligations to SSHFC stood at D816,706,067 as of February 28, 2022.

He said the government had repaid D295,011,911 in principal by December 30, 2022, reducing the outstanding balance to D521,694,156.

The minister explained that the remaining debt had been restructured into 10 equal principal installments of D52,169,415.60 each, with repayments resuming on June 1, 2026.

“The repayment has been resumed on the 1st of June 2026,” he told lawmakers.

Under the revised repayment arrangement, the government is expected to make subsequent payments approximately every six months, with the final installment scheduled for December 2, 2030.

The repayment plan sets out a timetable for settling the government’s long standing financial obligations to SSHFC, which manages social security and housing finance programs in The Gambia.