Minister of Finance Presents Audited Government Accounts for Three Fiscal Years

Seedy Keita, Minister of Finance & Economic Affairs

By Fatou Sillah

The Minister of Finance and Economic Affairs, Seedy Keita, on Monday laid before the National Assembly the Auditor General’s reports on the audited financial statements of the Central Government for the fiscal years ending 2021, 2022, and 2023.

“In fulfillment of the provisions of the Public Finance Act 2014, I have the honor to lay before this August Assembly the audited Government financial statement for the financial years ended 31st December 2021, 2022, and 2023,” Minister Keita stated.

The Finance Minister stated that the financial statements were prepared in line with the International Public Sector Accounting Standard (IPSAS) on a cash basis. He explained that the reports provide a comprehensive record of government financial operations for the respective years and reflect the administration’s continued commitment to transparency, accountability, and prudent management of public resources.

Presenting the 2021 results, the Minister reported that total government revenue stood at D16.4 billion, comprising D11.7 billion in tax revenue, D3.9 billion in non-tax revenue, and D796 million in grants. Expenditure for the year amounted to D21.7 billion, broken down as follows: D10 billion for government operations, D2.9 billion in transfers, and D3.4 billion in capital expenditure. The resulting financial gap, he noted, was financed mainly through domestic borrowing.

For 2022, government revenue rose slightly to D16.5 billion, consisting of D11.6 billion in tax revenue, D2.6 billion in non-tax revenue, and D2.3 billion in grants. Total expenditure for the year reached D21.6 billion, including D10.7 billion for government operations, D3.1 billion in transfers, D2.7 billion in capital expenditure, D2.6 billion in interest payments, D353 million in social benefits, and D2 billion in other expenses.

Highlighting the most recent results, the Minister said that in 2023, government revenue strengthened significantly, reaching D23.3 billion.“Government revenue strengthened significantly, reaching D23.3 billion, equivalent to 118% of the approved budget. Total expenditure amounts to D22.1 billion, broadly in line with the approved budget. These results demonstrate the government’s continued commitment to fiscal discipline, stronger revenue mobilization, and prudent expenditure management,” he said.

The Minister noted that presenting the financial statements to the National Assembly reaffirms the government’s commitment to strengthening public financial management, enhancing accountability, and ensuring that national resources are utilized efficiently for the development of The Gambia.

The Member for Old Yundum moved that the reports be referred to the Finance and Public Accounts Committee (FPAC) for detailed scrutiny, further requesting that the Auditor General be authorized to publish the reports for public access pending FPAC’s review. The motion was duly seconded and approved by the Assembly.