Gambia takes interest in Seychelles’ state-owned enterprises oversight – The Point – The Point

This comes after a 10-member delegation fromthe Gambiarecently completed a visit to the island nation, where the aim was to learn from theexperience of the island state'sPublic Enterprise Monitoring Commission(PEMC).

On Friday afternoon, the delegation, along with the CEO of PEMC, George Tirant, met with the media, to give details on the visit, where Abdoulie Jallow, the permanent secretary at the Ministry of Finance and Economic Affairs ofThe Gambia, explained that they have identified a number of things that would help them.

What we have noticed is that in Seychelles, the level of compliance from these SOEs is very high, which shows good oversight, while the SOEs are also profitable, which is what we want to see in The Gambia, said Jallow.

He added: If oversight is weak, it will affect the performance of the SOE and even their financial ability, which is why, we must ensure they perform according to expectations.

The establishment of a monitoring commission for SOEs in Gambia was expected to come after the Truth, Reconciliation and Reparations Commission in the country made the recommendation to the government to come up with new legislation to oversee SOEs.

These recommendations are part of a number of reforms being undertaken in the country, since 2016, as part of efforts to stabilise the country, Jallow added.

The Gambiahas 13 SOEs and they were pointed in the direction of Seychelles by the International Monetary Fund (IMF), as the country they could learn from, as a model of where the oversight of SOEs is concerned.

The CEO of PEMC, Georges Tirant, explained that this is not the first time that PEMC has been visited by other nations who want to learn from them, as such recommendations from IMF are a testament to the work they are doing to ensure local SOEs perform to an acceptable level.

We also had a team from Eswatini recently who met us virtually, in a bid to learn from us, but this visit is not a one-way thing as we are also able to learn from them, added Tirant.

Compared toThe Gambia, Seychelles currently has 27 SOEs and the delegation also visited some of them, to see their operations, while they also met with the office of the Auditor General and the Procurement Oversight unit.

The Gambian delegation will now work on the plans for establishing their commission, which they would present to the National Assembly soon for approval.

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Gambia takes interest in Seychelles' state-owned enterprises oversight - The Point - The Point