Africa-Press – Gambia. A recent report by the National Assembly’s Public Enterprise Committee has revealed that The Gambia Multi Cellular Company Limited (GAMCEL), owes the Social Security and Housing Finance Corporation (SSHFC) a staggering D49,293,041.81.
According to the report, which analysed the activity reports and audited financial statements of State Owned Enterprises (SOEs) for the year ended 2021, Gamcel has been struggling to honour a payment plan agreed upon with SSHFC since 2017.
“The above amount is an outstanding loan balance payable to SSHFC. There was a payment plan since 2017 by which Gamcel agreed to pay GMD2 million monthly. It was observed that Gamcel failed to honour the agreed terms of the payment plan, as they were not consistent in their payment agreement,” the report highlighted.
The Committee’s report highlighted that this noncompliance may lead to reputational damage, making it challenging for Gamcel to secure loans in the future.
The Public Enterprise Committee also urged the board and management of Gamcel to take immediate action and adhere to the payment plan they agreed with SSHFC.
The Committee recommendation emphasises the need for Gamcel to prioritise its debt obligations and avoid further financial mismanagement.
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