Africa-Press – Gambia. The Gambia Ports Authority (GPA) on Friday presented an interim dividend payment of D100 million to the Government of The Gambia through the Ministry of Finance and Economic Affairs, marking a major milestone in the financial turnaround of State-Owned Enterprises (SOEs).
The official handing over ceremony was held at the Ministry of Finance in Banjul and attended by senior government officials, members of the State-Owned Enterprises Commission, and representatives of the GPA board and management.
Speaking at the event, the vice-chairperson of the SOE Commission Cecilia Baldeh, described the payment as a “highly significant achievement” that symbolises the positive transformation taking place within the country’s public enterprises.
“This D100 million dividend reflects GPA’s performance prior to the implementation of its recent concession agreement with Al-Bayrak group,” she said, adding that it represents tangible evidence of a gradual but clear shift from financial losses to gains that SOEs have achieved through governance reforms and operational efficiency.”
According to the Commission, total losses across the SOE sector, which stood at D2.7 billion in 2023, were reduced by 50 percent to D1.45 billion by the end of 2024. The vice-chair commended the GPA management and board for their cooperation and for setting a benchmark for other public enterprises.
“Being able to remit D100 million as an interim dividend drawn from the 2024 accounts especially at a time of fiscal constraints is a commendable achievement that underscores robust management,” she added.
In his statement, Ousman Jobarteh, GPA managing director described the dividend as a reflection of the Authority’s strong financial performance in 2024.
“This dividend underscores GPA’s recovery from a loss in the previous year,” he said. “Revenue rose by 10 percent to D1.86 billion, while net profit reached D344 million, marking a significant turnaround from the D97 million losses recorded in 2023.”
The managing director further revealed that the GPA’s total assets grew from D3.94 billion to D4.19 billion in 2024, while its low debt-to-asset ratio of 0.03 placed it most financially stable SOE.
He also reaffirmed GPA’s commitment to continuous investment in infrastructure, digital transformation, and operational efficiency to enhance regional competitiveness and sustain its role in national development.
“This payment represents about 29 percent of GPA’s net profit and demonstrates prudent financial management,” he added. “We are proud to contribute meaningfully to the national treasury while ensuring sustainable operations.”
Delivering the keynote address, the Minister of Finance and Economic Affairs, Seedy Keita hailed the GPA’s performance as “a testament to the renewed culture of accountability, transparency, and reform spreading across public institutions.”
“Entities like GPA are now capable of making contributions to the national treasury as a result of the SOE Commission’s consistent oversight and reform coordination,” the minister said. “This achievement clearly demonstrates the success of the government’s SOE reform programme.”
Minister Keita emphasised that under President Adama Barrow’s leadership, the government remains committed to transforming SOEs from liabilities into performing assets that contribute to national development.
“When we launched the SOE Commission in 2023, the President’s directive was clear to turn our SOEs into performing assets. Today, that vision is becoming a reality,” he said. “We will continue to ensure that all SOEs operate with efficiency, transparency, and accountability.”
The Minister commended the GPA management and staff for their resilience amid global economic challenges and reaffirmed the government’s support for continued reforms in the sector.
The ceremony concluded with the formal handover of the D100 million cheque, symbolising GPA’s enduring commitment to supporting the government’s fiscal and developmental objectives.
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