Publications / Reports

2023 Budget Policy Dialogue Report
2023 Budget Policy Dialogue Report

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2023 Citizens' budget Report
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2024 Approved Budget Adopted by Law

CASH ALLOCATION FOR THE MONTH OF OCTOBER 2023
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NEWSLETTER: The Economy-Volume 4

END OCTOBER 2023 EXPENDITURE REPORT
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2024 BUDGET SPEECH
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GOVERNMENT’S DECEMBER 2023 - FEBRUARY 2024 ISSUANCE CALENDAR
GOVERNMENT’S DECEMBER 2023 - FEBRUARY 2024 ISSUANCE CALENDAR

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2023 THIRD QUARTER STATISTICAL DEBT BULLETIN
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2023 THIRD QUARTER STATISTICAL DEBT BULLETIN

DRAFT ESTIMATES OF REVENUES AND EXPENDITURES 2024_PART 3
DRAFT ESTIMATES OF REVENUES AND EXPENDITURES 2024_PART 3

ESTIMATES OF REVENUE AND EXPENDITURE_PART 3

DRAFT ESTIMATES OF REVENUES AND EXPENDITURES 2024_PART 2
DRAFT ESTIMATES OF REVENUES AND EXPENDITURES 2024_PART 2

DRAFT ESTIMATES OF REVENUES AND EXPENDITURES 2024_PART 2

DRAFT ESTIMATES OF REVENUES AND EXPENDITURES 2024_PART 1
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END SEPTEMBER 2023 EXPENDITURE REPORT

END SEPTEMBER 2023 EXPENDITURE REPORT

Project implementation brief for first half of 2023
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Republic of The Gambia  National Public - Private Partnership Policy 2023
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State- Owned Enterprises Operational &  Financial Report Fiscal  Year 2022
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2022 SOE QUARTERY REPORT  2022 SECOND  QUARTER SOE  FINANCIAL REPORT

FIRST QUARTER SOE  AGGREGATE FINANCIAL  REPORT 2022
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FIRST QUARTER SOE AGGREGATE  FINANCIAL REPORT  2022

GOVERNMENT OF THE GAMBIA OF THE GAMBIA  BUDGET PERFORMANCE REPORT - POVERTY FOR END OF YEAR 2023
GOVERNMENT OF THE GAMBIA OF THE GAMBIA BUDGET PERFORMANCE REPORT - POVERTY FOR END OF YEAR 2023

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GOVERNMENT OF THE GAMBIA OF THE GAMBIA  BUDGET PERFORMANCE REPORT - POVERTY FOR END OF YEAR 2023
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GOVERNMENT OF THE GAMBIA OF THE GAMBIA  BUDGET PERFORMANCE REPORT - POVERTY FOR END OF YEAR 2023
GOVERNMENT OF THE GAMBIA OF THE GAMBIA BUDGET PERFORMANCE REPORT - POVERTY FOR END OF YEAR 2023

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Gambia Printing and Publishing Corporation (GPPC) Auditor's Report and Financial Statements for the year ended 31 st December 2020
Gambia Printing and Publishing Corporation (GPPC) Auditor's Report and Financial Statements for the year ended 31 st December 2020
State - Owned Enterprises Quarterly Report 1st Quarter 2023
State - Owned Enterprises Quarterly Report 1st Quarter 2023

State - State - Owned Enterprises Quarterly Report 1st Quarter 2023

GPPC 2020 AUDITED FINANCIAL STATEMENTS
GPPC 2020 AUDITED FINANCIAL STATEMENTS

Gambia Printing and Publishing Corporation (GPPC) Auditor's Report and Financial Statements for the year ended 31 st December 2020

Gambia Printing and Publishing Corporation (GPPC)

Auditor's Report and Financial Statements

for the year ended 31 st December 2020

Contents                                                    Page

General information                                                                         4

Directors' report                                                                    5

Report of the Independent Auditors                                           7

Income statement                                                                          10

Balance sheet                                                                                                                                                                                                              11

Statement of changes in equity                                                  13

Cash flow statement                                                                      14

Notes to the financial statements                                              15

Five Year Financial Summary         

Year ended 31 December 2020

All amounts in the nearest Gambian Dalasi unless otherwise stated

 

                                                                                                  2020              2019              2018                                                                              2017              2016

Balance sheet                                                                                                            D

Assets

Non-current assets

 

92,776,647

Property, plant and equipment

Intangible assets Total non-current assets

Current assets

Inventory

Other receivables

Trade and staff debtors  

Cash and cash equivalents Total current assets

Total assets

Equity and liabilities

Share capital

Retained earnings

Revaluation reserve

Total capital and reserves

Liabilities

Non-current liabilities

Loans

 

10,752,445

10,453,319

Total Non-current Liabilities                                                                       10,453,319

Current liabilities

Bank overdraft

Other payables

Corporation tax

Value Added Tax

Loans

Total current liabilities

Total liabilities

Total equity and liabilities

Income Statement

Revenue

Cost of sales

Gross profit

Personnel costs

General and administrative expenses

Depreciation

Amortisation

Operating profit/(loss) Net financing cost

Loss before taxation

Income tax expense

Loss for the financial year

 

Publishing Corporation (GPPC)

For

December 2020

2


 

 
 

Financial Highlights

 

2020

2019

Post tax loss (GMD)

(1,479,674)

(7,578,798)

Unimpaired capital (GMD)

83,088,704

Net current assets (GMD)

(18,510,045)

(10,664,877)

Management expenses to income ratio (%)

22%

31%

Staff/personnel costs to income ratio (%) Liquidity Rations

38%

38%

Quick Ratio/Acid Test Ratio (GMD)

0.57

             0.65

Current Ratio (GMD)

0.72

0.81

Times Interest Earned Ratio (times) Solvency Ratios

0.63

1.01

Debt to Equity Ratio

92%

77%

Equity Ratio

52%

56%

Debt Ratio

Efficiency Ratios

48%

44%

Accounts Receivables Turnover (times)

2

2

Asset Turnover Ratio (%)

26%

27%

Inventory Turnover Ratio (Times)

1

2

Days' Sales in Inventory (days) Profitability Ratios

276

242

Gross Margin Ratio (%)

73%

68%

Profit Margin ratio (%) Return on Assets (%)

-3.56%

-18%

Return on Capital Employed (%)

2.14%

-4.20%

Return on Equity (%)

Market Prospect Ratios

-2%

-9%

Earnings per share (GMD)

(0.15)

(0.76)

Price Earnings P/E Ratio

(107.59)

(20.06)

Publishing

For                                December

 General Information

Directors

Mr. Kawsu K. Darboe (Chairman)

Mrs. Sukai Mbye Bojang (Vice Chairperson)

Mrs. Amie Njie Joof (Ex-Officio, representative of MOICI)

Mrs. Toulie Jawara (Ex-Officio, representative of Solicitor General)

Mr. Ismaila Bah (Ex-Officio, representative of MoFEA)

 

Managing Director and Board Secretary

Mr. Momodou Ceesay

Registered Office

Manadi Manyang Highway

Kanifing Industrial Estate

KMC

The Gambia

Auditors

HAD&Co

Audit. Tax. Advisory Registered Auditors

Senegambia Highway

The Gambia

Bankers

Trust Bank Limited

3/4 Ecowas Avenue

Banjul

The Gambia

Arab Gambia Islamic Bank Limited

Becca Plaza

Ecowas Avenue

Banjul,The Gambia

Skye Bank (Gambia) Limited

Kairaba Avenue

KSMD

The Gambia

Publishing

For

Solicitors

Mr Abdoulie Fatty

Ecobank Bank (Gambia) Limited

Kairaba Avenue

KSMD

The Gambia

Zenith Bank (Gambia) Limited

Kairaba Avenue

KSMD

The Gambia

FIB Bank (Gambia) Limited

Kairaba Avenue

KSMD

The Gambia

4

 

Directors' Report

The Directors present their report and financial statements for the year ended 31st December 2020.

State of Affairs

The state of the Company's affairs at 31st December 2020 is set out in the attached financial statements.

Statement of Directors' responsibilities

Company law requires the directors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Company and of its profit or loss for that period. In preparing those financial statements, the directors are required to:

 select suitable accounting policies and then apply them consistently;  make judgements and estimates that are reasonable and prudent;  state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;  prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2013. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activities

The principal activity of the GPPC is the provision of printing and publishing services at an affordable cost to the Government, Private Sector and general public at large. Also, involved in the distribution of text books and other materials to schools, especially primary and junior secondary schools throughout the country and provide support services to education, assisting schools and non-formal education sector.

Employees

The number of employees and the cost associated with these employees is as detailed in note 5.

Results for the year and dividend

The results of the company are detailed in the accompanying financial statements.

The Directors did not recommend the payment of dividend (2019: D Nil).

Publishing

For

 

Fixed Assets

Fixed assets are as detailed in note 15 of the financial statements. The directors are of the opinion that there has not been any permanent diminution in the value of the fixed assets. As a result, a provision for impairment has not been deemed necessary.

Post balance sheet events

There were no significant events since the year-end, which could affect the results or financial position of the company.

Going concern

The Directors have assessed the company's ability to continue as a going concern and have no reason to believe the company will not remain a going concern in the year ahead.

Directors and their interest

The members of the board are detailed on page 3. None of the director had interest in the shares of the company.

Auditors

The Corporation's external auditors, HAD & Co - Audite Taxation, Advisory, as appointed through the National Audit Office The Gambia, and this is their second year of the Audit.

 
 

By order of the Board

Secretary...

Date2022

Publishing

For

j s

To the Members of Gambia Printing and Publishing Corporation (GPPC)

Opinion

In our opinion, the accompanying financial statements give a true and fair, view of its financial performance and its cash flows for the year then ended in accordance with Generally Accepted Accounting Principles (GAAP) and have been properly prepared in accordance with the GPPC Act.

Basis for opinion

 

 
 

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Entity in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements fin The Gambia, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IÉSBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to prqvide a basis for our opinion.

Material Uncertainty Related to Going Concern

We draw attention to Note 26 in the financial statements, which indicates that the Corporation incurred an operating loss before tax of D 1,479,674 and D7,168,369 during the years ended 31st December 2020 and 31st December 2019 respectively. Also, as of that date, the Company is in. a net current .liability position of D18,510,045 and negative retained earnings of As stated in Note 26, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Corporation's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Befril Harding Highway,                                                 Serrekwnda, TheGambia,                                                                                             798916419093748

Other Information

Management is responsible for the Other information. The other information comprises the General Information and Report of the Directors as required by the GPPC Act. The other information does not include the financial statements and our auditor's report thereon. Our opinion on the financial. statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility 'is to read the other information and, •in doing so, consider •whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we concluded that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

 

 
 

Management is .responsible for the preparation and fair presentation of the financial statements in accordance with GÄAP and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, in preparing the financial statements, management is responsible for assessing the Corporation's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accountingunless management either intends to liquidate the Entity or to cease operations, or has no realistig alternative but to do so. Those charged with governance are responsible for overseeing the Corporation's financial reporting process.

Auditor's Responsibilities for Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with l$As will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate,.they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Berfll Uardtng     Serrekundc„ The, Cam!bäa,         4466020 7989164 1909374 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a materialr uncertainty exists related to events or conditions that may cast significant doubt on the Entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinions Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Entity to cease to continue as a going concern.

 

 
 

Evaluate the overall presentation, structure and content of the financial statements, •including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit .firidings, including any significant deficiencies in internal control that we identify during our audit.

HAD & co

CharterediAccountants and Business Advisers

RegisteredAuditors

Kerr Serigne, The Gambia

 

            Date•                                                                        2022

Bern Harding Highway,                                            Serrekunda, The Gambig,                                                                                   0166020 7989164 9093748

 

Income Statement for the year ended 31 st December 2020

Revenue

Cost of sales

Gross profit

Personnel costs

General and administrative expenses

Depreciation

Amortisation

Operating Profit/(Loss)

Net financing cost

Loss before taxation

Income tax expense

Loss for the financial year

                                    31st Dec.            31st Dec.

2020  2019 Notes      D

3 41,539,971 41,042,831 4 (11,379,058) (12,990,445)

28,052,386

(15,691,405)

(9,259,287)

(3,402,496)

(32,292)

(15,755,142)

(12,638,433)

(3,263,867)

5

6

10

11

                                    1,775,432       

  1. (2,839,706)         (3,563,314)

  1. (1,064,274)         (7,168,370)
  2. (415,400) (410,428)

                                    (1,479,674)        (7,578,798)

 

The attached notes form part of these financial statements.

Balance sheet

 

 

31st Deco

31st Dec.

 

 

2020

2019

Assets

Non-current assets

Notes

DOOO

DOOO

Property, plant and equipment

10

Intangible assets

 

129,168

161 ,460

as at 31 st December 2020

Total non-current assets

Current assets inventory         12

 

               
       
 
 

Other receivables                                                                          13

Trade and staff debtors           14 Cash and cash equivalents 15

Total current assets

Total assets

Equity and liabilities

Share capital                                                                                   16

Retained earnings

Revaluation reserve                                                                      17

Total capital and reserves

Liabilities

Non-current liabilities                                                                180

Total Non-current Liabilities

 

The attached notes form part of these financial statements.

Balance sheet cont.

as at 31stDecember 2020

 

 

31st Dec.

31st Dec.

Current liabilities

Notes

2020

2019

Bank overdraft

15

Other payables

19

28,403,537

Corporation tax

9

 

 

         Value Added Tax                                                                             20

         Loans                                                                                              -18b

Total current liabilities

76,111,523

66,213,652

 

 

159,200,227

152,039,453

Total liabilities

Total equity and liabilities

1 The financial statements were approved by the Board of Directors on.14...202P-and were signed on its behalf by:

          Director  Director

The attached notes form part of these financial statements.

Statement of changes in equity

for the year ended 31st December 2020

 

Share

Revaluation

Retained

 

 

Capital

Reserve

Earnings

Total

Balance as at 1st January 2019

Correction of 2018 omission/system

75,494,942

2,856,596

88,351,538

adjustment(Note 25a)

 

 

(2,193,661)

(2,193,661)

Prior Year Adjustments (Note 16)

Opening balance difference

 

 

7,246,722

7,246,722

Loss for the year

 

 

(7,578,798)

(7,578,798)

Transfers (Note 15)

 

(156,223)

156,223

 

 

Balance as at 31st December 2019                                               75,338,719                                                                                                                        487,082

Balance as at 1st January 2020

Adjustment for 2019 Depreciation

 

       
   
 

       
   
 

Prior Year Adjustments/System Adjustment

Loss for the year

Transfers (Note 15)

Balance as at 31st December 2020

The attached notes form part of these financial statements

 

Cash flow statement

for the year ended 31 st December 2020

 

 

 

31st December

31st December

Reconciliation of operating profit to cash flow from operating activities

Notes

2020

2019

Operating loss before tax

Adjust for non-cash items

 

(1,064,274)

Add: Depreciation charges

10

3,402,496

3,263,867

Add: Amortisation charges

 

32,292

 

Add: Finance costs

 

2,839,706

3,563,314

Adjustment for prior year

 

(1,390,823)

(2,193,661)

Increase in inventory

 

 

Other receivables & Advance payments

 

(5,731,920)

Increase in Trade and staff debtors

(7,106,486)

Increase in Trade payables

11,344,635

3,405,831

increase in Tax payable & VAT

5,420,953

 

12,701,528

 

income tax paid

(415,400)

(5,344,224)

Interest paid

(2,839,706)

(3,563,314)

        Prior year- Depreciation                                              133,400

3,952,797

                                                                                                                        (910,370)                                                                                                                        (105,493)

Cash flows from operating activities                                                       9,446,422                                                                                                       

Investing activities

 

(161,460)

(14,268,647)

Purchase of property, plant and equipment                   10                        (8,841,986)

Purchase of intangible assets

Cash flows from investing activities                                                     (8,841,986)

Financing activities

 

           
     
 

       
   
 

 
 

Increase in Long Term Loan                                             18                        (8,566,112)

Cash flows from financing activities                                                     (8,566,112)

Net increase in cash and cash equivalents                                          (7,961,676)

Cash and cash equivalents at 1 January                                                 5,332,173

Cash and cash equivalents at 31 December                                       (2,629,503)

The attached notes form part of these financial statements.

                                   and                                              (GPPC)

14

< >Corporate informationThe Gambja Printing and Publishing Corporation was Established by an act of parliament as a public enterprise in 2006. The corporation is the result of a merger of former Book Production and Material Resources Unit (BPMRU) under the Ministry of Basic and Secondary Education charged with the responsibility of providing educational materials (i.e. teachers guide, pupils texts books etc.) for the ministry and National Printing and Publishing Corporation (NPPC) under the central government responsible of providing all necessary printing materials such as Government Tax Receipts (GTR), other revenue materials for both central, local and other government departments and agencies. The registered address of the office is Mamadi Manjang Highway, Kanifing Indutrial Area, Kanifing, KMC.

 

The principal activities of the GPPC is the provision of printing and publishing services at an affordable cost to the Government, Private sector and general public at large. Also, involved in the distribution of text books and other materials to schools, especially primary and junior secondary schools throughout the country and provide support services to education, assisting schools and non- formal education sector.

< >Principal Accounting Policies

 

 
 

The following accounting policies have been applied consistently in dealing with items, which are considered material to the Corporation's financial statements.< >Statement of compliance and Basis of PreparationThe financial statements have been prepared in accordance with Generally Accepted Accounting Principles and the GPPC Act 2006.

 

< >Revenue recognitionRevenue is measured at the fair value of the consideration received or receivable.

 

The Corporation recognised revenue when it is probable that the economic benefits from the sale will flow to the Corporation, the revenue and costs can be measured reliably and significant risks and rewards of ownership of the goods have been transferred to the buyer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Corporation and the amount of income can be measured reliably. Interest income is accrued on a timely basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

the

(c) Property, plant and equipment

Owned assets

Items of property, plant and equipment are stated at cost less accumulated depreciation.

Depreciation

Depreciation of fixed assets is calculated and charged to the income statement on a straight-line basis by reference to the expected useful lives of the assets at the following rates:

          Buildings                                                                                    2.50%

Plant & Machinery             5% Motor Vehicles        20%

         Computers & Other office equipment            

Furniture, fixtures & Fittings    20% Generators 10%

Land is not depreciated.

 

 
 

The estimated useful lives, residual values and depreciation method are reviewed at each year end, with the effect of any changes in estimate accounted for on a prospective basis.

The gain or loss arising on the disposal or retirement of an item of property and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement.

Subsequent expenditure

Expenditure incurred to replace a component of an item of property and equipment that js accounted for separately, including major inspection and overhaul expenditure, is capita!ised. Other subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the item of property and equipment. All other expenditures are recognised in the income statement.

Revaluation

Revaluation of property and equiprnent is not compulsory. Assets which are carried at revalued amounts are revalued at most every five years. Any revaluation gain is taken to a revaluation reserve in equity except when there is a revaluation loss which has been taken to the income statement. The surplus is charged to the income statement to the extent of reserving the previous loss. However, revaluation loss is charge to the income statement except if there is a surplus which was taken to equity. The revaluation loss is charged to equity to the extent of the surplus.

(d) Intangible assets - quickbooks software

Software acquired by the Corporation is classified as an intangible asset and is measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognized in net income and is provided on a straight-line basis over the estimated useful life of the assets as follows:

      Software                                        25%

Amortisation methods, useful lives and residual values are reviewed annually and adjusted if necessary.

Subsequent expenditure on software assets is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. Ail other expenditure is expensed as incurred.

Software is derecognised on disposal or when no future economic benefits are expected from its use. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is recognised in other operating income in the income statement in the year the asset is derecognised.

< >Impairment of tangible assets

 

 
 

At each reporting date, the Corporation reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment ioss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Corporation estimates the recoverable amount of the cash-generating unit, typically the development project, to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cashgenerating units for which a reasonable and consistent allocation basis can be identified.

Recoverable amount is the higher of fair value {ess costs to sell and value in use, In assessing value in use, the estimated future cash flows are discounted to their present va!ue using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the income statement, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

  1. Inventory

Inventory is measured at the lower of cost and net realisable value. The cost of inventory is based on the first-in, first-out principle.

NRV is the estimated selling price in the ordinary course of the business, based on market prices at the reporting date and discounted for the time value of money if material, less estimated costs of completion and the estimated costs necessary to make the sale.

  1. Trade and other receivables

Trade and other receivables are recognised at their original invoiced value except where the time value of money is material, in which case receivables are recognised at fair value and subsequently measured at amortised cost. A provision is made when there is objective evidence that the Corporation will not be abie to recover balances in full. Balances are written off when the probability of recovery is assessed as being remote.

  1. Cash and short-term deposits

Cash and short-term deposits in the balance sheet comprise cash at bank and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value. For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Corporation's cash management.

  1. Interest bearing loans

Interest bearing loans and borrowings are recognised initially at fair value, net of transaction costs incurred. Subsequent to initial recognition, interest bearing borrowings are measured at amortised cost using the effective interest method. Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalised as part of the cost of the asset. Ail other borrowing costs are expensed in the period they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.

  1. Other payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.

  1. Employee benefits

Obligations for contributions to Social Security Housing Finance Corporation administered retirement benefit plan are recognised as expense in the income statement as incurred.

  • Provisions

A provision is recognised in the balance sheet when the Corporation has a legal or constructive obligation as a result of a past events, and it is probable that an outflow of economic benefits will be required to settle the obligation.

  1. Foreign currency

Transactions jn foreign currencies are translated to Dalasi at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated to Dalasi at the exchange rate ruling at that date. Exchange differences arising on translation are recognised in the income statement.

  • Income tax

Income tax on the profit or turnover for the year comprises current tax and is recognised in the income statement.

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date. Current income tax relating to items recognised directly in equity is recognised in equity and not in the statement of profit or loss. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

 
 

Contingent liabilities and contingent assets

A contingent liability is a possible obligation that arises from past events and whose existence witl only be confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company. It can also be a present obligation arising from the past events that is not recognized because it is not probable that outflow of economic resources will be required, or the amount of obligation cannot be measured reliably.

Contingent liabilities are not recognized but are disclosed in the notes to the accounts. When a change in the probability of an outflow occurs so that outflow is probable, it will then be recognized as provision.

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company. Contingent assets are not recognized but are disclosed in the notes to the accounts when an inflow of economic benefits is probable. When an inflow is virtually certain, an asset is recognized.

(p) Related parties

For the purposes of these financial statements all fellow subsidiaries and associated companies, key management personnel and Board members, together with the close members of their families in each case and with companies controlled by them, are considered and referred to as related parties. A number of transactions are entered into with related parties in the normal course of business. A detailed breakdown of related party transactions and balances outstanding at the year-end is provided in Note 23.

  1. Revenue      2020

D

Government

28,238,408

Area Councils

4,315,475

3,801,690

        Private                                                                                                    1,412,928

        Parastatal                                                                                               

        Sales of Publications                                                                               3,886,198

        Others        68,600                                                                                                       178,580

41,539,971

41,042,831

8,603,732

12,289,429

13,095,937

(8,603,732)

12,990,445

  1. Cost of Sales

Opening Stocks of Printing Materials

Add: Purchases of Printing Materials

Less: Closing Stocks of Printing Materials

  1. Personnel costs

The average number of staff employed (including directors) during the year, analysed by category was as follows:

Numbers

Directors      3 3 Management 7 7

        General            123                                                                                                                112

                                                                                                                                 133                                                                                                                                 122

 

 
 

Costs

Basic Salary

6,290,156

6,203,681

Residential Allowance

2,639,500

Responsibility Allowance

705,500

725,500

Professional Allowance

610,500

544,000

Car Allowance

180,000

178,000

Telephone Allowance

277,250

288,750

Transport Allowance

2,236,200

HD Allowance

409,800

411,000

Employer's Social Security Con.

1,947,249

1,988,924

Acting/Charge Allowances/drawback

17,205

103,418

Gratituty

154,974

85,168

Staff Overtime

223,072

364,201

                                                                                                                      15,691,405                                                                                                                      15,755,142

(GPPC)

2020

 

 

 

December

December

 

 

2020

2019

6

Administrative expense

 

 

 

Water & Electricity

848,796

1,564,649

 

Fuel & Lubricants

1,254,727

1,314,446

 

Repairs & Maintenance

1,118,932

 

Office stationery/Pinting/Photocopying

54,819

36,710

 

Local/overseas Travel

147,949

622,242

 

Telecommunication Cost/mobile

298,586

348,787

 

Publicity/ Promotion & Advertising Cost

435,330

620,291

 

Staff Training

416,405

525,506

 

Donation & Contribution (Corporate Social Resp.)

173,000

11,340

 

Board Incentives

340,400

335,400

 

General office expenses

278,571

350,725

 

Audit fee

207,000

156,000

 

Medical Welfare

894,243

1,190,892

 

May Day

 

448,595

 

NISA Football

10,000

 

 

Consultancy/Other Fees

139,430

531,350

 

Staff Uniform

o

100,515

 

Freight and Shipping Costs/custom fee

64,366

302,425

 

Provision for irrecoverable debt

1,687,282

1,687,282

 

Write off

o

284,016

 

Internet Services

540,288

228,960

 

Council Rate and Trade Licence

                 132,174       

154,136

 

Insurance/Road Tax and Licence

216,989

253,191

             9,259,287          

6.1

Board incentives

 

 

Chairman

                   60,000                  60,000

 

Vice Chairman

                   48,000                  48,000

 

Managing Director

                   36,000                  36,000

 

Other Members

 196,400                  179,100

                 340,400                323,100

  1. Finance costs

Interest on Lease/Bank Interest on purchase of Vehicle

Bank Service Charges:

AGIB

ECO Bank

Trust Bank Zenith Bank

Skye Bank

FiBank

 

659,587

6,053

333,129

139,692

106,302

2,300

1,592,644

1,520,860

10,619

536,563

44,286

345,535

1,000

1,104,452

2,839,706

3,563,314

207,000

340,400

156,000

335,400

547,400

 

 
 

Interest charge on Paper for exercise bk/Cover printing machine
  1. Profit before taxation

Profit before taxation is stated after charging:

Auditors' remuneration

Directors' remuneration

Gambia                 and                   Corporation

Financial

For the year                                      2020

  1. Income tax

Expense/charge

Taxation at 1% of total revenue

              (2019: 1% of total revenue)                  

Tax on the corporation's total revenue for the year ended agrees with the theoreticat amount that would arise

 

using the basic tax rate as follows:

Turnover and other income

Tax calculated at a rate of 1% of turnover

(2019: 1%of turnover)

Reconciliation of effective tax rate

income tax using the domestic tax rate

Corporate tax payable

Balance at the beginning of the year

Provision for Corporation Tax

Less: Amount paid during the year

Balance at the end of the year

(GPPC)

2020

41,539,971           41,042,831

     415,400                 410,428

December        31st December

           2020                    2019

           1               1

                 o            

       415,400               410,428

    (415,400)         (5,344,224)

 

 

           
     

 

                                                                                                                                                                  31st                                                                                                                                                                   31st

D

11

Inventory

 

 

 

Materials

7,909,301

6,888,277

 

Publications

1,604,802

1,715A55

                Provision for slow moving & damaged stock             

12 Other receivables

Payment in advance- Printing Materials (note 13a)

Payment in advance- White Paper Rolls (note 13b)

13a Payment in advance- Printing Materials

The Corporation entered in to a contract with Procurevis International (UK) Ltd in 2016 to procure printing materials. The corporation paid 75% of the invoice in advance but the supplier defaulted in supplying the materials as per contract terms and conditions. Management terminated the contract after consultation and approval of the board of directors. Legal action has been initiated by the Corporation ts solicitor to recover the amount. The supplier provided collateral in the form of landed property with title documents deposited with the Corporation. Management is confident that the market value of the collateral is in excess of the advance paid.

13b Payment in advance- White Paper Rolls

The Corporation entered into a contract to procure 100 metric tons of white paper roll 70/80gsm from Penta International Trading Limited based in Turkey in September 2019. An advance payment of D5,731,920 was made in accordance with the contract terms and conditions. However, these consigment of papers were not delivered by the supplier as at the end of the financial year.

 

       27,114,357            20,291,886

Write off

(284,015)

Provision for doubtful debts

       (1,687,282)            (1,687,282)

       25,427,075            

14 Trade Receivables

Trade receivables

26,327,374

19,351,825

Staff debtors

786,983

940,061

The provision relates largely to non-government jobs that were outstanding for over 3 years and continues to be a challenge in recovering them. We did not provided for most of the Government related debts because we are confident that these debts will eventually be paid to the Corporation. Management is enagaging the Government to ensure that these debts are recovered in the near future.

The write off relates to cancelled jobs relating to prior periods of which revenue was recognised.

IS Cash and cash equivalents

Bank balances Undeposited fund Cash in hand

Bank overdrafts

                 Cash and cash equivalents in the                                    (4,398,637)                                                                                            (2,700,242)

                     Statement of cash flows                                           

  1. Share capital

The total authorised number of ordinary shares at year end  (2019: 10,000,000) with a par value of DI per share (2019; D 1 per share).

All issued shares are fuliy paid.

  1. Revaluation reserve

Cityscape Associate, an independent appraiser, valued the Mamadi Manjang complex and MDI Road Annex land, buildings, plant and machinery and other equipment as of October 2011. Their revaluation was based on the observed asset conditions and asset replacement cost by reference to market evidence of recent transactions for similar properties and replacement cost estimation methodologies. Replacement cost estimates are based on estimated cost of Equivalent Assets (EA) and estimating the residual asset value from the EA cost, useful life and age of existing assets (Depreciated Replacement Cost Methodology).

 

 

31st December

315t December

 

 

2020

2019

18

Total Loans

 

 

 

Purchase of Exercise Book Printing Machine- Agib loan

14,558,535

11,526,734

 

Paper for Exercise Book Printing Machine- Sky bank loan

4,900,956

13,571,428

 

Short Term Bank Facility

 

2,927,441

                                                                                                                                                     19,459,491                                                                                                                       28,025,603

Maturity Profile Maturity

 

 

 

 

 

Profile

Up to I year

between 2 and 5

Over

 

 

2020

Loans

 

    years       D

5years

D

Total

Purchase of Exercise Book Printing Machine- Agib loan

4,824,631

9,733,904

 

 

14,558,535

 
 

Paper for Exercise Book Printing Machine- Sky bank loan 3,882,416 Short Term Bank Facility

Maturity Profile Maturity

 

 

 

 

 

 

Profile

Up to 1 year

between 2 and 5

Over

 

 

 

2019

Loans

 

    years       D

5years

D

Total

 

Purchase of Exercise Book Printing Machine- Agib loan

Paper for Exercise Book Printing Machine- Sky bank loan

6,073,415

5,453,319

 

11,526,734

13,571,429

 

Short Term Bank Facility

2,927,441

 

2,927

 

 

17,572,285

10,453,319

28,025,604

                   

Purchase of Exercise Book Printing Machine

The corporation obtained a bank loan of  in 16th October,2018 to finance the acquisition of an exercise book printing machine, The loan has a tenor of 3 years with a fixed interest rate of 15% The corporation's land and buildings has been pledged as security for the loan.

Purchase of Paper and Cover Machine for Exercise Book Printing Machine

The corporation obtained a bank loan of D15,000J000 in 19th July,2019 for the purpose of financing the purchase of a Paper and Cover Machine for the Exercise Book Printing Machine. The tenor of the loan is 2 years with a fixed interest rate of 17.5%. The Machine financed has been offered as a security for loan.

  1. Trade and Other payables

Creditors/ Payables        21,122,388 Payroll Liabilities 7,227,857

         Gratituty                                                                                                          53,292

Payroll Liabilities

 

 

Staff Income Tax

688,826

618,540

SSHFC

4,617,506

3,320,383

Staff Welfare Fund

503,995

400,152

Teachers' Union Dues

43,350

12,800

Credit Union Dues

882,819

510,934

Kombo Real Estate

357,361

349,819

sas PROPERTY

134,000

7,227,857

73,000

28,403,537

            Printing and                  Corporation

Statements yearended

                                                                                                                                                                    31st                                                                                                                                                                                                                                                                                                                                              3f

  1. Vaiue Added Tax

 

23,400

18,428,905

15,928,821

Balance at the beginning of the year

Adjustment on VAT after system reconciliation

Balance B/F from year 2018

VAT Payable for the year

Adjustment on VAT after system reconciliation

< >Capital commitmentsAuthorised by the board and contracted for

 

                    Authorised by the board and not contracted for  

22 Contingencies

There were no contingent liabilities at the end of the year. (2018: Nii).

23 Related Party Transactions

                     (a)              Related companies

The corporation is a government entity and therefore has direct relationship with all government related entities. The following are the transaction with those entities:

Employer's Social Security Contribution

1,947,249

1,988,924

Water & Electricity

848,796

1,564,649

Gambia revenue Authority

625,911

625,911

Sale of goods and services to related companies

3,421,956

4,179,484

Purchase of goods and services from related companies

 

28,238,408

                     Government                                                                                                          29,569,445

Area Councils

Parastatal

Receivables

 

 

Government

17,412,316

9,399,507

Area Councils

994,995

714,602

Parastatal

2,404,924

4,106,515

20,812,235

14,220,625

688,826

4,617,506

882,819

23,849,857

618,540

3,320,383

310,934

18,428,905

30,039,009

Payables

Staff income Tax

SSHFC

Credit Union Dues

VAT

Corporation tax

                          Transactions with directors and senior management

Compensation

Key management includes directors and members of senior management. The compensation paid and payable and other benefits to key management for services is shown below:

 

31st December

3f December

 

2020

D

2019

Directors' emolument

340,400

335,400

Senior management salaries and other short-term benefits

2,281,874

2,429,181

Training

416,405

525,506

Traveling

147,949

622,242

Medical

894,243

1, 190,892

Telecommunication

298,586

348,787

41,667

73,072

5,452,007

10,925

116,842

114,739

127,767

Receivables

Directors Senior management

Payables

Directors

        Senior management                                                               

< >Capital managementThe Corporation's objectives when managing capital is to safeguard its ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.

 

Loans, trade and other payables (Notes 18 - 20)

63,904,135

63,513,410

Cash and cash equivalents (Note 15)

2,629,503

-5,332,173

Net debt

66,533,638

58,181,237

Total equity

83,088,704

85,825,801

Consistent with others in the industry, the company monitors capital on the basis of the gearing ratio. The ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings (including current position of trade and other payables as shown in the statement of financial position) less cash and cash equivalents. Total capital is calculated as 'equity' as shown in the statement of financial position plus net debt.

149,622,342

144,007,038

44%

40%

Total capital

Gearing ratio

There are no externally imposed capital requirements.

< >Prior Year AdjustmentThe Prior Year Adjustment is due to system differences between the Audit report and the Accounting System to ensure no differences exist going forward in the audited balances and accounting system. Aiso, adjustment in the retained earnings incuded depreciation D133,400.This was due to the disposed motor vehicle been depreciated in 2019 which resufted to the overstatement of expenses and understatement of our 2019 performance. Hence this error is corrected in the 2020 account under retained earnings.

 

< >Material Uncertainty Related to Going ConcernThe Company incurred a loss from continuing operations before tax of  during the year ended 31st December 2020 and D7,168,370 in the prior year; as of that date, the Corporation is in a net current liabilities position of D18,510,045 and DIO,664,876 respectively. The overall performance of the Corporation has deteriorated as profitability, liquidity, efficiency ratios deteriorated compared to the prior year. This is mainly attributed to increasing operating costs and high cost of debt as capital investments are  financed through debt,

 

Management's strategy

Management took a decision in 2017 to diversify its operations in other to improve revenue. In order to achieve this, a decision was taken to acquire an exercise book printing machine having conducted an investment appraisal which showed that such an investment would produce high returns even were financed through debt. Loans amounting to D33 millions were taken to finance this expansion in 2018 and 2019. While the project was being implement, interest cost was been paid with no corresponding revenue resulting in high interest cost and hence the increase in operating loss.

The project is fully complete with test runs conducted with satisfactory results. It is expected that this new machine will significantly boost revenue to by 100% if utilized at full capacity. This will enhance performance and return the Corporation to profitability, improve cashflows and reduce gearing.

Management has also started engaging customers in the exercise books market to secure contracts and ensure the machine is utilized at full capacity. Options to export our products to countries in the sub-region is currently being assessed.

Management is confident that whiles the Corporation is currently going through difficult times, its going concern is not threatened in no major way and Will return to profitability in the near future.

27 Impact of Covi-19

The impact of COVID-19 has resulted to a slow start of our operation in the beginning of year 2020, resulting to low request from our customer such as Central Government, Area Councils, Parastatals and Private customers. This resulted in a declined in our expected revenue for 2020. Debt collection severely decline due to disruptions to some of the customers in the Gambia, which affected our cashflows.

Despite the above adverse effects, fixed costs such as personnel cost and admin costs remain constant. The price of production materials also increased which affected our cashflows, making it challenging to pre- finance most of the incoming jobs. This has made it difficult for the corporation to kick start the production of the exercise books in year 2020 and default of the supplier to deliver consignment of papers in 2020.

However, the full extent and duration of the impact of COVID-19 on the Company's operations and financial performance is currently unknown, and depends on future developments that are uncertain and unpredictable, including the duration and spread of the pandemic, its impact on business in the Gambia.

The Company has determined that these events are non-adjusting subsequent events. Accordingly, the financial position and results of operations as of and for the year ended 31st December 2020 have not been adjusted to reflect their impact. The duration and impact of the COVID-19 pandemic, as well as the effectiveness of government and central bank responses, remains unclear at this time. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the Company for future periods.

Poverty Report GLF
Poverty Report GLF

GOVERNMENT OF THE GAMBIA OF THE GAMBIA

BUDGET PERFORMANCE REPORT • POVERTY FOR END OF YEAR 2023

For BEI to BE50                                                                                                         GLF

 

VAR

Target

Spend

Bud% Exp% Exp/Bud%

 

Discretionary


Poverty Program

AGRICULTURE AND NATURAL

RESOURCES

 

44

Salaries, Wages and Other PE

Goods and Services

Current Transfers

Acquis of Fixed Capital Assets

9:18

1 of 4

EDUCATION

Salaries, Wages and Other PE

Goods and Services

Current Transfers

0.00 41.80% 41.68%        73.80%

0.00

coo coo

coo coo

0.00

coo

 

HIV-AIDS

495,626.00

695,626.00

0.00

200,000.00

0.00

Goods and Servicescoo

INFRASTRUCTURE PROGRAM0.00

Goods and Servicescoo

Current Transferscoo

Acquis of Fixed Capital Assetscoo SOCIAL FUND FOR POVERTY0.00

REDUCTION

Salaries, Wages and Other PEcoo

Goods and Servicescoo

Current Transferscoo

Acquis of Fixed Capital Assetscoo IMPLEMENTATION &0.00

MONITORING OF SPA"

Salaries, Wages and Other PEcoo

Goods and Servicescoo

Current Transferscoo

Acquis of Fixed Capital Assetscoo

Lending & Equity Participationcoo SUPPORT TO CROSS-CUTTING0.00

PROGRAMS

Salaries, Wages and Other PEcoo

Goods and Services

Current Transfers

9:18

20t4

Goods and Services                                                                                                                                                                                                                        758,430.40                                                                                                                                                                   coo

Current Transfers0.00                                                                                                                                  coo                                                                                                                                  coo                                                                                                                                  coo                                                                                                                                  coo

Acquis of Fixed Capital Assets323,000.00coo DECENT & LOCAL GV CAPACITY89,959,527.730.00

BUILDING

Salaries, Wages and Other PEcoo

Goods and Servicescoo

Current Transferscoo

Acquis of Fixed Capital Assetscoo GOVC & CIVIL SERVICE REFORM0.00

PROGRAM

Salaries, Wages and Other PEcoo

Goods and Servicescoo

Current Transferscoo

 

DEVELOPMENT

 
 

Acquis of Fixed Capital Assetscoo

EMPLOYMENT383,000.00                                                                                                                                                                  0.00                                                                                                                                                                  0.00                                                                                                                                                     383,000.00                                                                                                                                                                  0.00

Goods and Services383,000.00                                                                                                                                                                   coo                                                                                                                                                                   coo                                                                                                                                                     383,000.00                                                                                                                                                                   coo

Current Transfers                                                                                      944,309.00                                                                                                                       0.00                                                                                                                       coo                                                                                                                       coo                                                                                                                        coo    coo

Acquis of Fixed Capital Assets                50,000.00                  50,000.00               0.00          coo            coo            coo            coo ENERGY1 ,287 ,968.30  0.00          485,408.00                802,560.30                0.00

Goods and Services                                                                                                                                                                                                                                                                                                                     coo                                                                                                                                                     485,408.00                                                                                                                                                     802,560.30                                                                                                                                                                   coo

Acquis of Fixed Capital Assets0.00                                                                                                                                 coo                                                                                                                                 coo                                                                                                                                 coo                                                                                                                                 coo

Debt Service3,375,362,533.970.00 16.86% 17.92%                                                                78.66%

DEST SERVICE3,375,362,533.970.00

Debt Interest

Amortisation

9:18

30t4

 

9:18

4 ot 4

Poverty Report All Funds
Poverty Report All Funds

 

GOVERNMENT OF THE GAMBIA OF THE GAMBIA

BUDGET PERFORMANCE REPORT - POVERTY FOR END OF YEAR 2023

For BE1  to BE50                                                                                                                                   GRANT,GLF,LOAN

BUD

VAR

TOT

Q1

Q2

Q3

Q4

Target Actual

Bud% Exp%

Spend

Exp/Bud%

(A)

(B)

(C)

(D)

(E)                                   (F)

(G)

 

 

 

Discretionary

 18,417,598,508.00

 10,669,131,440.32

 7,748,467,067.68

 2,665,005,924.77

 2,785,457,042.81

 2,298,004,100.10

 0.00 39.11% 40.73%

42.07%

 

DISCRETIONARY

 18,417,598,508.00

 10,669,131,440.32

 7,748,467,067.68

 2,665,005,924.77

 2,785,457,042.81

 2,298,004,100.10

 0.00

 

 

 

 1,000,000.00

 1,000,000.00

 0.00

 0.00

 0.00

 0.00

 0.00

 

 

Salaries, Wages and Other PE

 3,485,057,391.00

 761,528,058.22

 2,723,529,332.78

 929,798,076.98

 906,845,297.36

 886,885,958.44

 0.00

 

 

Employer's Soc Security Contr

 17,547,215.00

 12,094,731.86

 5,452,483.14

 2,168,860.73

 1,851,391.05

 1,432,231.36

 0.00

 

 

Goods and Services

 5,595,644,343.00

 3,802,049,796.79

 1,793,594,546.21

 396,292,188.11

 838,067,405.92

 559,234,952.18

 0.00

 

 

Current Transfers

 3,180,961,387.00

 743,353,917.06

 2,437,607,469.94

 988,026,679.58

 748,004,346.49

 701,576,443.87

 0.00

 

 

Acquis of Fixed Capital Assets

 5,773,046,034.00

 5,343,775,973.55

 429,270,060.45

 156,596,702.37

 173,761,049.33

 98,912,308.75

 0.00

 

 

Lending & Equity Participation

 4,028,988.00

 4,028,988.00

 0.00

 0.00

 0.00

 0.00

 0.00

 

 

Arrears & Guarantees

 360,313,150.00

 1,299,974.84

 359,013,175.16

 192,123,417.00

 116,927,552.66

 49,962,205.50

 0.00

 

 

Poverty Program

 24,371,814,300.00

 16,488,876,672.72

 7,882,937,627.28

 2,814,919,282.76

 2,602,402,859.93

 2,465,615,484.59

 0.00 51.75% 41.44%

32.34%

 

AGRICULTURE AND NATURAL

RESOURCES

 8,814,708,348.00

 7,822,476,386.25

 992,231,961.75

 485,553,574.94

 239,354,605.61

 267,323,781.20

 0.00

 

 

Salaries, Wages and Other PE

 161,938,008.00

 30,960,694.58

 130,977,313.42

 28,508,325.44

 44,007,682.64

 58,461,305.34

 0.00

 

 

Goods and Services

 1,549,259,353.00

 1,384,338,961.67

 164,920,391.33

 46,575,926.50

 27,728,980.97

 90,615,483.86

 0.00

 

 

Current Transfers

 699,962,887.00

 7,988,228.00

 691,974,659.00

 409,601,508.00

 166,353,017.00

 116,020,134.00

 0.00

 

 

Acquis of Fixed Capital Assets

 6,403,548,100.00

 6,399,188,502.00

 4,359,598.00

 867,815.00

 1,264,925.00

 2,226,858.00

 0.00

 

 

EDUCATION

 4,319,870,927.00

 1,299,390,069.33

 3,020,480,857.67

 985,811,122.43

 1,004,871,380.32

 1,029,798,354.92

 0.00

 

 

Salaries, Wages and Other PE

 1,994,316,421.00

 193,534,918.06

 1,800,781,502.94

 618,859,798.74

 623,040,343.38

 558,881,360.82

 0.00

 

 

Goods and Services

 844,749,085.00

 279,217,400.87

 565,531,684.13

 154,847,371.82

 162,730,583.86

 247,953,728.45

 0.00

 

 

Current Transfers

 899,003,921.00

 249,907,550.40

 649,096,370.60

 212,103,951.87

 219,100,453.08

 217,891,965.65

 0.00

 

 

                                   

 

Acquis of Fixed Capital Assets

 581,801,500.00

 576,730,200.00

 5,071,300.00

 0.00

 0.00

 5,071,300.00

 0.00

HEALTH

 3,386,135,333.00

 2,159,078,061.20

 1,227,057,271.80

 379,241,045.89

 406,320,573.78

 441,495,652.13

 0.00

Salaries, Wages and Other PE

 968,131,701.00

 130,021,610.04

 838,110,090.96

 266,692,757.72

 282,916,172.19

 288,501,161.05

 0.00

Goods and Services

 1,045,425,301.00

 808,713,709.16

 236,711,591.84

 77,378,742.17

 62,554,858.59

 96,777,991.08

 0.00

Current Transfers

 184,441,000.00

 61,803,198.00

 122,637,802.00

 33,500,000.00

 33,637,802.00

 55,500,000.00

 0.00

Acquis of Fixed Capital Assets

 1,188,137,331.00

 1,158,539,544.00

 29,597,787.00

 1,669,546.00

 27,211,741.00

 716,500.00

 0.00

NUTRITION, POPULATION &

HIV-AIDS

 2,300,000.00

 1,604,374.00

 695,626.00

 0.00

 200,000.00

 495,626.00

 0.00

Goods and Services

 2,300,000.00

 1,604,374.00

 695,626.00

 0.00

 200,000.00

 495,626.00

 0.00

INFRASTRUCTURE PROGRAM

 3,426,428,688.00

 2,477,840,618.40

 948,588,069.60

 417,790,907.73

 397,215,374.20

 133,581,787.67

 0.00

Goods and Services

 188,381,022.00

 122,287,169.44

 66,093,852.56

 13,140,613.73

 27,583,988.83

 25,369,250.00

 0.00

Current Transfers

 15,000,000.00

 15,000,000.00

 0.00

 0.00

 0.00

 0.00

 0.00

Acquis of Fixed Capital Assets

 3,223,047,666.00

 2,340,553,448.96

 882,494,217.04

 404,650,294.00

 369,631,385.37

 108,212,537.67

 0.00

SOCIAL FUND FOR POVERTY

REDUCTION

 966,599,925.00

 745,826,292.06

 220,773,632.94

 64,558,560.32

 86,193,127.81

 70,021,944.81

 0.00

Salaries, Wages and Other PE

 19,631,316.00

 881,601.90

 18,749,714.10

 3,014,926.36

 12,628,069.59

 3,106,718.15

 0.00

Goods and Services

 750,843,459.00

 685,066,995.16

 65,776,463.84

 17,541,214.96

 23,592,012.22

 24,643,236.66

 0.00

Current Transfers

 193,990,750.00

 58,840,920.00

 135,149,830.00

 44,002,419.00

 49,167,021.00

 41,980,390.00

 0.00

Acquis of Fixed Capital Assets

 2,134,400.00

 1,036,775.00

 1,097,625.00

 0.00

 806,025.00

 291,600.00

 0.00

IMPLEMENTATION &

MONITORING OF SPAII

 1,063,792,431.00

 689,423,270.08

 374,369,160.92

 103,300,503.23

 123,382,146.70

 147,686,510.99

 0.00

Salaries, Wages and Other PE

 158,131,679.00

 35,242,326.56

 122,889,352.44

 40,791,315.20

 40,903,070.73

 41,194,966.51

 0.00

Goods and Services

 427,559,241.00

 275,448,351.20

 152,110,889.80

 43,700,215.22

 57,015,811.27

 51,394,863.31

 0.00

Current Transfers

 81,916,113.00

 39,413,369.62

 42,502,743.38

 11,979,522.17

 11,805,698.52

 18,717,522.69

 0.00

Acquis of Fixed Capital Assets

 386,294,500.00

 329,428,324.70

 56,866,175.30

 6,829,450.64

 13,657,566.18

 36,379,158.48

 0.00

Lending & Equity Participation

 9,890,898.00

 9,890,898.00

 0.00

 0.00

 0.00

 0.00

 0.00

SUPPORT TO CROSS-CUTTING

PROGRAMS

 925,254,977.00

 650,262,770.29

 274,992,206.71

 118,406,581.68

 67,989,709.02

 88,595,916.01

 0.00

Salaries, Wages and Other PE

 151,259,314.00

 35,030,477.63

 116,228,836.37

 38,054,498.76

 39,185,059.96

 38,989,277.65

 0.00

Goods and Services

 610,745,914.00

 551,649,152.96

 59,096,761.04

 10,473,522.28

 11,940,733.72

 36,682,505.04

 0.00

Current Transfers

 142,799,999.00

 46,635,689.70

 96,164,309.30

 69,579,060.64

 16,711,915.34

 9,873,333.32

 0.00

 

Acquis of Fixed Capital Assets

 20,449,750.00

 16,947,450.00

 3,502,300.00

 299,500.00

 152,000.00

 3,050,800.00

 0.00

 

 

ICT RESEARCH AND

DEVELOPMENT

 13,020,000.00

 4,667,265.22

 8,352,734.78

 1,086,893.00

 6,437,411.38

 828,430.40

 0.00

 

 

Goods and Services

 4,550,000.00

 1,344,265.22

 3,205,734.78

 1,041,893.00

 1,405,411.38

 758,430.40

 0.00

 

 

Current Transfers

 3,000,000.00

 3,000,000.00

 0.00

 0.00

 0.00

 0.00

 0.00

 

 

Acquis of Fixed Capital Assets

 5,470,000.00

 323,000.00

 5,147,000.00

 45,000.00

 5,032,000.00

 70,000.00

 0.00

 

 

DECENT & LOCAL GV CAPACITY

BUILDING

 562,858,398.00

 389,959,527.73

 172,898,870.27

 41,451,975.98

 55,922,842.81

 75,524,051.48

 0.00

 

 

Salaries, Wages and Other PE

 102,969,668.00

 5,954,485.48

 97,015,182.52

 29,549,756.97

 34,742,718.18

 32,722,707.37

 0.00

 

 

Goods and Services

 413,670,190.00

 362,927,790.25

 50,742,399.75

 8,144,169.01

 19,655,724.63

 22,942,506.11

 0.00

 

 

Current Transfers

 37,630,000.00

 14,938,458.00

 22,691,542.00

 3,100,600.00

 775,000.00

 18,815,942.00

 0.00

 

 

Acquis of Fixed Capital Assets

 8,588,540.00

 6,138,794.00

 2,449,746.00

 657,450.00

 749,400.00

 1,042,896.00

 0.00

 

 

GOVC & CIVIL SERVICE REFORM

PROGRAM

 877,380,964.00

 236,554,697.46

 640,826,266.54

 217,718,117.56

 214,030,280.30

 209,077,868.68

 0.00

 

 

Salaries, Wages and Other PE

 543,615,110.00

 116,291,985.99

 427,323,124.01

 128,633,026.82

 145,222,056.36

 153,468,040.83

 0.00

 

 

Goods and Services

 275,332,506.00

 92,544,475.31

 182,788,030.69

 85,741,273.24

 54,222,525.71

 42,824,231.74

 0.00

 

 

Current Transfers

 15,103,348.00

 6,467,268.66

 8,636,079.34

 377,292.50

 3,613,148.23

 4,645,638.61

 0.00

 

 

Acquis of Fixed Capital Assets

 43,330,000.00

 21,250,967.50

 22,079,032.50

 2,966,525.00

 10,972,550.00

 8,139,957.50

 0.00

 

 

EMPLOYMENT

 8,989,309.00

 8,606,309.00

 383,000.00

 0.00

 0.00

 383,000.00

 0.00

 

 

Goods and Services

 7,995,000.00

 7,612,000.00

 383,000.00

 0.00

 0.00

 383,000.00

 0.00

 

 

Current Transfers

 944,309.00

 944,309.00

 0.00

 0.00

 0.00

 0.00

 0.00

 

 

Acquis of Fixed Capital Assets

 50,000.00

 50,000.00

 0.00

 0.00

 0.00

 0.00

 0.00

 

 

ENERGY

 4,475,000.00

 3,187,031.70

 1,287,968.30

 0.00

 485,408.00

 802,560.30

 0.00

 

 

Goods and Services

 3,475,000.00

 2,187,031.70

 1,287,968.30

 0.00

 485,408.00

 802,560.30

 0.00

 

 

Acquis of Fixed Capital Assets

 1,000,000.00

 1,000,000.00

 0.00

 0.00

 0.00

 0.00

 0.00

 

 

Debt Service

 4,307,723,899.00

 917,212,911.84

 3,390,510,987.16

 1,519,536,105.06

 810,314,539.96

 1,060,660,342.14

 0.00

9.15% 17.82%

78.71%

DEBT SERVICE

 4,307,723,899.00

 917,212,911.84

 3,390,510,987.16

 1,519,536,105.06

 810,314,539.96

 1,060,660,342.14

 0.00

 

 

Debt Interest

 2,205,795,214.00

 397,283,315.87

 1,808,511,898.13

 850,125,284.91

 468,820,241.89

 489,566,371.33

 0.00

 

 

Amortisation

 2,101,928,685.00

 519,929,595.97

 1,581,999,089.03

 669,410,820.15

 341,494,298.07

 571,093,970.81

 0.00

 

 

 

Grand Total

 47,097,136,707.00

 28,075,221,024.88

 19,021,915,682.12

 6,999,461,312.59

 6,198,174,442.70

 5,824,279,926.83                              0.00

 

State Owned Enterprise Commission ACT, 2023
State Owned Enterprise Commission ACT, 2023

State Owned Enterprise Commission ACT, 2023

THESTATE-OWNED ENTERPRISES REGULATORY COMMISSION
THESTATE-OWNED ENTERPRISES REGULATORY COMMISSION

THESTATE-OWNED ENTERPRISES REGULATORY COMMISSION

Directorate of Economic Policy and Research (DEPR)
Directorate of Economic Policy and Research (DEPR)

Directorate of Economic Policy and Research (DEPR)

Gambia Printing and Publishing Corporation (GPPC)

Auditor's Report and Financial Statements

for the year ended 31 st December 2020

Contents                                                    Page

General information                                                                         4

Directors' report                                                                    5

Report of the Independent Auditors                                           7

Income statement                                                                          10

Balance sheet                                                                                                                                                                                                              11

Statement of changes in equity                                                  13

Cash flow statement                                                                      14

Notes to the financial statements                                              15

Five Year Financial Summary         

Year ended 31 December 2020

All amounts in the nearest Gambian Dalasi unless otherwise stated

 

                                                                                                  2020              2019              2018                                                                              2017              2016

Balance sheet                                                                                                            D

Assets

Non-current assets

 

92,776,647

Property, plant and equipment

Intangible assets Total non-current assets

Current assets

Inventory

Other receivables

Trade and staff debtors  

Cash and cash equivalents Total current assets

Total assets

Equity and liabilities

Share capital

Retained earnings

Revaluation reserve

Total capital and reserves

Liabilities

Non-current liabilities

Loans

 

10,752,445

10,453,319

Total Non-current Liabilities                                                                       10,453,319

Current liabilities

Bank overdraft

Other payables

Corporation tax

Value Added Tax

Loans

Total current liabilities

Total liabilities

Total equity and liabilities

Income Statement

Revenue

Cost of sales

Gross profit

Personnel costs

General and administrative expenses

Depreciation

Amortisation

Operating profit/(loss) Net financing cost

Loss before taxation

Income tax expense

Loss for the financial year

 

Publishing Corporation (GPPC)

For

December 2020

2


 

 
 

Financial Highlights

 

2020

2019

Post tax loss (GMD)

(1,479,674)

(7,578,798)

Unimpaired capital (GMD)

83,088,704

Net current assets (GMD)

(18,510,045)

(10,664,877)

Management expenses to income ratio (%)

22%

31%

Staff/personnel costs to income ratio (%) Liquidity Rations

38%

38%

Quick Ratio/Acid Test Ratio (GMD)

0.57

             0.65

Current Ratio (GMD)

0.72

0.81

Times Interest Earned Ratio (times) Solvency Ratios

0.63

1.01

Debt to Equity Ratio

92%

77%

Equity Ratio

52%

56%

Debt Ratio

Efficiency Ratios

48%

44%

Accounts Receivables Turnover (times)

2

2

Asset Turnover Ratio (%)

26%

27%

Inventory Turnover Ratio (Times)

1

2

Days' Sales in Inventory (days) Profitability Ratios

276

242

Gross Margin Ratio (%)

73%

68%

Profit Margin ratio (%) Return on Assets (%)

-3.56%

-18%

Return on Capital Employed (%)

2.14%

-4.20%

Return on Equity (%)

Market Prospect Ratios

-2%

-9%

Earnings per share (GMD)

(0.15)

(0.76)

Price Earnings P/E Ratio

(107.59)

(20.06)

Publishing

For                                December

 General Information

Directors

Mr. Kawsu K. Darboe (Chairman)

Mrs. Sukai Mbye Bojang (Vice Chairperson)

Mrs. Amie Njie Joof (Ex-Officio, representative of MOICI)

Mrs. Toulie Jawara (Ex-Officio, representative of Solicitor General)

Mr. Ismaila Bah (Ex-Officio, representative of MoFEA)

 

Managing Director and Board Secretary

Mr. Momodou Ceesay

Registered Office

Manadi Manyang Highway

Kanifing Industrial Estate

KMC

The Gambia

Auditors

HAD&Co

Audit. Tax. Advisory Registered Auditors

Senegambia Highway

The Gambia

Bankers

Trust Bank Limited

3/4 Ecowas Avenue

Banjul

The Gambia

Arab Gambia Islamic Bank Limited

Becca Plaza

Ecowas Avenue

Banjul,The Gambia

Skye Bank (Gambia) Limited

Kairaba Avenue

KSMD

The Gambia

Publishing

For

Solicitors

Mr Abdoulie Fatty

Ecobank Bank (Gambia) Limited

Kairaba Avenue

KSMD

The Gambia

Zenith Bank (Gambia) Limited

Kairaba Avenue

KSMD

The Gambia

FIB Bank (Gambia) Limited

Kairaba Avenue

KSMD

The Gambia

4

 

Directors' Report

The Directors present their report and financial statements for the year ended 31st December 2020.

State of Affairs

The state of the Company's affairs at 31st December 2020 is set out in the attached financial statements.

Statement of Directors' responsibilities

Company law requires the directors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Company and of its profit or loss for that period. In preparing those financial statements, the directors are required to:

 select suitable accounting policies and then apply them consistently;  make judgements and estimates that are reasonable and prudent;  state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;  prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2013. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activities

The principal activity of the GPPC is the provision of printing and publishing services at an affordable cost to the Government, Private Sector and general public at large. Also, involved in the distribution of text books and other materials to schools, especially primary and junior secondary schools throughout the country and provide support services to education, assisting schools and non-formal education sector.

Employees

The number of employees and the cost associated with these employees is as detailed in note 5.

Results for the year and dividend

The results of the company are detailed in the accompanying financial statements.

The Directors did not recommend the payment of dividend (2019: D Nil).

Publishing

For

 

Fixed Assets

Fixed assets are as detailed in note 15 of the financial statements. The directors are of the opinion that there has not been any permanent diminution in the value of the fixed assets. As a result, a provision for impairment has not been deemed necessary.

Post balance sheet events

There were no significant events since the year-end, which could affect the results or financial position of the company.

Going concern

The Directors have assessed the company's ability to continue as a going concern and have no reason to believe the company will not remain a going concern in the year ahead.

Directors and their interest

The members of the board are detailed on page 3. None of the director had interest in the shares of the company.

Auditors

The Corporation's external auditors, HAD & Co - Audite Taxation, Advisory, as appointed through the National Audit Office The Gambia, and this is their second year of the Audit.

 
 

By order of the Board

Secretary...

Date2022

Publishing

For

j s

To the Members of Gambia Printing and Publishing Corporation (GPPC)

Opinion

In our opinion, the accompanying financial statements give a true and fair, view of its financial performance and its cash flows for the year then ended in accordance with Generally Accepted Accounting Principles (GAAP) and have been properly prepared in accordance with the GPPC Act.

Basis for opinion

 

 
 

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Entity in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements fin The Gambia, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IÉSBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to prqvide a basis for our opinion.

Material Uncertainty Related to Going Concern

We draw attention to Note 26 in the financial statements, which indicates that the Corporation incurred an operating loss before tax of D 1,479,674 and D7,168,369 during the years ended 31st December 2020 and 31st December 2019 respectively. Also, as of that date, the Company is in. a net current .liability position of D18,510,045 and negative retained earnings of As stated in Note 26, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Corporation's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Befril Harding Highway,                                                 Serrekwnda, TheGambia,                                                                                             798916419093748

Other Information

Management is responsible for the Other information. The other information comprises the General Information and Report of the Directors as required by the GPPC Act. The other information does not include the financial statements and our auditor's report thereon. Our opinion on the financial. statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility 'is to read the other information and, •in doing so, consider •whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we concluded that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

 

 
 

Management is .responsible for the preparation and fair presentation of the financial statements in accordance with GÄAP and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, in preparing the financial statements, management is responsible for assessing the Corporation's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accountingunless management either intends to liquidate the Entity or to cease operations, or has no realistig alternative but to do so. Those charged with governance are responsible for overseeing the Corporation's financial reporting process.

Auditor's Responsibilities for Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with l$As will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate,.they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Berfll Uardtng     Serrekundc„ The, Cam!bäa,         4466020 7989164 1909374 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a materialr uncertainty exists related to events or conditions that may cast significant doubt on the Entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinions Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Entity to cease to continue as a going concern.

 

 
 

Evaluate the overall presentation, structure and content of the financial statements, •including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit .firidings, including any significant deficiencies in internal control that we identify during our audit.

HAD & co

CharterediAccountants and Business Advisers

RegisteredAuditors

Kerr Serigne, The Gambia

 

            Date•                                                                        2022

Bern Harding Highway,                                            Serrekunda, The Gambig,                                                                                   0166020 7989164 9093748

 

Income Statement for the year ended 31 st December 2020

Revenue

Cost of sales

Gross profit

Personnel costs

General and administrative expenses

Depreciation

Amortisation

Operating Profit/(Loss)

Net financing cost

Loss before taxation

Income tax expense

Loss for the financial year

                                    31st Dec.            31st Dec.

2020  2019 Notes      D

3 41,539,971 41,042,831 4 (11,379,058) (12,990,445)

28,052,386

(15,691,405)

(9,259,287)

(3,402,496)

(32,292)

(15,755,142)

(12,638,433)

(3,263,867)

5

6

10

11

                                    1,775,432       

  1. (2,839,706)         (3,563,314)

  1. (1,064,274)         (7,168,370)
  2. (415,400) (410,428)

                                    (1,479,674)        (7,578,798)

 

The attached notes form part of these financial statements.

Balance sheet

 

 

31st Deco

31st Dec.

 

 

2020

2019

Assets

Non-current assets

Notes

DOOO

DOOO

Property, plant and equipment

10

Intangible assets

 

129,168

161 ,460

as at 31 st December 2020

Total non-current assets

Current assets inventory         12

 

               
       
 
 

Other receivables                                                                          13

Trade and staff debtors           14 Cash and cash equivalents 15

Total current assets

Total assets

Equity and liabilities

Share capital                                                                                   16

Retained earnings

Revaluation reserve                                                                      17

Total capital and reserves

Liabilities

Non-current liabilities                                                                180

Total Non-current Liabilities

 

The attached notes form part of these financial statements.

Balance sheet cont.

as at 31stDecember 2020

 

 

31st Dec.

31st Dec.

Current liabilities

Notes

2020

2019

Bank overdraft

15

Other payables

19

28,403,537

Corporation tax

9

 

 

         Value Added Tax                                                                             20

         Loans                                                                                              -18b

Total current liabilities

76,111,523

66,213,652

 

 

159,200,227

152,039,453

Total liabilities

Total equity and liabilities

1 The financial statements were approved by the Board of Directors on.14...202P-and were signed on its behalf by:

          Director  Director

The attached notes form part of these financial statements.

Statement of changes in equity

for the year ended 31st December 2020

 

Share

Revaluation

Retained

 

 

Capital

Reserve

Earnings

Total

Balance as at 1st January 2019

Correction of 2018 omission/system

75,494,942

2,856,596

88,351,538

adjustment(Note 25a)

 

 

(2,193,661)

(2,193,661)

Prior Year Adjustments (Note 16)

Opening balance difference

 

 

7,246,722

7,246,722

Loss for the year

 

 

(7,578,798)

(7,578,798)

Transfers (Note 15)

 

(156,223)

156,223

 

 

Balance as at 31st December 2019                                               75,338,719                                                                                                                        487,082

Balance as at 1st January 2020

Adjustment for 2019 Depreciation

 

       
   
 

       
   
 

Prior Year Adjustments/System Adjustment

Loss for the year

Transfers (Note 15)

Balance as at 31st December 2020

The attached notes form part of these financial statements

 

Cash flow statement

for the year ended 31 st December 2020

 

 

 

31st December

31st December

Reconciliation of operating profit to cash flow from operating activities

Notes

2020

2019

Operating loss before tax

Adjust for non-cash items

 

(1,064,274)

Add: Depreciation charges

10

3,402,496

3,263,867

Add: Amortisation charges

 

32,292

 

Add: Finance costs

 

2,839,706

3,563,314

Adjustment for prior year

 

(1,390,823)

(2,193,661)

Increase in inventory

 

 

Other receivables & Advance payments

 

(5,731,920)

Increase in Trade and staff debtors

(7,106,486)

Increase in Trade payables

11,344,635

3,405,831

increase in Tax payable & VAT

5,420,953

 

12,701,528

 

income tax paid

(415,400)

(5,344,224)

Interest paid

(2,839,706)

(3,563,314)

        Prior year- Depreciation                                              133,400

3,952,797

                                                                                                                        (910,370)                                                                                                                        (105,493)

Cash flows from operating activities                                                       9,446,422                                                                                                       

Investing activities

 

(161,460)

(14,268,647)

Purchase of property, plant and equipment                   10                        (8,841,986)

Purchase of intangible assets

Cash flows from investing activities                                                     (8,841,986)

Financing activities

 

           
     
 

       
   
 

 
 

Increase in Long Term Loan                                             18                        (8,566,112)

Cash flows from financing activities                                                     (8,566,112)

Net increase in cash and cash equivalents                                          (7,961,676)

Cash and cash equivalents at 1 January                                                 5,332,173

Cash and cash equivalents at 31 December                                       (2,629,503)

The attached notes form part of these financial statements.

                                   and                                              (GPPC)

14

< >Corporate informationThe Gambja Printing and Publishing Corporation was Established by an act of parliament as a public enterprise in 2006. The corporation is the result of a merger of former Book Production and Material Resources Unit (BPMRU) under the Ministry of Basic and Secondary Education charged with the responsibility of providing educational materials (i.e. teachers guide, pupils texts books etc.) for the ministry and National Printing and Publishing Corporation (NPPC) under the central government responsible of providing all necessary printing materials such as Government Tax Receipts (GTR), other revenue materials for both central, local and other government departments and agencies. The registered address of the office is Mamadi Manjang Highway, Kanifing Indutrial Area, Kanifing, KMC.

 

The principal activities of the GPPC is the provision of printing and publishing services at an affordable cost to the Government, Private sector and general public at large. Also, involved in the distribution of text books and other materials to schools, especially primary and junior secondary schools throughout the country and provide support services to education, assisting schools and non- formal education sector.

< >Principal Accounting Policies

 

 
 

The following accounting policies have been applied consistently in dealing with items, which are considered material to the Corporation's financial statements.< >Statement of compliance and Basis of PreparationThe financial statements have been prepared in accordance with Generally Accepted Accounting Principles and the GPPC Act 2006.

 

< >Revenue recognitionRevenue is measured at the fair value of the consideration received or receivable.

 

The Corporation recognised revenue when it is probable that the economic benefits from the sale will flow to the Corporation, the revenue and costs can be measured reliably and significant risks and rewards of ownership of the goods have been transferred to the buyer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Corporation and the amount of income can be measured reliably. Interest income is accrued on a timely basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

the

(c) Property, plant and equipment

Owned assets

Items of property, plant and equipment are stated at cost less accumulated depreciation.

Depreciation

Depreciation of fixed assets is calculated and charged to the income statement on a straight-line basis by reference to the expected useful lives of the assets at the following rates:

          Buildings                                                                                    2.50%

Plant & Machinery             5% Motor Vehicles        20%

         Computers & Other office equipment            

Furniture, fixtures & Fittings    20% Generators 10%

Land is not depreciated.

 

 
 

The estimated useful lives, residual values and depreciation method are reviewed at each year end, with the effect of any changes in estimate accounted for on a prospective basis.

The gain or loss arising on the disposal or retirement of an item of property and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement.

Subsequent expenditure

Expenditure incurred to replace a component of an item of property and equipment that js accounted for separately, including major inspection and overhaul expenditure, is capita!ised. Other subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the item of property and equipment. All other expenditures are recognised in the income statement.

Revaluation

Revaluation of property and equiprnent is not compulsory. Assets which are carried at revalued amounts are revalued at most every five years. Any revaluation gain is taken to a revaluation reserve in equity except when there is a revaluation loss which has been taken to the income statement. The surplus is charged to the income statement to the extent of reserving the previous loss. However, revaluation loss is charge to the income statement except if there is a surplus which was taken to equity. The revaluation loss is charged to equity to the extent of the surplus.

(d) Intangible assets - quickbooks software

Software acquired by the Corporation is classified as an intangible asset and is measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognized in net income and is provided on a straight-line basis over the estimated useful life of the assets as follows:

      Software                                        25%

Amortisation methods, useful lives and residual values are reviewed annually and adjusted if necessary.

Subsequent expenditure on software assets is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. Ail other expenditure is expensed as incurred.

Software is derecognised on disposal or when no future economic benefits are expected from its use. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is recognised in other operating income in the income statement in the year the asset is derecognised.

< >Impairment of tangible assets

 

 
 

At each reporting date, the Corporation reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment ioss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Corporation estimates the recoverable amount of the cash-generating unit, typically the development project, to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cashgenerating units for which a reasonable and consistent allocation basis can be identified.

Recoverable amount is the higher of fair value {ess costs to sell and value in use, In assessing value in use, the estimated future cash flows are discounted to their present va!ue using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the income statement, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

  1. Inventory

Inventory is measured at the lower of cost and net realisable value. The cost of inventory is based on the first-in, first-out principle.

NRV is the estimated selling price in the ordinary course of the business, based on market prices at the reporting date and discounted for the time value of money if material, less estimated costs of completion and the estimated costs necessary to make the sale.

  1. Trade and other receivables

Trade and other receivables are recognised at their original invoiced value except where the time value of money is material, in which case receivables are recognised at fair value and subsequently measured at amortised cost. A provision is made when there is objective evidence that the Corporation will not be abie to recover balances in full. Balances are written off when the probability of recovery is assessed as being remote.

  1. Cash and short-term deposits

Cash and short-term deposits in the balance sheet comprise cash at bank and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value. For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Corporation's cash management.

  1. Interest bearing loans

Interest bearing loans and borrowings are recognised initially at fair value, net of transaction costs incurred. Subsequent to initial recognition, interest bearing borrowings are measured at amortised cost using the effective interest method. Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalised as part of the cost of the asset. Ail other borrowing costs are expensed in the period they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.

  1. Other payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.

  1. Employee benefits

Obligations for contributions to Social Security Housing Finance Corporation administered retirement benefit plan are recognised as expense in the income statement as incurred.

  • Provisions

A provision is recognised in the balance sheet when the Corporation has a legal or constructive obligation as a result of a past events, and it is probable that an outflow of economic benefits will be required to settle the obligation.

  1. Foreign currency

Transactions jn foreign currencies are translated to Dalasi at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated to Dalasi at the exchange rate ruling at that date. Exchange differences arising on translation are recognised in the income statement.

  • Income tax

Income tax on the profit or turnover for the year comprises current tax and is recognised in the income statement.

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date. Current income tax relating to items recognised directly in equity is recognised in equity and not in the statement of profit or loss. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

 
 

Contingent liabilities and contingent assets

A contingent liability is a possible obligation that arises from past events and whose existence witl only be confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company. It can also be a present obligation arising from the past events that is not recognized because it is not probable that outflow of economic resources will be required, or the amount of obligation cannot be measured reliably.

Contingent liabilities are not recognized but are disclosed in the notes to the accounts. When a change in the probability of an outflow occurs so that outflow is probable, it will then be recognized as provision.

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company. Contingent assets are not recognized but are disclosed in the notes to the accounts when an inflow of economic benefits is probable. When an inflow is virtually certain, an asset is recognized.

(p) Related parties

For the purposes of these financial statements all fellow subsidiaries and associated companies, key management personnel and Board members, together with the close members of their families in each case and with companies controlled by them, are considered and referred to as related parties. A number of transactions are entered into with related parties in the normal course of business. A detailed breakdown of related party transactions and balances outstanding at the year-end is provided in Note 23.

  1. Revenue      2020

D

Government

28,238,408

Area Councils

4,315,475

3,801,690

        Private                                                                                                    1,412,928

        Parastatal                                                                                               

        Sales of Publications                                                                               3,886,198

        Others        68,600                                                                                                       178,580

41,539,971

41,042,831

8,603,732

12,289,429

13,095,937

(8,603,732)

12,990,445

  1. Cost of Sales

Opening Stocks of Printing Materials

Add: Purchases of Printing Materials

Less: Closing Stocks of Printing Materials

  1. Personnel costs

The average number of staff employed (including directors) during the year, analysed by category was as follows:

Numbers

Directors      3 3 Management 7 7

        General            123                                                                                                                112

                                                                                                                                 133                                                                                                                                 122

 

 
 

Costs

Basic Salary

6,290,156

6,203,681

Residential Allowance

2,639,500

Responsibility Allowance

705,500

725,500

Professional Allowance

610,500

544,000

Car Allowance

180,000

178,000

Telephone Allowance

277,250

288,750

Transport Allowance

2,236,200

HD Allowance

409,800

411,000

Employer's Social Security Con.

1,947,249

1,988,924

Acting/Charge Allowances/drawback

17,205

103,418

Gratituty

154,974

85,168

Staff Overtime

223,072

364,201

                                                                                                                      15,691,405                                                                                                                      15,755,142

(GPPC)

2020

 

 

 

December

December

 

 

2020

2019

6

Administrative expense

 

 

 

Water & Electricity

848,796

1,564,649

 

Fuel & Lubricants

1,254,727

1,314,446

 

Repairs & Maintenance

1,118,932

 

Office stationery/Pinting/Photocopying

54,819

36,710

 

Local/overseas Travel

147,949

622,242

 

Telecommunication Cost/mobile

298,586

348,787

 

Publicity/ Promotion & Advertising Cost

435,330

620,291

 

Staff Training

416,405

525,506

 

Donation & Contribution (Corporate Social Resp.)

173,000

11,340

 

Board Incentives

340,400

335,400

 

General office expenses

278,571

350,725

 

Audit fee

207,000

156,000

 

Medical Welfare

894,243

1,190,892

 

May Day

 

448,595

 

NISA Football

10,000

 

 

Consultancy/Other Fees

139,430

531,350

 

Staff Uniform

o

100,515

 

Freight and Shipping Costs/custom fee

64,366

302,425

 

Provision for irrecoverable debt

1,687,282

1,687,282

 

Write off

o

284,016

 

Internet Services

540,288

228,960

 

Council Rate and Trade Licence

                 132,174       

154,136

 

Insurance/Road Tax and Licence

216,989

253,191

             9,259,287          

6.1

Board incentives

 

 

Chairman

                   60,000                  60,000

 

Vice Chairman

                   48,000                  48,000

 

Managing Director

                   36,000                  36,000

 

Other Members

 196,400                  179,100

                 340,400                323,100

  1. Finance costs

Interest on Lease/Bank Interest on purchase of Vehicle

Bank Service Charges:

AGIB

ECO Bank

Trust Bank Zenith Bank

Skye Bank

FiBank

 

659,587

6,053

333,129

139,692

106,302

2,300

1,592,644

1,520,860

10,619

536,563

44,286

345,535

1,000

1,104,452

2,839,706

3,563,314

207,000

340,400

156,000

335,400

547,400

 

 
 

Interest charge on Paper for exercise bk/Cover printing machine
  1. Profit before taxation

Profit before taxation is stated after charging:

Auditors' remuneration

Directors' remuneration

Gambia                 and                   Corporation

Financial

For the year                                      2020

  1. Income tax

Expense/charge

Taxation at 1% of total revenue

              (2019: 1% of total revenue)                  

Tax on the corporation's total revenue for the year ended agrees with the theoreticat amount that would arise

 

using the basic tax rate as follows:

Turnover and other income

Tax calculated at a rate of 1% of turnover

(2019: 1%of turnover)

Reconciliation of effective tax rate

income tax using the domestic tax rate

Corporate tax payable

Balance at the beginning of the year

Provision for Corporation Tax

Less: Amount paid during the year

Balance at the end of the year

(GPPC)

2020

41,539,971           41,042,831

     415,400                 410,428

December        31st December

           2020                    2019

           1               1

                 o            

       415,400               410,428

    (415,400)         (5,344,224)

 

 

           
     

 

                                                                                                                                                                  31st                                                                                                                                                                   31st

D

11

Inventory

 

 

 

Materials

7,909,301

6,888,277

 

Publications

1,604,802

1,715A55

                Provision for slow moving & damaged stock             

12 Other receivables

Payment in advance- Printing Materials (note 13a)

Payment in advance- White Paper Rolls (note 13b)

13a Payment in advance- Printing Materials

The Corporation entered in to a contract with Procurevis International (UK) Ltd in 2016 to procure printing materials. The corporation paid 75% of the invoice in advance but the supplier defaulted in supplying the materials as per contract terms and conditions. Management terminated the contract after consultation and approval of the board of directors. Legal action has been initiated by the Corporation ts solicitor to recover the amount. The supplier provided collateral in the form of landed property with title documents deposited with the Corporation. Management is confident that the market value of the collateral is in excess of the advance paid.

13b Payment in advance- White Paper Rolls

The Corporation entered into a contract to procure 100 metric tons of white paper roll 70/80gsm from Penta International Trading Limited based in Turkey in September 2019. An advance payment of D5,731,920 was made in accordance with the contract terms and conditions. However, these consigment of papers were not delivered by the supplier as at the end of the financial year.

 

       27,114,357            20,291,886

Write off

(284,015)

Provision for doubtful debts

       (1,687,282)            (1,687,282)

       25,427,075            

14 Trade Receivables

Trade receivables

26,327,374

19,351,825

Staff debtors

786,983

940,061

The provision relates largely to non-government jobs that were outstanding for over 3 years and continues to be a challenge in recovering them. We did not provided for most of the Government related debts because we are confident that these debts will eventually be paid to the Corporation. Management is enagaging the Government to ensure that these debts are recovered in the near future.

The write off relates to cancelled jobs relating to prior periods of which revenue was recognised.

IS Cash and cash equivalents

Bank balances Undeposited fund Cash in hand

Bank overdrafts

                 Cash and cash equivalents in the                                    (4,398,637)                                                                                            (2,700,242)

                     Statement of cash flows                                           

  1. Share capital

The total authorised number of ordinary shares at year end  (2019: 10,000,000) with a par value of DI per share (2019; D 1 per share).

All issued shares are fuliy paid.

  1. Revaluation reserve

Cityscape Associate, an independent appraiser, valued the Mamadi Manjang complex and MDI Road Annex land, buildings, plant and machinery and other equipment as of October 2011. Their revaluation was based on the observed asset conditions and asset replacement cost by reference to market evidence of recent transactions for similar properties and replacement cost estimation methodologies. Replacement cost estimates are based on estimated cost of Equivalent Assets (EA) and estimating the residual asset value from the EA cost, useful life and age of existing assets (Depreciated Replacement Cost Methodology).

 

 

31st December

315t December

 

 

2020

2019

18

Total Loans

 

 

 

Purchase of Exercise Book Printing Machine- Agib loan

14,558,535

11,526,734

 

Paper for Exercise Book Printing Machine- Sky bank loan

4,900,956

13,571,428

 

Short Term Bank Facility

 

2,927,441

                                                                                                                                                     19,459,491                                                                                                                       28,025,603

Maturity Profile Maturity

 

 

 

 

 

Profile

Up to I year

between 2 and 5

Over

 

 

2020

Loans

 

    years       D

5years

D

Total

Purchase of Exercise Book Printing Machine- Agib loan

4,824,631

9,733,904

 

 

14,558,535

 
 

Paper for Exercise Book Printing Machine- Sky bank loan 3,882,416 Short Term Bank Facility

Maturity Profile Maturity

 

 

 

 

 

 

Profile

Up to 1 year

between 2 and 5

Over

 

 

 

2019

Loans

 

    years       D

5years

D

Total

 

Purchase of Exercise Book Printing Machine- Agib loan

Paper for Exercise Book Printing Machine- Sky bank loan

6,073,415

5,453,319

 

11,526,734

13,571,429

 

Short Term Bank Facility

2,927,441

 

2,927

 

 

17,572,285

10,453,319

28,025,604

                   

Purchase of Exercise Book Printing Machine

The corporation obtained a bank loan of  in 16th October,2018 to finance the acquisition of an exercise book printing machine, The loan has a tenor of 3 years with a fixed interest rate of 15% The corporation's land and buildings has been pledged as security for the loan.

Purchase of Paper and Cover Machine for Exercise Book Printing Machine

The corporation obtained a bank loan of D15,000J000 in 19th July,2019 for the purpose of financing the purchase of a Paper and Cover Machine for the Exercise Book Printing Machine. The tenor of the loan is 2 years with a fixed interest rate of 17.5%. The Machine financed has been offered as a security for loan.

  1. Trade and Other payables

Creditors/ Payables        21,122,388 Payroll Liabilities 7,227,857

         Gratituty                                                                                                          53,292

Payroll Liabilities

 

 

Staff Income Tax

688,826

618,540

SSHFC

4,617,506

3,320,383

Staff Welfare Fund

503,995

400,152

Teachers' Union Dues

43,350

12,800

Credit Union Dues

882,819

510,934

Kombo Real Estate

357,361

349,819

sas PROPERTY

134,000

7,227,857

73,000

28,403,537

            Printing and                  Corporation

Statements yearended

                                                                                                                                                                    31st                                                                                                                                                                                                                                                                                                                                              3f

  1. Vaiue Added Tax

 

23,400

18,428,905

15,928,821

Balance at the beginning of the year

Adjustment on VAT after system reconciliation

Balance B/F from year 2018

VAT Payable for the year

Adjustment on VAT after system reconciliation

< >Capital commitmentsAuthorised by the board and contracted for

 

                    Authorised by the board and not contracted for  

22 Contingencies

There were no contingent liabilities at the end of the year. (2018: Nii).

23 Related Party Transactions

                     (a)              Related companies

The corporation is a government entity and therefore has direct relationship with all government related entities. The following are the transaction with those entities:

Employer's Social Security Contribution

1,947,249

1,988,924

Water & Electricity

848,796

1,564,649

Gambia revenue Authority

625,911

625,911

Sale of goods and services to related companies

3,421,956

4,179,484

Purchase of goods and services from related companies

 

28,238,408

                     Government                                                                                                          29,569,445

Area Councils

Parastatal

Receivables

 

 

Government

17,412,316

9,399,507

Area Councils

994,995

714,602

Parastatal

2,404,924

4,106,515

20,812,235

14,220,625

688,826

4,617,506

882,819

23,849,857

618,540

3,320,383

310,934

18,428,905

30,039,009

Payables

Staff income Tax

SSHFC

Credit Union Dues

VAT

Corporation tax

                          Transactions with directors and senior management

Compensation

Key management includes directors and members of senior management. The compensation paid and payable and other benefits to key management for services is shown below:

 

31st December

3f December

 

2020

D

2019

Directors' emolument

340,400

335,400

Senior management salaries and other short-term benefits

2,281,874

2,429,181

Training

416,405

525,506

Traveling

147,949

622,242

Medical

894,243

1, 190,892

Telecommunication

298,586

348,787

41,667

73,072

5,452,007

10,925

116,842

114,739

127,767

Receivables

Directors Senior management

Payables

Directors

        Senior management                                                               

< >Capital managementThe Corporation's objectives when managing capital is to safeguard its ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.

 

Loans, trade and other payables (Notes 18 - 20)

63,904,135

63,513,410

Cash and cash equivalents (Note 15)

2,629,503

-5,332,173

Net debt

66,533,638

58,181,237

Total equity

83,088,704

85,825,801

Consistent with others in the industry, the company monitors capital on the basis of the gearing ratio. The ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings (including current position of trade and other payables as shown in the statement of financial position) less cash and cash equivalents. Total capital is calculated as 'equity' as shown in the statement of financial position plus net debt.

149,622,342

144,007,038

44%

40%

Total capital

Gearing ratio

There are no externally imposed capital requirements.

< >Prior Year AdjustmentThe Prior Year Adjustment is due to system differences between the Audit report and the Accounting System to ensure no differences exist going forward in the audited balances and accounting system. Aiso, adjustment in the retained earnings incuded depreciation D133,400.This was due to the disposed motor vehicle been depreciated in 2019 which resufted to the overstatement of expenses and understatement of our 2019 performance. Hence this error is corrected in the 2020 account under retained earnings.

 

< >Material Uncertainty Related to Going ConcernThe Company incurred a loss from continuing operations before tax of  during the year ended 31st December 2020 and D7,168,370 in the prior year; as of that date, the Corporation is in a net current liabilities position of D18,510,045 and DIO,664,876 respectively. The overall performance of the Corporation has deteriorated as profitability, liquidity, efficiency ratios deteriorated compared to the prior year. This is mainly attributed to increasing operating costs and high cost of debt as capital investments are  financed through debt,

 

Management's strategy

Management took a decision in 2017 to diversify its operations in other to improve revenue. In order to achieve this, a decision was taken to acquire an exercise book printing machine having conducted an investment appraisal which showed that such an investment would produce high returns even were financed through debt. Loans amounting to D33 millions were taken to finance this expansion in 2018 and 2019. While the project was being implement, interest cost was been paid with no corresponding revenue resulting in high interest cost and hence the increase in operating loss.

The project is fully complete with test runs conducted with satisfactory results. It is expected that this new machine will significantly boost revenue to by 100% if utilized at full capacity. This will enhance performance and return the Corporation to profitability, improve cashflows and reduce gearing.

Management has also started engaging customers in the exercise books market to secure contracts and ensure the machine is utilized at full capacity. Options to export our products to countries in the sub-region is currently being assessed.

Management is confident that whiles the Corporation is currently going through difficult times, its going concern is not threatened in no major way and Will return to profitability in the near future.

27 Impact of Covi-19

The impact of COVID-19 has resulted to a slow start of our operation in the beginning of year 2020, resulting to low request from our customer such as Central Government, Area Councils, Parastatals and Private customers. This resulted in a declined in our expected revenue for 2020. Debt collection severely decline due to disruptions to some of the customers in the Gambia, which affected our cashflows.

Despite the above adverse effects, fixed costs such as personnel cost and admin costs remain constant. The price of production materials also increased which affected our cashflows, making it challenging to pre- finance most of the incoming jobs. This has made it difficult for the corporation to kick start the production of the exercise books in year 2020 and default of the supplier to deliver consignment of papers in 2020.

However, the full extent and duration of the impact of COVID-19 on the Company's operations and financial performance is currently unknown, and depends on future developments that are uncertain and unpredictable, including the duration and spread of the pandemic, its impact on business in the Gambia.

The Company has determined that these events are non-adjusting subsequent events. Accordingly, the financial position and results of operations as of and for the year ended 31st December 2020 have not been adjusted to reflect their impact. The duration and impact of the COVID-19 pandemic, as well as the effectiveness of government and central bank responses, remains unclear at this time. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the Company for future periods.

END JULY 2023  EXPENDITURE REPORT
END JULY 2023 EXPENDITURE REPORT

END JULY 2023 EXPENDITURE REPORT

END AUGUST 2023 EXPENDITURE REPORT

State-Owned Enterprise Operational & Financial Report  Fiscal Year 2022
State-Owned Enterprise Operational & Financial Report Fiscal Year 2022

State-Owned Enterprise Operational & Financial Report  Fiscal Year 2022

 END JUNE 2023  EXPENDITURE REPORT
END JUNE 2023 EXPENDITURE REPORT

END JUNE 2023  EXPENDITURE REPORT

2023 SECOND QUARTER PFM PERFORMANCE REVIEW ASSESSMENT
2023 SECOND QUARTER PFM PERFORMANCE REVIEW ASSESSMENT

2023 SECOND QUARTER PFM
PERFORMANCE REVIEW
ASSESSMENT
JULY 2023.

BUDGET CALL CIRCULAR FISCAL YEAR 2024 - 2026
BUDGET CALL CIRCULAR FISCAL YEAR 2024 - 2026

THE GOVERNMENT OF THE GAMBIA

BUDGET CALL CIRCULAR

FISCAL YEAR 2024 - 2026.

2023 Citizens' Budget
2023 Citizens' Budget

Citizens’ Budget 2023,
Budget of The Government
of The Gambia

Prospectus For 3-Year Bond
Prospectus For 3-Year Bond

Prospectus For 3-Year Bond

2023 ANNUAL DOMESTIC DEBT ISSUANCE PLAN ANNOUNCEMENT
2023 ANNUAL DOMESTIC DEBT ISSUANCE PLAN ANNOUNCEMENT

2023 ANNUAL DOMESTIC DEBT ISSUANCE PLAN ANNOUNCEMENT

END APRIL 2023  EXPENDITURE REPORT
END APRIL 2023 EXPENDITURE REPORT

END APRIL 2023  EXPENDITURE REPORT

END MARCH 2023  EXPENDITURE REPORT
END MARCH 2023 EXPENDITURE REPORT

END MARCH 2023  EXPENDITURE REPORT

END FEBRUARY 2023  EXPENDITURE REPORT
END FEBRUARY 2023 EXPENDITURE REPORT

END FEBRUARY 2023 EXPENDITURE REPORT

END JANUARY 2023   EXPENDITURE REPORT
END JANUARY 2023 EXPENDITURE REPORT

END JANUARY 2023  EXPENDITURE REPORT

July-September 2023 Issuance Calendar
July-September 2023 Issuance Calendar

July-September 2023 Issuance Calendar

June-August 2023 ISSUANCE CALENDAR
June-August 2023 ISSUANCE CALENDAR

June-August 2023 ISSUANCE CALENDAR

May-July 2023 Issuance Calendar
May-July 2023 Issuance Calendar

May-July 2023 Issuance Calendar 

2022 Annual Public Debt Bulletin-1
2022 Annual Public Debt Bulletin-1

2022 Annual Public Debt Bulletin-1

2023 FIRST QUARTER STATISTICAL DEBT BULLETIN PDF
2023 FIRST QUARTER STATISTICAL DEBT BULLETIN PDF

2023 FIRST QUARTER STATISTICAL DEBT BULLETIN PDF

April-June 2023 Issuance Calendar
April-June 2023 Issuance Calendar

April-June 2023 Issuance Calendar

March-My Issuance Calendar
March-My Issuance Calendar

March-My Issuance Calendar

February 2023 Issuance Calendar
February 2023 Issuance Calendar

February 2023 Issuance Calendar

January 2023 Issuance Calendar
January 2023 Issuance Calendar

January 2023 Issuance Calendar

PERFORMANCE AUDIT REPORT MANAGEMENT OF SOCIAL SECURITY FUNDS  By Social Security and Housing Finance Corporation
PERFORMANCE AUDIT REPORT MANAGEMENT OF SOCIAL SECURITY FUNDS By Social Security and Housing Finance Corporation

PERFORMANCE AUDIT REPORT MANAGEMENT OF SOCIAL SECURITY FUNDS By Social Security and Housing Finance Corporation

PERFORMANCE AUDIT REPORT ON THE PROVISION OF WATER IN URBAN, PERI-URBAN AND  PROVINCIAL GROWTH CENTRES BY NAWEC
PERFORMANCE AUDIT REPORT ON THE PROVISION OF WATER IN URBAN, PERI-URBAN AND PROVINCIAL GROWTH CENTRES BY NAWEC

PERFORMANCE AUDIT REPORT ON THE PROVISION OF WATER IN URBAN, PERI-URBAN AND PROVINCIAL GROWTH CENTRES BY NAWEC

REPORT OF THE STANDING COMMITTEE ON PUBLIC  ENTERPRISES    ON  THE PERFORMANCE AUDIT REPORTS BY THE AUDITOR  GENERAL
REPORT OF THE STANDING COMMITTEE ON PUBLIC ENTERPRISES ON THE PERFORMANCE AUDIT REPORTS BY THE AUDITOR GENERAL

REPORT OF THE STANDING COMMITTEE ON PUBLIC ENTERPRISES ON THE PERFORMANCE AUDIT REPORTS BY THE AUDITOR GENERAL ON THE PROVISION OF WATER IN URBAN, PERI-URBAN AND PROVINCIAL GROWTH CENTRES BY NAWEC AND MANAGEMENT OF SOCIAL SECURITY FUNDS BY SOCIAL SECURITY AND HOUSING FINANCE CORPORATION

The Gambia and The European Commission signed EUR 18 million Grant Support Agreements
The Gambia and The European Commission signed EUR 18 million Grant Support Agreements

The Gambia and The European Commission signed EUR 18 million Grant Support Agreements

LOAN AGREEMENT BETWEEN REPUBLIC OF THE GAMBIA AND ISLAMIC DEVELOPMENT BANK
LOAN AGREEMENT BETWEEN REPUBLIC OF THE GAMBIA AND ISLAMIC DEVELOPMENT BANK

LOAN AGREEMENT BETWEEN REPUBLIC OF THE GAMBIA AND ISLAMIC DEVELOPMENT BANK

REGARDING ENHANCING VALUE ADDITION IN THE GROUNDNUT SECTOR PHASE II

                                                          PROJECT, THE GAMBIA

ESTIMATES OF REVENUE AND EXPENDITURE - 2023
ESTIMATES OF REVENUE AND EXPENDITURE - 2023

ESTIMATES OF REVENUE AND EXPENDITURE - 2023

Directorate of Development Planning and IDEP Conduct Risk Management Training for Planners
Directorate of Development Planning and IDEP Conduct Risk Management Training for Planners

Directorate of Development Planning and IDEP Conduct Risk Management Training for Planners

2023 BUDGET SPEECH
2023 BUDGET SPEECH

2023 BUDGET SPEECH 

2023 Citizen Budget Final All Funds
2023 Citizen Budget Final All Funds

2023 Citizen Budget Final All Funds

2022 THIRD QUARTER STATISTICAL DEBT BULLETIN
2022 THIRD QUARTER STATISTICAL DEBT BULLETIN

2022 THIRD QUARTER STATISTICAL DEBT BULLETIN

PROCUREMENT DIRECTORATE CONVERGE TO TRAIN ITS STAFF
PROCUREMENT DIRECTORATE CONVERGE TO TRAIN ITS STAFF

PROCUREMENT DIRECTORATE CONVERGE TO TRAIN ITS STAFF

PROCUREMENT CLERKS CONVERGENCE/WORKSHOP
PROCUREMENT CLERKS CONVERGENCE/WORKSHOP

PROCUREMENT CLERKS CONVERGENCE/WORKSHOP

HM STATEMENT ON THE LAYING OF 2023 ESTIMATES
HM STATEMENT ON THE LAYING OF 2023 ESTIMATES

HM STATEMENT FOR THE LAYING OF 2023 ESTIMATES 

CITIZENS' VERSION - REVISED 2022 BUDGET
CITIZENS' VERSION - REVISED 2022 BUDGET

CITIZENS' VERSION - REVISED 2022 BUDGET

IsDB- Widening Bertil Harding Highway
IsDB- Widening Bertil Harding Highway

IsDB- Widening Bertil Harding Highway

UNITED STATES MILLENNIUM CHALLENGE CORPORATION THRESHOLD PROGRAM
UNITED STATES MILLENNIUM CHALLENGE CORPORATION THRESHOLD PROGRAM

UNITED STATES MILLENNIUM CHALLENGE CORPORATION THRESHOLD PROGRAM

ADfB - Multi-country Covid-19 Crisis Response Programme
ADfB - Multi-country Covid-19 Crisis Response Programme

ADfB - Multi-country Covid-19 Crisis Response Programme

BADEA Widening Bertil Harding Highway
BADEA Widening Bertil Harding Highway

BADEA Widening Bertil Harding Highway

USAID- Development objective grant agreement
USAID- Development objective grant agreement

USAID- Development objective grant agreement

USAID- Development objective grant agreement
USAID- Development objective grant agreement

USAID- Development objective grant agreement

BADEA - Technical Assistance for financing the services of an Arab expert
BADEA - Technical Assistance for financing the services of an Arab expert

BADEA - Technical Assistance for financing the services of an Arab expert

INVITATION TO BID FOR THE CONCESSION OF THE OPERATION AND MAINTENANCE  OF SIR DAWDA KAIRABA JAWARA CONFERENCE HALL
INVITATION TO BID FOR THE CONCESSION OF THE OPERATION AND MAINTENANCE  OF SIR DAWDA KAIRABA JAWARA CONFERENCE HALL

INVITATION TO BID FOR THE CONCESSION OF THE OPERATION AND MAINTENANCE  OF SIR DAWDA KAIRABA JAWARA CONFERENCE HALL

2022 DEBT SUSTAINABILITY ANALYSIS
2022 DEBT SUSTAINABILITY ANALYSIS

2022 DEBT SUSTAINABILITY ANALYSIS

MEDIUM-TERM DEBT MANAGEMENT STRATEGY (2022-2026)
MEDIUM-TERM DEBT MANAGEMENT STRATEGY (2022-2026)

MEDIUM-TERM DEBT MANAGEMENT STRATEGY (2022-2026)

PFMD third quarter  progress report
PFMD third quarter progress report

The Gambia Public Finance Management Strategy 2021 – 2025 

PFMD third quarter  progress report from 1st July to 30th September 2022

INVITATION TO BID FOR THE CONCESSION OF THE OPERATION AND MAINTENANCE OF the SIR  DAWDA KAIRABA JAWARA INTERNATIONAL CONFERENCE CENTER (SDKJICC),
INVITATION TO BID FOR THE CONCESSION OF THE OPERATION AND MAINTENANCE OF the SIR DAWDA KAIRABA JAWARA INTERNATIONAL CONFERENCE CENTER (SDKJICC),

INVITATION TO BID FOR THE CONCESSION OF THE OPERATION AND MAINTENANCE OF the SIR DAWDA KAIRABA JAWARA INTERNATIONAL CONFERENCE CENTER (SDKJICC), AND CONSTRUCTION OF ANCILLARY FACILITIES

FUEL PRICING STRUCTURE - SEPTEMBER 2022
FUEL PRICING STRUCTURE - SEPTEMBER 2022
PROSPECTUS FOR THE ISSUE OF A NEW 3-YEAR GAMBIA GOVERNMENT BOND
PROSPECTUS FOR THE ISSUE OF A NEW 3-YEAR GAMBIA GOVERNMENT BOND

This prospectus is only a summary of some of the more significant features of the bond to be issued, and bidders should refer to the information guideline for the definitive terms.

Second Quarter PFM Progress Report
Second Quarter PFM Progress Report
August 2022 Issuance Calendar (in millions of Dalasi )
August 2022 Issuance Calendar (in millions of Dalasi )

August 2022 Issuance Calendar (in millions of Dalasi )

AIDE MEMOIRE  BADEA’s Mission for the Appraisal of Phase II of the  University of The Gambia Project  (21– 29 June 2022)
AIDE MEMOIRE BADEA’s Mission for the Appraisal of Phase II of the University of The Gambia Project (21– 29 June 2022)

A mission from the Arab Bank for Economic Development in Africa (BADEA) composed of Mr. Ahmed Sidiya (Acting Head of Follow-up Unit /Mission Lead), Mr Mohamedou Bouasria (Economist/Capacity Development Officer) and Mr Khalid Elmughira (Young Professional) visited the Republic of The Gambia during the period of 21-29 June 2022. The purpose of the mission was to appraise “Phase II of the University of The Gambia Project”, follow-up on the ongoing operations and discuss the pipeline of new operations.

July 2022 Issuance Calendar (in millions of Dalasi )
July 2022 Issuance Calendar (in millions of Dalasi )

July 2022 Issuance Calendar (in millions of Dalasi )

SITE SUPERVISION REPORT 2015
SITE SUPERVISION REPORT 2015
2016 Project Brief
2016 Project Brief
2017 Project Brief
2017 Project Brief
Consolidated Trek Report for 2017
Consolidated Trek Report for 2017
2018 Project Brief
2018 Project Brief
Request for Publication of Supplementary Act A/Sa.6.12/18 Adopting Community Rules On The Elimination Of Double Taxation
Request for Publication of Supplementary Act A/Sa.6.12/18 Adopting Community Rules On The Elimination Of Double Taxation
First Quarter PFM Progress Report 2022
First Quarter PFM Progress Report 2022
Fuel Prices December 2021 - May 2022
Fuel Prices December 2021 - May 2022
MoFEA Newsletter - First Quarter 2022
MoFEA Newsletter - First Quarter 2022
LETTER TO KMC ON CRB DECISION ON ADONIS VS KMC
LETTER TO KMC ON CRB DECISION ON ADONIS VS KMC
Letter to Director General GCAA Conveying the CRB Decision LALA's VS GCAA
Letter to Director General GCAA Conveying the CRB Decision LALA's VS GCAA
LETTER TO CEO KMC ON FULL TEXT OF CRB DECISION ADONIS VS KMC TENDER
LETTER TO CEO KMC ON FULL TEXT OF CRB DECISION ADONIS VS KMC TENDER
Adonis v KMC Details of the Boards Decision from Chairperson
Adonis v KMC Details of the Boards Decision from Chairperson
Minister Of Finance Attends 8th V20 Ministerial Dialogue
Minister Of Finance Attends 8th V20 Ministerial Dialogue
NAWEC 2019
NAWEC 2019
From Droughts to Carbon Border Adjustments: Assessing the IMF’s Role in Mitigating Climate Risks
From Droughts to Carbon Border Adjustments: Assessing the IMF’s Role in Mitigating Climate Risks
Finance Minister Mambury Njie co-chairs the InsuResilience Global Practice High-Level Consultative Group Meeting
Finance Minister Mambury Njie co-chairs the InsuResilience Global Practice High-Level Consultative Group Meeting
InsuResilience Solutions Fund (ISF) Annual Report 2021
InsuResilience Solutions Fund (ISF) Annual Report 2021
Performance Audit on Cargo Handling by the Gambia Ports Authority (GPA)
Performance Audit on Cargo Handling by the Gambia Ports Authority (GPA)

The Gambia Ports Authority was established in 1972 by an Act of Parliament as a service port. The port is managed and controlled by The Gambia Port Authority (GPA). GPA is the only port in the Gambia which is mainly responsible for the provision of cargo handling services in the country.


Cargo handling is one of the most essential activities in the operations of any port. It is generally defined as the handling of all kinds of goods (bulk, breakbulk, liquid, RO-RO vessels, and all other containerized cargoes) within the framework of multimodal transportation. Its activities involved pre-berthing arrangements, berthing, stevedoring/unloading and loading, storage, and delivery. Cargo handling as a core service of GPA is the main revenue-generating activity of the Authority. GPA handles both imported and exported cargoes but concentrates more on imported cargoes.

Stakeholder Engagement Plan (SEP) Tourism Recovery, Diversification, and Resilience in the Gambia Project
Stakeholder Engagement Plan (SEP) Tourism Recovery, Diversification, and Resilience in the Gambia Project

This version of the Stakeholder Engagement Plan (SEP) is based on the activities envisaged under the Project Preparatory Advance (PPA). The PPA will be implemented by the Project Implementation Unit of the Ministry of Finance and Economic Affairs (MoFEA) with the collaboration of the Ministry of Tourism and Culture (MoTC). The PIU to be set up by the Ministry of Tourism and Culture will update this SEP thirty (30) days after project effectiveness to cover the activities envisaged for the main project. The SEP will be reviewed and updated on a regular basis, throughout the implementation of the PPA. This SEP will be prepared by the PIU of the MoFEA in consultation with the relevant stakeholders acceptable to the Association. It will describe the timing and methods of engagement with stakeholders throughout the implementation of the project, including the identification of stakeholders, their main characteristics and interests, the different levels of engagement and consultation that would be appropriate for different stakeholders, strategies for information disclosure, measures to remove obstacles to stakeholder participation and how the views of differently affected parties will be captured and addressed, as such the SEP will be amended from time to time with the prior written agreement of the Association.

Preparation of Proposed Tourism, Diversification and Resilience in The Gambia(P177179) Project
Preparation of Proposed Tourism, Diversification and Resilience in The Gambia(P177179) Project
Fuel Pump Prices (The Gambia) - 2010 - 2022
Fuel Pump Prices (The Gambia) - 2010 - 2022
2021 Public Finance Management Annual Progress Report
2021 Public Finance Management Annual Progress Report

The 2021 Public Financial Management (PFM) annual progress report, recounts the progress made, challenges and lessons learnt in implementing the PFM Strategy 2021-2025. Remarkable progress has been made in all the strategic pillars.

The IFMIS is now on a higher version (EPICOR 10) enhancing better functionality thus supported the role out to all Embassies, LGAs and sub-treasuries with plans to fully cover the self-accounting projects and sub-vented institutions in 2022. Once the IFMIS is fully extended, the production of financial statement becomes better harmonized, timely and credible. The implementation of the EFT has reduced cash handling and expedite payment processes. The electronic filling, receipting and payment is now introduced for effective and efficient revenue administration and management.

Medium-Term Debt Management Strategy (MTDS) - 2021 - 2025
Medium-Term Debt Management Strategy (MTDS) - 2021 - 2025
Debt Sustainability Analysis (DSA) 2021
Debt Sustainability Analysis (DSA) 2021
2022 Approved Budget
2022 Approved Budget
Statement of the conclusions and recommendations on the Twenty-fourth Session of the Intergovernmental Committee of Senior Official and Experts for West Africa
Statement of the conclusions and recommendations on the Twenty-fourth Session of the Intergovernmental Committee of Senior Official and Experts for West Africa
Executive Budget Proposal 2022
Executive Budget Proposal 2022
Third Quarter PFM Progress Report 2021
Third Quarter PFM Progress Report 2021
Economic Commission for Africa Trains Gambia Team
Economic Commission for Africa Trains Gambia Team
Frequently Asked Questions About Budget
Frequently Asked Questions About Budget
Training Workshop of Procurement Officials
Training Workshop of Procurement Officials
NFSPMC 2017
NFSPMC 2017
NFSPMC 2018
NFSPMC 2018
NFSPMC 2019
NFSPMC 2019
Inaugural Meeting of the Internal Audit Committee Report
Inaugural Meeting of the Internal Audit Committee Report
NDP Mid-Term Evaluation Workshop Report
NDP Mid-Term Evaluation Workshop Report
The Gambia National Development Plan (2018-2021) Mid Term Evaluation Final Report
The Gambia National Development Plan (2018-2021) Mid Term Evaluation Final Report
Second Quarter PFM Progress Report 2021
Second Quarter PFM Progress Report 2021
The Gambia IFMIS ICR Final Report
The Gambia IFMIS ICR Final Report

In 2010, the Government of The Gambia received financing from the World Bank towards the cost of the Integrated Financial Management Information System (IFMIS) project to roll out the system to all ministries, departments, and some agencies. The overarching goal of the project was to increase the recipient's capacity in public resource management. The ICR reviewed the project’s contribution to development outcomes and the degree to which the project achieved its development objective and outputs asset in the initial and additional financing project appraisal documents. It assessed issues of relevance, effectiveness, efficiency, sustainability of the project and its results, performance of project key stakeholders mainly the government and the World Bank, and draws lessons learned and recommendations for the way forward. The evaluation concludes that the project was a success with an overall satisfactory rating. Despite challenges with the political environment and delays in some activities particularly the IFMIS upgrade, project implementation was efficiently leading to a 98% disbursement rate and a 99.5% commitment rate at the end of November 2020.

First Climate Vulnerable Finance Summit Report
First Climate Vulnerable Finance Summit Report

On the 8th July 2021, The Honourable Minister of Finance and Economic Affairs virtually took part in the First Climate Vulnerable Finance Summit and V20 Ministerial Dialogue VII and delivered a statement at this very important event where economies systematically vulnerable to the global climate crisis come together to exchange and build partnership aimed at, among others, the sustainable financing of development.

Sustainable Financing of The Gambia s Development in a COVID19 era
Sustainable Financing of The Gambia s Development in a COVID19 era

The Gambia urgently needs to adopt financing mechanisms that will underpin and ensure the delivery of its national development plan, which is being been reprioritised to support pandemic recovery, and its long-term climate vision, which has just been developed. In this second briefing on The Gambia, we consider the requirements of sustainable financing for development in a COVID-19 era and explore important factors required to support it, from a strong legal framework and enabling environment to risk and resilience financing, digitalisation and debt management options. As with the first briefing in this series,1 the thinking will also apply to other Least Developed Countries as they seek to enhance sustainable financing for development against the backdrop of pandemic recovery.

Budget Consultative Workshop
Budget Consultative Workshop
GAMPOST 2019
GAMPOST 2019
GAMPOST 2018
GAMPOST 2018
GAMPOST 2017
GAMPOST 2017
GAMCEL 2019
GAMCEL 2019
GAMCEL 2018
GAMCEL 2018
GAMCEL 2016
GAMCEL 2016
AMRC 2019
AMRC 2019
AMRC 2018
AMRC 2018
AMRC 2017
AMRC 2017
SSHFC 2018, 2019
SSHFC 2018, 2019
SSHFC 2017
SSHFC 2017
NAWEC 2018
NAWEC 2018
NAWEC 2017
NAWEC 2017
GRTS 2019
GRTS 2019
GRTS 2018
GRTS 2018
GRTS 2017
GRTS 2017
GPPC 2019
GPPC 2019
GPPC 2018
GPPC 2018
GPPC 2017
GPPC 2017
GPA 2019
GPA 2019
GPA 2018
GPA 2018
GPA 2017
GPA 2017
GNPC 2019
GNPC 2019
GNPC 2018
GNPC 2018
GNPC 2017
GNPC 2017
GIA 2019
GIA 2019
GIA 2018
GIA 2018
GIA 2017
GIA 2017
GCAA 2019
GCAA 2019
GCAA 2018
GCAA 2018
GCAA 2017
GCAA 2017
GAMTEL 2019
GAMTEL 2019
GAMTEL 2018
GAMTEL 2018
GAMTEL 2017
GAMTEL 2017
GAMTEL 2016
GAMTEL 2016
First Quarter PFM Progress Report 2021
First Quarter PFM Progress Report 2021
Policy Brief_The-Impact-of-COVID-19-on-children 15 April 2020
Policy Brief_The-Impact-of-COVID-19-on-children 15 April 2020
Policy Brief_The_Impact_of_COVID_19_on_older_persons UN 2020
Policy Brief_The_Impact_of_COVID_19_on_older_persons UN 2020
Online-Rapid-Survey-of-the-Impact-of-Covid-19-on-Gambian-Businesses-1-3 GCCI _CIPE_3As Solutions
Online-Rapid-Survey-of-the-Impact-of-Covid-19-on-Gambian-Businesses-1-3 GCCI _CIPE_3As Solutions
NGOs_CSOa COVID 19 Response Mapping The Gambia- Validated Report
NGOs_CSOa COVID 19 Response Mapping The Gambia- Validated Report
Update on the Socio-Economic Situation following COVID-19 Outbreak in The Gambia. Brief #1 UNDP The Gambia March 2020
Update on the Socio-Economic Situation following COVID-19 Outbreak in The Gambia. Brief #1 UNDP The Gambia March 2020
Tourism Sector in the Context of COVID-19 Outbreak in The Gambia Brief # 2 UNDP April 2020
Tourism Sector in the Context of COVID-19 Outbreak in The Gambia Brief # 2 UNDP April 2020
The-Impact-of-COVID-19-on-children-1587551102
The-Impact-of-COVID-19-on-children-1587551102
The Secondary Pandemic_ Increased Violence Against Women_Girls during COVID19_GoTG UNFPA GOTG April 2020
The Secondary Pandemic_ Increased Violence Against Women_Girls during COVID19_GoTG UNFPA GOTG April 2020
The Impact of COVID_19 outbreak on Transport Sector In The Gambia Brief # 6 UNDP May 2020
The Impact of COVID_19 outbreak on Transport Sector In The Gambia Brief # 6 UNDP May 2020
The Education Sector in The Context of COVID-19 In The Gambia Brief7_UNDP_UNICEF May 2020
The Education Sector in The Context of COVID-19 In The Gambia Brief7_UNDP_UNICEF May 2020
Socioeconomic Impact of COVID 19 In The Gambia _ A Rapid Assessment UN GMB 2020
Socioeconomic Impact of COVID 19 In The Gambia _ A Rapid Assessment UN GMB 2020
Rapid Assessment Impact of Covid-19 on Agriculture April 9 Final FAO GM
Rapid Assessment Impact of Covid-19 on Agriculture April 9 Final FAO GM
Policy Note # 2_ Social Economic Health Impact of COVID_19 GoTG OP PAU 2020
Policy Note # 2_ Social Economic Health Impact of COVID_19 GoTG OP PAU 2020
Impact of COVID19 Outbreak on Remittances in The Gambia Brief #5 UNDP GMB April 2020
Impact of COVID19 Outbreak on Remittances in The Gambia Brief #5 UNDP GMB April 2020
Impact of COVID19 Outbreak on Employment in The Gambia Brief #4 UNDP GMB April 2020
Impact of COVID19 Outbreak on Employment in The Gambia Brief #4 UNDP GMB April 2020
Impact of COVID_19 Outbreak on Trade in The Gambia Brief #4 UNDP April 2020
Impact of COVID_19 Outbreak on Trade in The Gambia Brief #4 UNDP April 2020
Gender Impact Assessment of COVID -19 in The Gambia. Final report  GoTG_UNDP_UNFPA 2020
Gender Impact Assessment of COVID -19 in The Gambia. Final report GoTG_UNDP_UNFPA 2020
Gambia_HFS_wave4
Gambia_HFS_wave4
Gambia_HFS_wave3
Gambia_HFS_wave3
Focus Note_Covid-19 Responses_GoTG OP PAU April 2020
Focus Note_Covid-19 Responses_GoTG OP PAU April 2020
Focus Note on COVID 19 Responses Lumos_OP PAU May 2020
Focus Note on COVID 19 Responses Lumos_OP PAU May 2020
Focus Note COVID 19 Impact on Vaccinations_OP PAU July 2020
Focus Note COVID 19 Impact on Vaccinations_OP PAU July 2020
Emergency Response Plan-Agriculture, Livelihoods Food Security GoTG MOA  April 23 2020
Emergency Response Plan-Agriculture, Livelihoods Food Security GoTG MOA April 23 2020
Covid-19-impacts-on-household-well-being-monitoring-from-28-October-14-November-2020
Covid-19-impacts-on-household-well-being-monitoring-from-28-October-14-November-2020
Covid-19-impacts-on-household-well-being-monitoring-from-21-August-9-September-2020
Covid-19-impacts-on-household-well-being-monitoring-from-21-August-9-September-2020
COVID 19 Socioeconomic Effect Short Term Infographic UNDP GMB 2020
COVID 19 Socioeconomic Effect Short Term Infographic UNDP GMB 2020
COVID 19 Socioeconomic Effect Medium Term  Infograhic UNDP GMB 2020
COVID 19 Socioeconomic Effect Medium Term Infograhic UNDP GMB 2020
COVID 19 In The Gambia_ A Rapid Assessment of the Impact COVID-19 on Tourism and Related Sectors_GoTG GBoS 2020
COVID 19 In The Gambia_ A Rapid Assessment of the Impact COVID-19 on Tourism and Related Sectors_GoTG GBoS 2020
Planning a Green & Resilient COVID-19 Recovery In The Gambia _GoTG_UNDP_IIED Policy Brief #1
Planning a Green & Resilient COVID-19 Recovery In The Gambia _GoTG_UNDP_IIED Policy Brief #1
2020 PFM Annual Progress
2020 PFM Annual Progress

This Public Financial Management Annual Progress Report (PFM-APR) is produced culminating progress of implementation of reforms by the sister departments of MOFEA and other MDAs. It seeks to establish an objective evaluation of current PFM performance, highlight areas of absolute and relative strength and weaknesses.

Citizens' Budget 2021
Citizens' Budget 2021
Report of the Second Diaspora Finance Technical Roundtable
Report of the Second Diaspora Finance Technical Roundtable
Covid-19 impacts on household well being monitoring  from 21 August - 9 September 2020 
Covid-19 impacts on household well being monitoring  from 21 August - 9 September 2020 

Results of this note use data from the High Frequency Survey on the COVID 19 Impacts on Households, a collaboration between the World Bank, the Gambia Bureau of Statistics GBoS and the State and Peace building Fund ( A sub sample of 1437 households of the Labor Force Survey ( were interviewed by phone between August 21 and September 9 The results are representative at the national level and at strata level(Banjul and Kanifing agglomeration, other urban areas, rural areas). 

Covid-19 impacts on household well being monitoring  from 28 October - 14 November 2020
Covid-19 impacts on household well being monitoring from 28 October - 14 November 2020

Results of this note use data from the wave 2 of the High Frequency Survey on the COVID 19 Impacts on Households A sub sample of 1385 households of the Labor Force Survey ( were interviewed by phone between October 28 and November 14 2020 These same households have already been interviewed during the wave 1 whose sample consisted of 1437 households The results are representative at the national level and at strata level (Banjul and Kanifing agglomeration, other urban areas, rural areas).

PFM Strategy 2021-2025
PFM Strategy 2021-2025

Introduction


The Public Finance Management (PFM) Strategy 2021-2025, the fourth of its kind, is aimed at strengthening ongoing PFM reforms in the country. Its development reaffirms the Government’s firm commitment to adopt and institutionalise prudent public financial management practices to enhance service delivery to the Gambian people.

Financial Regulations, 2016
Financial Regulations, 2016

Supplement “A” to The Gambia Gazette No. 23 of 22nd December, 2016

Legal Notice No. 16 of 2016

Manpower Budget 2021
Manpower Budget 2021
Approved Budget 2021
Approved Budget 2021
Annual Consolidated Projects Report (2019)- Projects Coordination Unit
Annual Consolidated Projects Report (2019)- Projects Coordination Unit

As projects deal with uncertainties, the need for reporting becomes integral element of project management. Thus, it is incumbent upon the Projects Coordination Unit (PCU) like any other similar set-up to provide periodic project implementation progress reports to stakeholders. This is one of those reporting obligations for the PCU and has always been met and on a timely basis.

This Consolidated Annual Project Report for 2019 contains progress of achievements and challenges encountered in the execution of the respective projects for the reporting year. The PCU achieved some measurable progress in the implementation of the projects under its purview by unlocking some critical problems particularly on procurement related matters that impacted on the performances of the projects. The achievements for the year under review could not have been registered without the dedication of the entire PCU Team and cooperation of stakeholders. That is, because the Team focused on the challenges as a way out to deliver results into ultimate meaningful accomplishments. The PCU coined a motivational slogan called “Results Without Borders” which yielded dividend in the course of implementing activities.

Gambia Integrated Household Survey (summary findings on welfare)
Gambia Integrated Household Survey (summary findings on welfare)
Voluntary National Review
Voluntary National Review
Socioeconomic Impact Assessment of COVID 19 in The Gambia
Socioeconomic Impact Assessment of COVID 19 in The Gambia

The Novel Coronavirus Disease which was given the name Coronavirus Disease 2019 (COVID-19) by the World Health OrganizaEon (WHO) on 11th February 2020 was first discovered in Wuhan, China and reported to the WHO on 31st December 2019. Since its discovery, it was first declared a Public Health Emergency of InternaEonal concern on 30th January 2020 before being finally declared a Global Pandemic on March 11th, 2020 by the WHO. According to the 148th WHO SituaEon Report on COVID-19, COVID-19 has globally registered a total of 7,941,791 confirmed cases and 434,796 deaths. The report highlights that Americas have the highest number of confirmed cases (3,841,609), followed by Europe (2,434,184) with Africa having the least number of cases (181,903). USA (2,079,592) and Brazil (867,624)) recorded the highest confirmed cases respecEvely, and the USA has so far registered the highest number of deaths standing at 115,484.

2020 THIRD QUARTER STATISTICAL DEBT BULLETIN
2020 THIRD QUARTER STATISTICAL DEBT BULLETIN
Gambia-MTDS (2020-2024)
Gambia-MTDS (2020-2024)
Debt Sustainability Analysis (DSA) 2020
Debt Sustainability Analysis (DSA) 2020

Debt relief in the early 2000s was to provide fiscal space and help developing countries achieve debt sustainability while promoting growth and alleviating poverty. However, supporting literature shows that, most countries in Africa that benefitted from debt cancellation programmes are currently faced with high unsustainable debt levels due to lack of reforms leading to expenditure overruns, which have culminated into rising debt levels that pose significant risks to public debt management.

AFRICAN, CARIBBEAN AND PACIFIC STATES (OACPS) COUNCIL OF MINISTERS (Report)
AFRICAN, CARIBBEAN AND PACIFIC STATES (OACPS) COUNCIL OF MINISTERS (Report)

The Organisation of African, Caribbean and Pacific States (OACPS) is a group of countries in Africa, the Caribbean, and the Pacific that was created by the Georgetown Agreement in 1975. Formerly known as African, Caribbean and Pacific Group of States (ACP), the organisation's main objectives are sustainable development and poverty reduction within its member states, as well as their greater integration into the world's economy. All of the member states, except Cuba, are signatories to the Cotonou Agreement with the European Union.

2020 SECOND QUARTER STATISTICAL DEBT BULLETIN
2020 SECOND QUARTER STATISTICAL DEBT BULLETIN
Request for Information: Gambia Sustainable Energy Project
Request for Information: Gambia Sustainable Energy Project

The Government of the Gambia (GoTG) has received financing from the European Investment Bank (EIB) towards its Gambia Sustainable Energy Project within the Gambia Renewable Energy Framework. The Component 4 of the Framework consists of designing, supplying, installation, and operation and maintenance of on-grid/off-grid solar photovoltaic (PV) energy systems at up to 1,000 schools and 99 health facilities in the country (the Project). The preliminary calculations resulted in a wide range of systems’ sizes - from 2 kWp for schools to 100 kWp for hospitals. The identified project sites are spread all over the country with approximately 417 schools, 46 health centers and 11 hospitals already connected to the grid, but with unreliable electricity supply due to the frequent blackouts. The remaining facilities are off-grid.

OIL PRICES FROM 2010 TO 2020
OIL PRICES FROM 2010 TO 2020
Annual Public Debt Bulletin - 2019
Annual Public Debt Bulletin - 2019

The 2019 Public Debt Bulletin demonstrates Government’s commitment to transparency and accountability with respect to public debt management. The document provides an account of Government’s annual debt management operations, by providing information on the public debt stock; debt service payments; composition and structure of public debt; risks in the public debt portfolio; and developments in the domestic debt market. It also reports on the recent macroeconomic developments.

Public Finance Management (PFM) Annual Progress Report
Public Finance Management (PFM) Annual Progress Report

Assessing the Implementation of PFM Reforms for 2019

The Ministry of Finance and Economic Affairs (MOFEA) has the pleasure to present the Public Financial Management (PFM) Annual Progress Report for 2019,which recounts the progress Government has made in strengthening PFM reforms.
On a general note, implementing the PFM reform Strategy 2016-2020 has been very remarkable. Great success has been registered in attaining the strategic goals for the period under review. Thus, confirming Government’s firm commitment to adopting and institutionalizing prudent public financial management practices.

GAMBIA FISCAL MANAGEMENT DEVELOPMENT PROJECT.

This is merged document containing GRIEVANCE REDRESS MECHANISM, LABOR MANAGEMENT PROCEDURES and STAKEHOLDER ENGAGEMENT PLAN for the GAMBIA FISCAL MANAGEMENT DEVELOPMENT PROJECT (P166695).

Citizen's Budget 2020
Citizen's Budget 2020

The 2020 Citizen’s budget is a simplified version of the 2020 approved budget estimates aimed at communicating key Public Finance
information and development objectives of the Government of The Gambia to its citizens, whilst adhering to budget transparency and
accountability for the effective and efficient utilization of public resources.


Putting into account that citizens are the main beneficiaries, there is great need for them to know what the national budget entails and to
encourage them to play an active role in the budget process.

January-December 2019 Expenditure Report
January-December 2019 Expenditure Report

This brief presents an analysis of central government expenditure from January 2019 to December 2019. It also aims to inform Senior Management about the composition of total expenditure by different classification, highlighting the absorption capacity of different budget entities (BEs), and give an indication of expenditure trends compared to the same period a year earlier. It should be noted that all expenditure referred to in this brief is solely Government Local Fund (GLF), and the report does not factor any donor funds (loans and grants), including projects across the country. 

Approved Manpower Budget 2020
Approved Manpower Budget 2020
Approved Budget 2020
Approved Budget 2020
January-November Expenditure Report
January-November Expenditure Report
Third Quarter Statistical Debt Bulletin
Third Quarter Statistical Debt Bulletin
Second Quarter Statistical Debt Bulletin
Second Quarter Statistical Debt Bulletin
First Quarter Statistical Debt Bulletin 2019
First Quarter Statistical Debt Bulletin 2019
APPLICATION FOR 2-YEAR GAMBIA GOVERNMENT TREASURY BONDS
APPLICATION FOR 2-YEAR GAMBIA GOVERNMENT TREASURY BONDS
REVISED BOND GUIDELINE 2019
REVISED BOND GUIDELINE 2019
Prospectus of a Two Year Bond
Prospectus of a Two Year Bond

This prospectus is issued subject to the terms contained in the Guidelines relating to the Issue of Gambia Government Bonds published by the Central Bank of The Gambia dated May 2017 (the “Guidelines”). The terms of the Guideline apply to the above Bonds and their auction. This prospectus is only a summary of some of the more significant features of the Bond to be issued, and bidders should refer to the Information Guideline for the definitive terms

November Debt Issuance Calendar
November Debt Issuance Calendar
Tax exemptions for the year 2018
Tax exemptions for the year 2018

Attached are the Tax exemptions for the year 2018 for your Information.

MEDIUM TERM ECONOMIC FISCAL FRAMEWORK (2019-2024)
MEDIUM TERM ECONOMIC FISCAL FRAMEWORK (2019-2024)

The Ministry of Finance and Economic Affairs (MoFEA) is required by The Public Finance Act 2014, Part II Section 4, to develop a Government macro-fiscal policy and medium-term economic and fiscal framework (MTEFF) for budget preparation for each year. The MTEFF helps to integrate the top-down revenue (resource) envelope with the bottom-up sector programs executed by various Ministries, Departments and Agencies (MDAs). The MTEFF outlines expenditures reflecting the Government’s key fiscal policy priorities over the medium term (2020–2024) to be strictly guided by budget realities, investment and public procurement options, debt strategies and borrowing plans of the government and the key reform priorities.

THE GAMBIA DEBT SUSTAINABILITY ANALYSIS 2019
THE GAMBIA DEBT SUSTAINABILITY ANALYSIS 2019
Study tour on Treasury Single Account Report (TSA)
Study tour on Treasury Single Account Report (TSA)

Study Tour seeks to foster an understanding of the experiences made with the implementation of TSA in Nigeria both at the Federal and State level. In addition, take stock of the requisite public financial management reforms required -the implementation, effectiveness and impact assessment - of the TSA and impediments realized in the implementation process.

PFM Action Plan and Monitoring Tool
PFM Action Plan and Monitoring Tool
Citizen's Budget 2019
Citizen's Budget 2019
Social Protection Financing In The Gambia ( working Paper 2)
Social Protection Financing In The Gambia ( working Paper 2)
Corporate Income Taxation in The Gambia 2018 (working Paper 1)
Corporate Income Taxation in The Gambia 2018 (working Paper 1)
Public Expenditure and Financial Acountability (PEFA) 2014
Public Expenditure and Financial Acountability (PEFA) 2014
Implementing Program Based Budgeting (PBB) First Progress Report
Implementing Program Based Budgeting (PBB) First Progress Report

This is a five pager report that provides MOFEA Management an overview of MTEF implementation progress made, lessons learnt, challenges and the guide to confronting these challenges for a successful implementation.

REPORT ON THE SURVEY OF FINANCIAL MANAGEMENT SYTEM OF LOCAL GOVERBNEBT AUTHORITIES (LGAS)
REPORT ON THE SURVEY OF FINANCIAL MANAGEMENT SYTEM OF LOCAL GOVERBNEBT AUTHORITIES (LGAS)

Local Council reforms fit within the broader context of public finance management reform
strategy 2016-2020. Overall reform progress in Local Government Authorities (LGA) has
been slow. The survey was conducted to assess the effectiveness of Financial Management
System (FMS) in LGAs aimed at harmonizing these on a common platform.

Public Finance Management (PFM) Annual Progress Report
Public Finance Management (PFM) Annual Progress Report

Assessing Implementation of PFM Reforms for 2016-2017 Fiscal years

Mid-Term Debt Strategy 2017-2020
Mid-Term Debt Strategy 2017-2020
Report On the Reconciliation of Cross-Arrears
Report On the Reconciliation of Cross-Arrears
Regulatory Framework IA the Public Sector
Regulatory Framework IA the Public Sector
National Development Plan
National Development Plan

National Development Plan

Public Service Commission: General Orders
Public Service Commission: General Orders

The General orders reflect the organizational structure of the Public Service following the enactment of the Public Service Act 1991 and Public Service Regulation 1994.

Constitution of The Gambia - 1997
Constitution of The Gambia - 1997

This constitution is the supreme Law of The Gambia, the constitution provides for the fundamental Law, which affirms our commitment to freedom, justice, probity and accountability. It also affirms the principle that all power emanate from the sovereign will of the people.

Business Registration and Company Law
Business Registration and Company Law
Financial Regulations - 2016
Financial Regulations - 2016
Public Finance Act - 2014
Public Finance Act - 2014

AN ACT to provide for the control and management of public monies, the powers and duties of the legislature and executive in the preparation, presentation, approval,execution, and reporting of Government budget, as well as the conditions under which the State local government authorities and public enterprises may borrow, the Central Bank of The Gambia may issue State debt securitoies to achieve its monetary policy objectives, and certain conditions under which the State may issue guarantees, lend funds and enter into supplier's credit agreements and finance lease agreements and for connected matters.

PPP - Program High Level Viability Analysis Of Priority Projects
PPP - Program High Level Viability Analysis Of Priority Projects

This report presents the findings of a screening of public investment projects in The Gambia. The objective of the screening is to identify projects that are eligible for implementation in a public private partnership (PPP), and that can be started up in a relatively short term. These “fast track” PPP projects are intended to demonstrate the PPP is feasible in The Gambia, and to serve as an inspiration for the roll-out of PPP projects in other sectors. The experiences with the “fast track” projects (both positive and negative) can be used for the further refinement and optimization of the PPP framework in The Gambia.

PPP Operational Guidelines
PPP Operational Guidelines

Operational Guidelines provide implementing agencies and the PPP Directorate with a procedural framework and analytical tools enabling them to assess whether the use of PPP can deliver net benefits in a specific project, and how these benefits can be effectively achieved.

PFM Reforms Strategy - 2016-2020
PFM Reforms Strategy - 2016-2020
Building Resilience to Recurring Food Insecurity
Building Resilience to Recurring Food Insecurity
Donor Mapping Report - June 2017
Donor Mapping Report - June 2017

Donor Mapping Report (DMR) provides comprehensive information and the analysis of the current Development Assistance channeled into the country by development partners, as well as donors’ future activities. Information and statistical data presented in the DMR are based on the financial data of projects/programmes, entered in the database by Donor Coordination Forum (DCF) members, research work of the MoFEA staff as well as the responses to The Gambia.

AID Bulletin 2016
AID Bulletin 2016

Aid Bulletin highlights important reviews of official development assistance to The Gambia in relation to the development priorities presented in the Programme for Accelerated Growth and Employment (PAGE). This bulletin provides information on aid inflow, both internal and external in different sectors of the economy in the Gambia.

PPP Final Policy
PPP Final Policy

PPP Final Policy document