The State-Owned Enterprises Unit under the Ministry of Finance and Economic Affairs Directorate of Public Enterprises is committed to improving the oversight function and governance framework in State-Owned Enterprises through best international practices whilst contributing significantly towards the overall vision and mission of the Ministry of Finance and Economic Affairs(MOFEA).
- Preparation of policies, issuing circulars and guidelines to implement Good Governance for State Owned Enterprises
- Safeguarding the public interest by monitoring, guiding and directing SOEs to optimize performance and achieve expected targets and outcomes
- Reviewing for approval of SOEs strategic plans and annual budgets
- Monitoring and reporting on budget performance and implementation
- Strengthening the process of nomination, selection and composition of SOEs board of directors
- Constantly improving the skills and relevance of board members of SOEs accountability through the introduction of Performance Contract agreements
- Improving the financial relations between the state and the SOEs inherent in the ownership and oversight functions of the unit
The key objective of the SOE unit is to ensure long-term sustainable growth for SOEs so that the public, through the Government, can realize value-for-money in their investments and quality service delivery of the SOEs.
- The SOE unit of the DPPP&PE charged with the responsibility to reform the SOE sector has put in place a coherent strategy and action plan to guide the process of improving SOE performance through:
- Actively monitoring and assessing SOEs on a regular and timely basis using all available financial and qualitative data
- Compilation of sectoral data and preparation of monthly, quarterly and annual reports based on international reporting standards
- Granted cabinet approval for a World Bank supported three-year (2017-2019) reform agenda and action plan for the SOE sector.
- Validated a code of good corporate governance document at a forum attended by all relevant stakeholders.
- Initiated the dialogue on the restoration of Performance Contracts across the SOE sector.
Consultancy for Transaction Advisor (consortium) for the Restructuring & Privatization of Telecommunications Assets in The Gambia
The Government of The Gambia (GoTG) recognizes the importance of the information and communication technology (ICT) sector for the development of the overall economy. The National Development Plan (NDP) 2018-2021 specifically mentions the need to improve the telecommunications access network and to position ICT as an enabler to achieve the national development objectives. The NDP includes targets for the ICT sector to be achieved by 2021:
· Increase the % of population using the internet daily from 46.8% to 90%;
· Increase the proportion of population with access to mobile phones from 78.9% to 90%;
· Increase the proportion of schools connected to broadband internet from 6% to 12%; and
· Existence of National Information and Communications Infrastructure Policy II.
During 2018, with the support of the World Bank, the GoTG undertook a detailed assessment of the ICT sector with a view to identifying options to improve sector performance and reduce the fiscal burden to GoTG. This work included preparation of a baseline assessment, identification and evaluation of options for the reform of Gamtel, Gamcel and other GoTG telecom investments.
Please find attached thE TOR and REOI documents for your information.CODE OF GOOD CORPORATE GOVERNANCE FOR STATE-OWNED ENTERPRISES IN THE GAMBIA
This Code of Good Corporate Governance aims to define the responsibilities and accountabilities of the Board of Directors and Officers of State-Owned Enterprises (SOEs). It is the primary source of guidance on all aspects of governance including statutory guidance under which the SOEs operate if not conflicted with Acts of Parliament. The focus is on commercial SOEs at the national level in which government has significant control through full, majority, or substantial minority ownership.