The Commissioner General Gambia Revenue Authority (GRA),

Board Members of the Financial Reporting Oversight Board (FROB),

The Deputy CG, GRA, Chief Executive Officer FROB, Senior

Management teams of GRA and FROB, Members of the Media,

Ladies and Gentlemen.

It is a great pleasure and privilege for us to be part of this historic

event in the signing of a memorandum of Understanding (MoU)

between FROB and GRA. I would like to convey our sincere

gratitude and appreciation to the Commission General and his team

for their cooperation and support since our initial meeting few months

ago in which Director Abdoulie Tambadou lead a team from FROB to

initiate this mutually beneficial relationship.

The Gambia Financial Reporting Oversight Board (FROB)

established under section 48 of the Financial Reporting Act 2013 is a

government regulatory agency. It is mandated to oversee the financial

reporting and corporate governance practices of Public Interest

Entities (PIEs), and the auditing profession in the country to ensure

transparency, accountability, and good governance in PIE’s in The

Gambia. It also has oversight responsibilities over the Gambia

Institute of Chartered Accountants (GICA) and in Mid-2022 the

Board recruited the Senior management of the institution.

The goal of FROB is to establish a framework for a strong partnership

and collaboration with the GRA to enhance the reliability of financial

statements of PIE’s. With our shared interest in credible and reliable

financial reports, this MoU will ensure tax compliance and Financial

Reporting Oversight of PIE’s. We also hope to deepen our

collaboration with the GRA by ensuring the tax laws and regulations

are understood by us as the regulator and most importantly the PIE

professionals involved in the financial reporting process in meeting

their reporting obligations.

We aim to share insights, exchange information and resources to

better serve the public interest, pursuant to our respective visions and

core values.

The Gambia is undoubtedly emerging as a dynamic and resilient

economy, attracting international investors and businesses alike. It is

therefore important to have a robust regulatory framework that

ensures accurate and reliable financial reporting, corporate disclosures

and Good Corporate Governance practices underpinned by enhanced

quality and standards of Auditing in The Gambia. This we hope will

give confidence to investors, especially Foreign Investment

particularly with the establishment of our Stock Market in the country.

The world is witnessing a paradigm shift in the way organizations

operate, emphasizing the importance of environmental, social, and

governance factors. The progressive strides being taken by the

Government of The Gambia in this regard will undoubtedly provide

valuable insights that can shape our future policies and regulations.

In conclusion, I would like to reiterate that our objective is to leverage

this opportunity to enhance our regulatory oversight capabilities and

contribute to the collective growth of the Gambian Economy. It is

through such collaborative efforts that we can collectively address the

challenges that lie ahead and pave the way for a more transparent,

resilient, and sustainable financial ecosystem in the Gambia thus

inspiring investor confidence.

Once again I would like to thank the GRA Management especially the

legal team for working hand in glove with the FROB technical

department to deliver on this very important strategic document that

reflects our commitment and our joint efforts to work together as two

vital institutions in this country to foster trust and improve public

confidence in the financial reporting and corporate governance

landscape in the country. I would also like to thank our Board for

giving its support to this initiative and the Management of FROB for

their commitment in achieving this milestone. We are very hopeful of

similar MoUs’ soon that would also help facilitate the implementation

of our mandate.

Thank you for your kind attention.