Gambiaj.com – (BANJUL, The Gambia) – The Gambia Ports Authority (GPA) has reported a significant decline in both revenue and profit for 2022, according to figures presented to the Standing Committee on Public Enterprises.
Managing Director Ousman Jobarteh and Finance Director Tamsir Sallah told lawmakers that the Authority generated D1.54 billion in revenue in 2022, down from D1.97 billion in 2021. Net profit after tax also dropped sharply to D177 million, compared to D546 million recorded the previous year.
Officials attributed part of the decline to operational challenges, noting that cargo throughput fell by six percent due to congestion at the port.
However, they pointed out that net registered tonnage increased during the same period, suggesting that overall cargo handling capacity remained resilient despite the bottlenecks.
As part of efforts to address storage limitations, the GPA acquired additional properties in the Half-Die area, including a former vocational training center and the Muslim Senior Secondary School. The expansion is expected to increase storage capacity by approximately 17,000 square metres. Residents and farmers occupying the land were relocated and compensated.
The Authority also disclosed that several priority projects outlined in its 2019 Port Master Plan, including terminal expansion and port digitalisation, were delayed due to funding constraints. Preliminary consultancy work for the projects was carried out by the Royal Household Department of the Netherlands.
Meanwhile, auditors led by Agie Penda Sankareh flagged a number of governance and financial control concerns.
These included unapproved waivers granted to shipping lines, inventory discrepancies, the non-consolidation of certain investments, and suspected fraud exceeding D37 million within the Traffic Department. The auditors recommended tighter internal controls and enhanced oversight, while GPA management said corrective measures are underway.
Despite the drop in earnings, the Authority reported an increase in its asset base, with total assets rising to D4.12 billion and equity reaching D3.78 billion. Management maintained that the GPA remains financially stable and capable of meeting its operational obligations.
The financial statements and accompanying management letter were reviewed by members of the Standing Committee as part of their oversight of public enterprises.
