Gambiaj.com – (BANJUL, The Gambia) – The government of The Gambia has begun the process of dissolving the Asset Management and Recovery Corporation (AMRC), citing concerns over the institution’s financial sustainability and the manner in which it has been funding its operations.
The announcement was made by the Minister of Finance and Economic Affairs, Seedy Keita, during a question-and-answer session at the National Assembly of The Gambia.
According to the minister, a liquidation task force has already completed and submitted its report, and the government is currently preparing a draft liquidation bill for Cabinet approval. Once the Cabinet endorses the bill, it will be tabled before the National Assembly for final consideration.
The move followed questions from National Assembly Member Alhagie Mbow regarding the corporation’s financial practices and its handling of recovered assets.
Responding to the concerns, Minister Keita explained that AMRC has been relying on the sale of government-owned land to finance its recurring expenditures, a practice the government now considers unsustainable.
“Financially, they are not viable because these landed properties belong to the government,” the minister told lawmakers, adding that the properties constitute state capital assets that ideally should remain under government ownership.
The minister said this practice was a key factor informing the government’s decision to liquidate the corporation.
During the session, Hon. Mbow also asked about the status of toxic assets that were transferred from Keystone Bank Gambia Limited to AMRC during the bank’s restructuring.
Minister Keita said these assets form part of the ongoing liquidation process, noting that recommendations are being developed on how they will be handled once the corporation is dissolved.
Lawmakers also sought clarification on whether AMRC had the legal authority to sell recovered properties.
The minister explained that the corporation was empowered under its establishing Act to administer and dispose of assets, including land that had been foreclosed or forfeited as collateral during the liquidation of financial institutions.
The planned liquidation of AMRC forms part of the government’s broader efforts to address inefficiencies in the management of public assets, while also prompting fresh debate over how recovered properties and other capital assets should be handled once the corporation ceases operations.
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