The new Governor of the Central Bank of The Gambia, Bakary Jammeh, has vowed to implement orders freezing the accounts of former President Yahya Jammeh following the issuance of court orders.
In an exclusive interview in Ahmedabad, India, where he is attending the African Development Bank (AfDB) Annual Meetings, Bakary Jammeh said the freezing of the assets of the former President would be done in accordance with the court orders.
“It is a court order and it would be executed. The assets in his name were ill-gotten and were not properly acquired,” the Governor said on Wednesday.
Justice Minister Abubacarr Tambadou said Monday the government obtained orders to freeze the accounts of the exiled former President over some US$50 million irregularly withdrawn.
“We were initially not aware of the existence of the orders but we will execute it,” Jammeh said.
The government has identified 14 companies owned by the exiled former President and several bank accounts whose transactions are the subject of the state investigation.
Earlier, the Central Bank Governor said the country’s foreign currency reserves had fallen to below one month of import cover but the tiny West African nation still receives US$200 million in foreign currency remittances from Gambians abroad for investment in real estate at home.
Jammeh said his country was democratic until the former President seized power in a military coup, changing the style of management and denying citizens the freedom of speech.
“The economy went bankrupt. We need to improve and we can only do this with the assistance of banks like the African Development Bank (AfDB), the Gambian Governor said during a panel debate with the Central Bank Governors of Zimbabwe and Ghana.
He said the businesses that closed as a result of poor governance are now likely to re-open because of improving confidence on the economy.
Source Pana
