The Gambia Chamber of Commerce and Industry’s (GCCI) total value of assets has increased from thirty-seven million Dalasi in 2021 to over forty- six million Dalasi in 2022, an audit exercise reveals.
The audited financial statements and accounts of the GCCI also disclosed that income generation has moved from more than twenty- nine million to hundred and sixty-nine thousand Dalasi in 2021 to more than thirty- three million Dalasi in 2022.
These revelations were made during the Chamber’s Annual General Meeting on Friday, 11 August 2023 to review the Auditor’s Report and Financial Statements for the period ended 31st December 2022
The event was held at the GCCI office in Bijilo, where the GCCI members convened for their legally mandated annual general meeting during which the GCCI’s president delivered a report discussing the activities of the chamber in the year under review.
Members at the event were also satisfied with the chamber’s financial performance over the years. Almost all the members who reacted to the reports expressed satisfaction with the GCCI’s financial performance.
Sarata Conateh, the CEO of GCCI, said overall the GCCI’s ability to generate income while maintaining financial discipline has never been stronger, demonstrated by this tremendous profit margin in 2022 financial statements.
She also highlighted the chamber’s projects and initiatives during the year under review such as the EU-funded project, ROOTS, and Digital Jula amongst other projects.
“As a chamber, we are encouraged by the resilience of women in the private sector as they continue to score success in business endeavours,” she said.
PKF, an independent Auditing Firm in the Gambia, audited the GCCI accounts. Omar Cham, the audit consultant from PKF while presenting the audit report, said the Auditor’s opinion accompanying the financial statements gave a true and fair view of its financial performance and its cash flow for the year ended. Cham noted that the auditing has been done in accordance with the Generally Accepted Accounting Principles (GAAP) and the Companies Act 2013.
“Our objectives are to obtain reasonable assurance whether the financial statements as a whole are free from material misstatement, whether due to fraud or error and to issue an auditor’s report that includes our opinion,” Mr Cham added.
Mr Edrissa Mass Jobe, President of the GCCI, said they have plans to initiate productive innovations as they have been raising funds for their members such as the one million dollars they got from the ROOTS project.
He disclosed that the major sources of income of the GCCI include annual subscriptions, fundraising activities, levies, and capital grants which have contributed to the chamber’s financial growth.