President Adama Barrow has hailed what he described as a major turnaround in the performance of The Gambia’s State-Owned Enterprises (SOEs) after the sector moved from multi-billion-dalasi losses to profitability, enabling the government to receive D137 million in dividends.

The dividend signing ceremony, held at the State House in Banjul on Tuesday, brought together government officials, SOE executives and members of the SOEs Commission.

The dividends were paid by the Gambia Civil Aviation Authority, Gambia Publishing and Printing Corporation, Gambia Ports Authority, Gambia National Petroleum Corporation and Gambia Radio and Television Services.

The payout follows a dramatic shift in the financial fortunes of the sector.

According to figures presented at the ceremony, SOEs recorded a consolidated net loss of D2.3 billion in 2023, which increased to D2.6 billion in 2024. However, by the end of the 2025 fiscal year, the sector had posted a consolidated net profit of D2.5 billion.

The improvement represents a D5.1 billion turnaround within a year, equivalent to a 196 percent increase in performance.

Addressing the gathering, President Barrow attributed the recovery to government reforms focused on strengthening governance, accountability and performance management across state-owned enterprises.

He praised the SOEs Commission and line ministries for what he described as their commitment to improving service delivery and financial discipline.

“The results demonstrate that reforms can deliver tangible outcomes when institutions are guided by accountability and performance,” the President said.

Chairman of the SOEs Commission, Ousainou Ngum, said the achievements reflected the importance of state-owned enterprises in driving industrialisation and economic growth.

Despite the gains, officials acknowledged that challenges remain.

A financial assessment of twelve SOEs concluded that while performance had improved significantly, enterprises must continue to strengthen financial management and deliver more efficient, timely and affordable public services.

By Adama Makasuba