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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Videos: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by Momodou[/i] [br][b][size=4]UNTOUCHABLE INSTITUTIONS FOR PUBLIC ACCOUNTABILITY EYE ON THE CENTRAL BANK:[/size=4][/b] The Central Bank is the only authority responsible for issuing the currency of The Gambia. It is the sole bank of the Government and the principal depository bank for all funds for, or on behalf of the Government. It promotes and maintains the stability of the currency of The Gambia; directs and regulates the financial, insurance, banking and currency system in the interest of the economic development of The Gambia. The authority of the Central Bank resides in the Board of Directors of the Bank comprising a Chairman, who shall be the Governor and Chief Executive of the Bank and four other Directors. The members of the Board of Directors shall be appointed from among persons of standing and experience in financial matters by the President, in consultation with the Public Service Commission. It is a matter of concern that the Chair of the Board of Directors and Governor of the Central Bank is removed against his will. He has not been removed from office for wrong doing nor has he resigned. The Attorney General is the Principal legal adviser of the Government and should look into the matter for further clarification and elucidation. The Central Bank of the Gambia is the most important financial institution of the country. It is the sole banker of the Government and the depository of its revenue and other moneys. This is where accountability starts. The Central Bank ensures that money received on behalf of Government and all withdrawals from the various accounts of the Government are properly recorded. It also regulates the activities of the banks and insurance companies in the country. In short, it is the financial nerve centre of the economy. That is precisely the reason why it is important for its autonomy to be enhanced and the security of tenure of its Board of directors guaranteed. The executive should ensure that it does not tamper with the autonomy of the institution and the security of tenure of the members of its board of directors. Whatever action is taken towards the bank must be reasonable and justifiable to its Board members. A Board is an authority that should be consulted in any decision making affecting its members or the institution over which it exercises direction and control. [b]Source:[/b] Kexx - Foroyaa Editorial [/quote]   Check here to include your profile signature.