Governor Buah Saidy of the Central Bank of The Gambia announced that the bank injected D300 million to recapitalize Mega Bank. He made the statement on Thursday, May 7, 2026, during an interface with the Finance and Public Accounts Committee (FPAC).
Saidy explained that this was not the first time the central bank had made such provisions. He recalled that the bank previously put $300 million into Mega Bank to recapitalize Bank PHB after the court seized Bank PHB. The recapitalization created the “good bank” known as Mega Bank.
According to him, auditors initially believed the investment would not be recovered and considered it impaired. However, after the bank was eventually sold, the D300 million was returned to the public sector, generating profit for the central bank.
Governor Saidy emphasized that provisions are crucial for financial stability. He linked this to the case of Horizon Clinic Gambia Limited, noting that without such institutions, medical treatment abroad would increase costs and strain the country’s balance of payments. With the clinic operating locally, he said, more money stays within the country, improving the balance of payments.
He added that the Gambian government currently spends heavily on overseas medical treatment for public servants, and local healthcare investments help reduce that burden.
