Committees Of The Board
- Audit Committee
- Financial Supervision Committee
- Human Resource Committee
- Monetary Policy Committee
- Board Risk Management Committee
- Board Sub-Committee on Development Finance
The Audit Committee
The CBG Act established the Audit Committee as a Committee of the Board. Under the Act, the functions of the Committee are to:
- Establish appropriate accounting procedures and controls;
- Monitor compliance with laws applicable to the Bank;
- Review the external auditor’s report;
- Review the work of the Internal Audit Department; and
- Make a decision on any matter brought to its attention by the Board or Bank Management.
The Financial Supervision Committee
The Financial Supervision Committee is responsible for overseeing the functions of the Financial Supervision Department. The Committee reviews onsite examination reports of financial institutions and takes decisions on appropriate actions to address shortcomings. It also examines the Prompt Corrective Action (PCA) framework reports and holds discussions with affected banks.
The Human Resources Committee
This Committee has responsibility for recruitment of professional staff and its mandate includes responsibility for staff retention, career development, and succession planning and remuneration policies.
The Monetary Policy Committee
The Monetary Policy Committee (MPC) was established by CBG Act (2005) to set key policy interest rate
The MPC is responsible for;
- Providing the statistical data for the formulation of monetary policy; and
- Setting the policy interest rate to achieve the price stability objective of the Bank.
The MPC meets every quarter. The membership comprises the Governor, the two Deputy Governors, Director, Economic Research Department, Director, Financial Supervision Department, Director, Banking Department and two members appointed by the Minister of Finance and Economic Affairs.
Board Risk Management Committee
The Central Bank of The Gambia (CBG) faces internal and external factors and influences that make it uncertain whether and when the Bank will achieve its objectives. The effect of this uncertainty on the Bank’s objectives is the “RISK”.
The Bank Risk Management Committee (BRMC), a sub-committee of the CBG Board, is responsible for setting the risk appetite level of the Bank, and adapting the risk management charter, policy and framework, as well as overseeing their implementation.
The RAC, which is a sub-committee of Senior Management, is responsible for guiding the Risk Management Department in implementing the policy framework, directing the bank-wide risk mitigation efforts, and escalating critical risks to the BMRC for further actions.
The Risk Management Department coordinates the entire risk management process within the Bank and reports to the above-mentioned Committees on quarterly bases. The Department’s duties are divided into three broad categories: Enterprise Risk Management, Compliance and Business Continuity Management.
Board Sub-Committee on Development Finance
The Board Committee on Development Finance is established to provide oversight of the development finance activities of the Central Bank of The Gambia. The Committee reviews and makes recommendations on the strategies, policies, and operations of the Development Finance Department in the execution of its mandate.