New government in Gambia fires the central bank chief

Interesting times for central bankers. After Barbados, Ukraine and Ghana, another central banker is fired. Though reasons for each are different.

The latest is from Gambia. This reason is more straight forward. A new government comes to power and fires the existing team:

Gambian President Adama Barrow has fired the country’s Central Bank governor Amadou Colley and two other top leaders of the institution appointed by his predecessor Yahya Jammeh.

No official reason has been given for the dismissals. Colley told local newspapers that he was “given no explanation” for his termination. “Each of us received a letter of termination of services yesterday and the termination is with immediate effect. No reason is given to us,” Colley said Wednesday.

Colley was the longest serving Central Bank governor under President Jammeh during his 22-year rule.

The country’s new finance minister, Amadou Sanneh, told journalists about three months ago that Jammeh had taken millions from the Central Bank without following proper procedures and that “often such transactions were not even documented”.

Following the dismissal, sources close to the decision-makers have informed Anadolu Agency that Bakary Jammeh who, until this week, headed the Research Department, was appointed governor of the Central Bank.

Saikou Jabbi, former head of the Micro Finance Department was appointed as First Deputy Governor and Essa Drammeh, former head of Banking Supervision, Second Deputy Governor.

Central Bank officials have yet to issue a statement regarding the firing of the governor or his replacement. Since taking office in January, Barrow has replaced several Jammeh-era officials in key positions. Jammeh now lives in exile in Equatorial Guinea.

The outgoing Governor gives a statement.

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