Public Management

Gambia to sell Yahya Jammeh’s luxury cars and planes to cut public debt

Friday, 11 May 2018 18:25

The Gambian government put up for sale a fleet of three planes and many luxury cars, including Rolls-Royces owned by former President Yahya Jammeh. Finance Minister Amadou Sanneh (photo), told Reuters today May 11, adding that the money generated will be used to repay part of the country’s huge debt contracted under Yahya’s regime.

Indeed, these planes and cars were reportedly purchased with money from massive public fund embezzlement via public corporations, which amounted to more than $100 million, one third of the government's annual budget.

Sales outcome will soon be revealed. This operation was launched as IMF warned Gambia last May 9 against further borrowing after debt stock reached 130% of GDP at the end of last year.

However, this sales decision is being refuted and denounced mainly by Jammeh’s supporters who claim that this is “the former president's properties”, accusing the current president’s administration.

For the record, as soon as Adama Barrow took office as president, he set up a commission that visited Jammeh’s many properties and recently discovered in a jungle, a domain that hosts a mosque, a war training camp and a vast private safari park. The commission, which indicated that most of Jammeh's properties are hidden abroad, announced that efforts are underway to recover the looted assets.

Let’s also recall that Yahya Jammeh took power in a 1994 coup. He then went into exile in Guinea in January 2017, after refusing his defeat in the face of current president Adama Barrow following elections held two months earlier.

Olivier de Souza

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
Seven of Nigeria's top 11 listed banks missed the March 31 deadline for 2025 audited accounts, all citing pending Central Bank approval The bottleneck...
DRC secures $3.1 million UK funding for agricultural SMEs Program to support 5,000 farmers, including women-led businesses Initiative targets...
AfDB approved $755m across 18 projects between January and mid-April 2026, a 443% jump on the same period last year — its strongest start since...
BOAD exits BOA Bénin and Niger, sells stakes to Sonimex BOA Bénin posts growth; BOA Niger sees sharp profit decline Divestment reflects...
Most Read
01

Algeria launches bid for two NGSO satellite telecom licenses Move aims to expand broadband ac...

Algeria Opens Satellite Market to Competition, Inviting Global Operators
02

Four major operators—Mauritel, Mattel, Rimatel, and Chinguitel—submitted a combined bid of ...

Mauritanian Telecom Operators Submit $27 Million Combined Bid for 5G Licenses
03

(EBID) - EBID aims to allocate nearly 41% of its commitments to projects with environmental and...

EBID makes giant strides for a green transition in west africa
04

Nigeria, Nestlé sign MoU for dairy training center in Abuja Center to train farmers in breeding, ...

Nigeria, Nestlé partner to strengthen dairy sector skills
05

Operators review 2025 investments, outline 2026 expansion plans Consumer complaints persist...

Cameroon Presses Telecom Operators on Service Quality as Complaints Rise
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.