18/09/2025
How the Ministry of Finance Was Involved in Ecotra by Ndey Jobarteh
✅Sovereign Guarantees
In 2021, when the first facility (D230 million) was given to Win Win, the Ministry of Finance issued a sovereign guarantee, meaning if the company failed, the State (taxpayers) would pay.
After Win Win collapsed, in May 2022, Finance Minister Seedy Keita and his Permanent Secretary Abdoulie Jallow signed an addendum transferring that guarantee to JV/Ecotra.
This was done even though the company was only 5 months old, violating the bank’s own risk policy.
✅Ignoring the Public Finance Act (Section 46)
The law requires a risk assessment in writing before issuing guarantees, and beneficiaries must pay a fee to cover the State’s risk.
There is no evidence this was done for Ecotra.
✅Extending & Restructuring Debt
By Dec 2023, Ecotra still owed D175 million. Instead of enforcing repayment, the Ministry allowed repeated extensions and restructuring of the debt.
✅Foreign Exchange Access
The Ministry of Finance, together with the Ministry of Trade, facilitated Ecotra’s access to $13.3 million from the Central Bank (2022–24).
When MPs asked for the list of businesses that got these dollars, the Ministry of Finance redacted the names and withheld the data, hiding Ecotra’s identity.
✅Why This Matters
The Ministry of Finance is supposed to protect public funds, not hand them out recklessly.
By guaranteeing loans, shifting facilities, and giving preferential access to foreign reserves, the Ministry made sure the President’s nephew’s company could never fail, even at the people’s expense.
Parliament and the public were deliberately kept in the dark.
✅In short: Without the Ministry of Finance, Ecotra would not exist as a billion dalasi food importer today.
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Source: The Republic