Almost D380 Million Short? Finance Minister Under-reports Domestic Debt Interest

President Barrow (left) and Minister Keita (right)

By Yusef Taylor @FlexDan_YT

A comparison between the Finance Minister’s latest Budget Implementation Report to Parliament and the Government’s own Public Debt Bulletins has revealed that Finance Minister Keita under-reported domestic debt interest payments by up to D376 million for the first six months of 2026.

Askanwi Media’s financial inquiry also revealed that the Finance Minister over-reported the external debt interest payments by D178 million in the same time period.

This brings the overall under-reporting of debt interest up to D198 million.

Finance Minister Hon. Seedy S. Keita told Parliament on 21st September 2026 that the government spent D3.1 billion on external and domestic debt interest payments between January and June 2026.

However, Askanwi Media’s review of the Q1 and Q2 2026 Public Debt Bulletins shows total debt interest payments of approximately D3.301 billion during the same period, which is nearly D198 million more than the figure presented to Parliament.

The Public Debt Bulletins also show approximately D2.79 billion in principal repayments during the first six months of the year, which were not included in the Finance Minister’s reported debt-interest figure.

Domestic & External Debt Interest Q1 & Q2 2026 © Askanwi Media

The Minister’s Claim

In his Budget Implementation Report, Minister Keita stated:

“Debt interest payments recorded an outturn of GMD3.10 billion, representing a 45% budget execution rate. This reflects external debt interest amounting to GMD600 million (a 21% annual increase) and domestic debt interest amounting to GMD2.50 billion (a 17% annual increase).”

Fact-Check: What Do the Debt Bulletins Show?

To examine the minister's figures, our reporter reviewed the Q1 and Q2 2026 Public Debt Bulletins, which provide quarterly information on the government's debt-service payments, including interest and principal repayments.

The review identified differences between the figures presented by the Finance Minister and those published in the Public Debt Bulletins.

Domestic Debt Interest: D2.88 Billion vs. D2.50 Billion

According to the Public Debt Bulletins, the government paid approximately D2.88 billion in domestic debt interest during the first six months of 2026.

This is approximately D376 million higher than the D2.504 billion reported by the Finance Minister.

External Debt Interest: D421 Million vs. D599 Million

The Public Debt Bulletins also show approximately D421 million in external debt interest payments during the same period. This is approximately D178 million lower than the D599 million reported by the Finance Minister.

This really begs the question: why would the Finance Minister over-report the country’s external debt interest?

It’s important to note that for this analysis, the external debt figures published in US dollars were converted into Dalasis.

Domestic Debt and External Debt - Interest vs Principals © Askanwi Media

Overall Difference: D198 Million

Combining the two categories, the Public Debt Bulletins indicate approximately D3.301 billion in total debt-interest payments during the first six months of 2026.

Compared with the D3.103 billion reported by the Finance Minister, this leaves a net difference of approximately D198 million.

The difference is the result of the higher domestic-interest figure in the Public Debt Bulletins being only partially offset by their lower external-interest figure.

Approximately D2.79 Billion in Principal Repayments

The difference becomes more significant when principal repayments are considered.

Unlike interest, which represents the cost of borrowing, principal or amortisation payments are repayments of the amounts originally borrowed by the government. Principal repayment schedules are generally specified in the respective loan agreements.

The Public Debt Bulletins show that the government made approximately D2.79 billion in principal repayments during the first six months of 2026.

These principal repayments are separate from the D3.10 billion in interest payments reported by the Finance Minister.

Debt Interest, Principals, Domestic & External Debts © Askanwi Media

Total Debt Service: Approximately D6.1 Billion

When interest and principal repayments are combined, the Public Debt Bulletins indicate that the government paid approximately D6.091 billion in total debt service during the first six months of 2026.

Based on the figures reviewed by Askanwi Media, this represents approximately 45% of the approved debt-service budget for 2026.

Verdict: Significant Discrepancy Requires Clarification

Given the differences identified, Askanwi Media is not assigning a True or False verdict to the Finance Minister’s statement at this stage. The key issue is that two official government sources appear to report substantially different figures for debt-interest payments over the same six-month period.

The Q1 and Q2 2026 Public Debt Bulletins were published on the Ministry of Finance and Economic Affairs’ website before the Finance Minister’s presentation to Parliament. This raises an important question: Why do the figures presented to Parliament differ from those contained in the government's own Public Debt Bulletins?

After communicating with officials from the Ministry of Finance and Economic Affairs about the observations made highlighting the disparities reported, Askanwi was informed that the Budget Department utilises the IFMIS System, while the Debt Department utilises the Meridian Debt Reporting System.

Due to this, there are some discrepancies between the payment due date and the actual payment dates.

The D376 million difference in reported domestic debt interest warrants further clarification from the Ministry of Finance and Economic Affairs.

The omission of approximately D2.79 billion in principal repayments from the minister's debt-interest figure also means that the reported D3.10 billion represents interest payments, rather than total debt service, based on the wording of the minister's statement.

The issue is therefore not simply about a difference in numbers. It raises broader questions about consistency, transparency, and reconciliation of public debt data within government reporting systems.