Page 126 - 2021 ANNUAL REPORT draft

11. Personnel expenses

Personnel Dec.-2021 Dec.-2020
Wages and Salaries 121,031 129,191

Pension costs - defined contribution plan 2,794 0
Other staff cost 5,429 7,333
129,254 136,524

Personnel Dec.-2021 Dec.-2020

Number Number

Executive Directors 2 2

Management 28 26

Non-management 179 193
Contract Staff 157 156

366 377
Staff loans
Staff received loans at below the market interest rate. These loans are measured at fair value at initial
recognition. The difference between the PV of cash flows discounted at the contractual rate and PV of
cash flows discounted at market rate has been recognised as prepaid employee benefit which is amortised
to personnel expense (other staff cost) over the life of the loan.

12. General and administrative expenses

In thousands of Gambian Dalasi Dec.-2021 Dec.-2020
Stationery and postage 3,436 8,649
Business travel expenses 4,392 2,070

Local Transport 13 0

Advert, promotion and corporate gifts 4,711 14,589
Repairs and maintenance 54,325 54,578

Occupancy costs 2,860 2,570
Directors' emoluments 3,571 3,607

Contract Services 3,015 4,528
76,323 90,591

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Guaranty Trust Bank (Gambia) Limited Financial Statements December 2021