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Sierra Leone

Single Treasure Account (SL0005)

Overview

At-a-Glance

Action Plan: Not Attached

Action Plan Cycle: 2014

Status: Inactive

Institutions

Lead Institution: Ministry of Finance and Economic Development

Support Institution(s): Open Government Initiative

Policy Areas

Extractive Industries, Oversight of Budget/Fiscal Policies

IRM Review

IRM Report: Sierra Leone End-of-Term Report 2014-2016

Starred: No

Early Results: Did Not Change

Design i

Verifiable: Yes

Relevant to OGP Values: Access to Information

Potential Impact:

Implementation i

Completion:

Description

It is evident that reducing wastages in the management of public resources is partially dependent on fiscal discipline and the leveraging of the extractive industry especially through the promotion of transparent practices in contract negotiation and management. The aim is to leverage on key actions that the Government has already identified as essential to improving fiscal and extractive industries transparency with a view towards better management of public resources such as the establishment of the Single Treasury Account which was highlighted in the 2014 Budget presentation by the Hon. Minister of Finance and Economic Development. Its establishment will streamline Government fiscal procedures and create more transparency and accountability in Government spending. Actions Required/Milestones for Completion:
a) Single Treasury Account established by undertaking a census of all Government Bank accounts and findings made public.
b) Procedures and mechanisms implemented by the Ministry of Finance and Economic Development in collaboration with relevant institutions will run a Single Treasury Account (STA) which will form the basis of a new Memorandum of Understanding with relevant Banks on the modus operandi of Government transactions based on STA Model.


Sierra Leone's Commitments

  1. Gender

    SL0012, 2016, Capacity Building

  2. Foriegn Aid Transparency

    SL0013, 2016, Aid

  3. Waste Management

    SL0014, 2016, Capacity Building

  4. Fiscal Transparency and Open Budget

    SL0015, 2016, E-Government

  5. Audit Report

    SL0016, 2016, Audits and Controls

  6. Climate Change

    SL0017, 2016, Capacity Building

  7. Elections

    SL0018, 2016, E-Government

  8. Record Archive Management

    SL0019, 2016, E-Government

  9. Access to Justice

    SL0020, 2016, Capacity Building

  10. Open Public Procurement Contracting

    SL0021, 2016, Anti-Corruption Institutions

  11. Publish and Revise 70% of Mining and Agricultural Lease Agreements and Contracts

    SL0009, 2014, E-Government

  12. Starred commitment Right to Access Information Law

    SL0010, 2014, Capacity Building

  13. Open Data Portal for Transparency in Fiscal and Extractive Transactions

    SL0011, 2014, E-Government

  14. Public Integrity Pact with 5 Ministries, Departments, and Agencies

    SL0001, 2014, Conflicts of Interest

  15. Archives and Records Management Act

    SL0002, 2014, E-Government

  16. Scale up Performance Management and Service Delivery Directorate

    SL0003, 2014, Public Participation

  17. Compliance with Audit Measures

    SL0004, 2014, Audits and Controls

  18. Starred commitment Single Treasure Account

    SL0005, 2014, Extractive Industries

  19. Extractive Industry Revenue Act

    SL0006, 2014, Extractive Industries

  20. Scaling up Extractive Industry Transparency Initiatives

    SL0007, 2014, Extractive Industries

  21. Local Content Policy (LCP) Linkages with MDAs

    SL0008, 2014, Capacity Building