Single Treasure Account (SL0005)

Overview

At-a-Glance

Action Plan: Not Attached

Action Plan Cycle: 2014

Status:

Institutions

Lead Institution: Ministry of Finance and Economic Development

Support Institution(s): Open Government Initiative

Policy Areas

Extractive Industries, Fiscal Openness, Oversight of Budget/Fiscal Policies

IRM Review

IRM Report: Pending IRM Review

Early Results: Did Not Change

Design i

Verifiable: Yes

Relevant to OGP Values: Yes

Ambition (see definition): High

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.