Ghanaian government launches Treasury Single Account
Ghanaian government has recorded huge successes in the recent time. Among these successes is the recent implementation of the treasury single account that will make government’s fund accountable and transparent. This will in affect help to tackle corruption and manipulation of the country’s income.
However, the Ghana Treasury Single Account (TSA) is a linked bank accounts through which the government recognizes all its receipts and payments and obtains a consolidated view of its cash resources at the end of each day. This will help to account for every income generated per day.
TSA is established under the Public Financial Management Act, 2016, (Act 921). It is a unified structure of government bank accounts which enables the consolidation and optimum utilization of government cash resources. It is also meant to ensure accurate management of fund for the country’s development.
Ghana’s vice president, Mahamadu Bawumia stated during an address at the launch of the TSA in Accra that the support of the commercial banks and other financial institutions are also needed for the successful implementation of the account. However, he urged the stakeholders to render their supports in making the deal work.
In addition, he said that the team had also agreed on a roll-out plan to transfer bank account balances to BoG by opening new accounts at BoG, transferring and closing the bank accounts at the commercial banks, closing excess accounts at BoG and initiating an intra-account transfer at BoG.
Further more, he stated that the team, comprising staff from the Bank of Ghana (BoG), Controller and Accountant-General’s Department (CAGD); and the Ministry of Finance (MoF) had put in place a Working Group to facilitate the process. He also said that he is confident that the team will work deligently to achieve their aims.
During the launching, the Controller and Accountant-General, Mr Eugene Asante Ofosuhene, explained that the implementation of the TSA Strategy was to rationalize government bank accounts with commercial banks and BoG; implement a bank accounts tracking system (B-Tracking) which is to give CAGD and all Ministries, Departments and Agencies/Metropolitan, Municipal and District Assemblies (MDAs/MMDAs) the opportunity to visualize all government bank accounts with commercial banks; and the investment of government cash balances with both the BoG and commercial banks. This is a way to aid transparency in the government’s expenditure and income.
Ghanaian government has urged all stakeholders in the financial institutions to put all hands on deck so as to ensure a successful implementation of the TSA. The success of this in effect will ensure a government of transparency and accountability.