Public Financial Management

Submitted by webmaster on March 8, 2023

Strategic Goal: Improved efficiency and effectiveness in Public finance management and accountability

Objective 7: To ensure efficient management and accountability of Government Funds

Increasing accountability and transparency in the use of public funds is a very important aspect of improved public finance management. The Ministry shall ensure that full accountability in the use of public funds becomes a priority in the planning period.

Strategies:

  • Enhance real time information flow between MoFPED and its key stakeholders
  • Prepare accurate and timely financial reports on the operations of the Funds
  • Implement and maintain robust, secure and efficient computerized financial management systems for Government
  • Produce timely and accurate financial statements

Objective 8: To provide a robust framework for conducting banking and cash management for votes governed by the PFMA 2015

Strategies:

  • Full Implementation of the Treasury Single Account framework
  • Enforce compliance to the PFMA 2015 as regards to management of Government bank accounts

Objective 9: To ensure that the system of accounting and classification is appropriate and aligned to best practice

Financial Reporting is dynamic, the Ministry will therefore ensure that it adheres to best practices in the process of accounting and classification.

Strategies:

  • Maintain a relevant and up-to-date Chart of Accounts that is aligned to international standards of classification (GSM 2014)
  • Transition from modified cash basis of accounting to accrual based accounting

Objective 10: To ensure that the system of internal control is appropriate to the needs of the vote and conforms to international standards

Strategies:

  • Undertake regular review,inspections, monitoring and assessment of the PFM practices and systems performance
  • Implement the PFM systems security enhancement strategy
  • Align PFM systems to International standards’ certification
  • Streamline financial reporting for public corporations and state enterprises

Objective 11: To ensure custody and safety of public resources to include public money and the stores, property, assets and the loans and investments of Government.

Strategies:

  • Maintain up-to-date and comprehensive policies, regulations and guidelines
  • Automation of fixed assets management with an up to date register of Government assets and investments
  • Development of an Asset Management Policy
  • Maintain Public Debt database

Objective 13: To ensure a comprehensive and sound PFM legal and regulatory framework

Strategies:

  • Harmonize the PFM laws with all attendant regulations, laws and guidelines

Objective 14: To ensure coordinated capacity development, standard setting and supervision of the Accounting and Procurement profession in the public service.

Strategies:

  • Development and implement capacity development strategy For PFM cadre
  • Strengthen collaboration with Professional bodies and academia In research and development

Objective 15: To enhance and strengthen good governance in public procurement

Strategies:

  • Support the establishment of an institute of procurement and supply chain management to regulate the conduct and behaviour of cadre involved in Public Sector procurement.
  • Review the institutional framework and structure to enhance Public Procurement

Objective 16: To improve compliance with the public procurement legal and regulatory framework Strategies:

  • Strengthen Procurement Inspection function
  • Undertake reviews of the legal framework to enhance regulation of Public Procurement system

Objective 17: To promote the use of public sector procurement as a social- economic tool Strategies:

  • Conduct studies to inform the implementation process of public sector procurement
  • Develop legal and regulatory framework to support local content

Objective 18: Promote the effective and efficint use of public funds in government fund for goods, works and services.

Strategies:

  • Disseminate the procurement risk management manual to stakeholders in public procurement
  • Promote and enforce the use of best practices in the public sector procurement process
  • Roll out of E-Government Procurement
  • Conduct assessment of the public sector procurement system
  • Undertake analytical studies to inform procurement policy
  • Develop a monitoring and evaluation mechanism for public procurement

Objective 19: To strengthen and enhance knowledge, skills and attitude of human resource interfacing with public procurement

Strategies:

  • Capacity building of stakeholders involved in public sector procurement