11 August 2017

Ghana's Single Treasury Account Launched in Accra

Tagged:
press release

Government has begun the implementation of several key policy initiatives aimed at promoting long-term economic growth and national development.

One of such key policy initiative is the Ghana Treasury Single Account (TSA)-- a set of 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.

Established under the Public Financial Management Act, 2016, (Act 921), TSA is a unified structure of government bank accounts which enables the consolidation and optimum utilization of government cash resources.

TRA is, therefore, meant to provide government with a consolidated view of its cash resources and to ensure efficient treasury management as required under the cash management reform initiative.

Under the law, the Controller and Accountant-General is mandated by the Minister for Finance to implement the TSA which requires the transfer of the bank accounts of all government institutions to the Central Bank for ease of management and monitoring.

In an address delivered on his behalf at the launch of the Account in Accra, yesterday, the Vice President, Dr Mahamadu Bawumia, noted that the successful Implementation of TSA would depend, to a large extent, on the strong support of commercial banks and other financial institutions.

The Vice President, therefore, urged all stakeholders to lend their support to the implementation of the initiative.

In a statement, the Minister for Finance, Mr Ken Ofori-Atta, outlined the implementation plan.

Mr Ofori-Atta disclosed that a TSA Implementation Team had been constituted to oversee the process of implementation.

He said 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.

The team, he said, 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.

In a welcome address, the Controller and Accountant-General, Mr Eugene Asante Ofosuhene, explained that the implementation of the TSA Strategy was geared towards the rationalization of government bank accounts with commercial banks and BoG; implementation of 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 of having real-time visibility of all government bank accounts with commercial banks; and the investment of government cash balances with both the BoG and commercial banks.

Mr Ofosuhehe said the full implementation of the TSA was expected to contribute to the improvement in treasury operations and consequently facilitate better service delivery.

Source: ISD (G.D. Zaney)

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