Ministry of Finance & Central Bank set a system to monitor all MDA’s Private Bank Accounts

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The Ministry of Finance and the Central Bank have agreed on a system to monitor government accounts in private banks for project grants.

The Ministry of Financial Development and the Central Bank have conditioned prior authorization from accountant General all MDA’s opening accounts in private banks and have issued regulations in order to ensure accountability principles.

A meeting the Ministry of Finance Development & the Central Bank, and attended by the Deputy Minister of Finance Mr. Muse Ibrahim Yusuf (Selef), Governor of the Somaliland Central Bank Mr. Ali Ibrahim Baghdadi, Director General of the Ministry of Finance Mohamed Abdi Gurhan, Accountant General Ahmed Daud Gedi, Central Bank officials and Private Bank officials, were discussed how to unify the financial activities of all MDA’s and, at the same time, obtain their comprehensive budget, including projects grants funds, to ensure principles of Transparency and Accountability.

After conclusion, the meeting was reached following points; Every government agency that opens an account with a private bank must first have the approval of the Accountant General on behalf of the Government and Ministry of Finance of the Republic of Somaliland.

The second clause states that the Central Bank must add consent letter to the authorizing latter opening account in private banks, issued Office of the Auditor General.

The meeting also called all MDA’s monthly submit a full monthly report on their activities   in private banks through the Central Bank of Somaliland.

The fourth point agreed was all MDA’s to submit a comprehensive report on their current account status opens at Private Banks.

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