Treasury, Central Bank to implement unified accounting process for government deposits

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By M.A. Egge

The Ministry of Finance and the Central Bank are said to be preparing a unified accounting process for government agencies.

Officials of the Ministry of Finance and the Central Bank jointly opened a 3-day training for the officers of both institutions to work jointly together on a modernization and reform program.

The project thus unifies the processes of accounting government agencies in the treasury. It aims to unify the accounts opened by the Central Bank Government Agencies. It is in the last stages and is aimed at obtaining the use of a unified system for the accounts of Government Agencies, whose name is abbreviated as TSA {Single Treasury Account}.

It is expected that once fully established the TSA system will more efficient in the management of the national funds and in effect be more transparent and accountable.

Mukhtar Abdi Qule, the Director General of the Central Bank stated that the government is a single body, and it is necessary to deposit its assets in a single safe place.

“This government-run program of unified accounting {TSA} follows up and is part of the process of the Financial Management Reform Program that the government has been carrying out rapidly in the last few years,” said Mohamed Abdi. Gurhan, Director General of the Finance ministry.

The Governor of the Central Bank, Eng. Ali Abdillahi Dahir, who opened the workshop, said that it is a successful fete for the country to start the unified income process.

“It will be a success for Somaliland if by next year we start the unified treasury of the government”, he hoped.

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