At a special Cabinet today presided over by President Adama Barrow, Hon Minister of Finance and Economic Affairs presented a paper on the immediate establishment and operationalisation of a Treasury Single Account (TSA) for the Government of The Gambia
The Treasury Single Account is a unified structure of bank accounts where all government funds would be consolidated. The single treasury account will be held at the Central Bank of The Gambia.
Each entity shall maintain a national account supported by ledger, which shall record all transactions.
The purpose of establishing the treasury single account is primarily to ensure accountability of government revenue, enhance transparency and avoid misappropriation of public funds. The maintenance of a Treasury Single Account will help ensure proper cash management by eliminating idle funds usually left with different commercial banks and in a way enhance reconciliation of revenue collection and payment.
The Treasury Single Account would cover all Ministries, Departments, and subvented Agencies as well as Government Self Accounting Projects. It excludes, for the time being, State Owned Enterprises and funds such as the Social Security Fund, though the government has fiduciary responsibility for these funds.