Gambian cabinet approves treasury single account

The Gambian cabinet has jointly agreed on an immediate establishment of a single treasury account for the government of the Gambia.

The Gambian Minister of Finance and Economic Affairs disclosed this on Monday during a presentation a paper on the immediate establishment and operationalization of a Treasury Single Account (TSA) for the Government of The Gambia, at a special cabinet meeting presided over by the Gambian president, Adama Barrow.

The minister while presenting the paper in clear terms explained that the structure of the Treasury Single Account (TSA) was a unified structure of bank accounts, and it is where all the government funds would be consolidated in Central Bank 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,” the minister explained.

The minister similarly explained the purpose of establishing the treasury single account (TSA) for the government of the Gambia, stressing that it would cover all government ministries, departments, and agencies as well as Government Self Accounting Projects.

“The purpose is to ensure accountability of government revenue, transparency and avoid misappropriation of public funds,” he stated.

The minister further explained in the paper that the treasury single account would also help the government to 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 minister however categorically stated that the treasury single account would not at its inception include state-owned enterprises and funds especially Social Security Fund, even though the government has what he called “fiduciary responsibility” for those funds.