Former President, Ernest Bai Koroma, has taken credit for the introduction of the Treasury Single Account (TSA) policy in Sierra Leone as one of his key reforms in improving transparency in the management of state resources.
According to excerpts from the former President’s handing over notes, one of his key reforms has been the initiation of the Treasury Single Account (TSA), which, according to him, was to unify and link accounts through which government receives all revenues and transacts all payments.
Koroma noted that a comprehensive inventory of Government’s bank accounts at the commercial banks gave a consolidated view of government cash resources.
“The TSA became operational in August 2017, with a pilot implementation on 10 subvented Agencies and Ministries. However we soon realized that we had issues of legality around our implementation of the TSA. The urgent need to enact another law to enhance TSA became apparent,” the former President disclosed.
Koroma further disclosed that his government enacted the Fiscal Management and Control Act of 2017 which, according to him, he assented into law before the end of his tenure. This action, Ernest Koroma stated, fully compelled MDAs to immediately deposit all collected revenues into the Consolidated Revenue Fund.
He commended Bio for the issuance of Executive Orders which sought to follow his implicit directives after he assented to the law.
“Your Excellency may now wish to further enhance the legal atmosphere within which your orders are carried out by ensuring the strengthening of the relevant legal framework,’’ former President concluded.
It could be noted that President Bio introduced Executive Order No.1 on the 9th April, 2018 five days after he was sworn in as President of the Republic of Sierra Leone.