Wednesday, March 21, 2012

Challenges enormous in modern budgeting: Hon Colley

CBG Hon. Amadou Colley
The Gambia’s Central Bank Governor observes that challenges to modern budgeting and planning are enormous, especially with regards to the scarcity of information to facilitate such financial planning.
This is further mixed with poor-integration of the public sector policy making; budgets overruns; non-involvement of communities or beneficiaries in budget preparations; poor budget implementation and inadequate monitoring of programmes, Governor Amadou Colley added.

“It will therefore be appropriate for us to look at some of these challenges and see how best to address them,” he stressed.

Colley was speaking in Banjul on Monday at the beginning of a “Regional Course on Public Financial Management: Budgeting, Planning and Performance” organized by the West African Institute for Financial and Economic Management (WAIFEM).

It is generally agreed that a well-organised framework for public financial management serves as a catalyst for economic growth and development.

“This ensures that governments and their agencies raise, manage and spend public resources in an efficient and transparent manner aimed at improving service delivery,” said Colley, who also holds the WAIFEM Board chairmanship.

The course (March 19-30, 2012) came amidst heightened realisation that economic development and the fight against poverty can only effectively be enhanced under an environment of good governance, and that an efficient framework for a transparent management of public finances is key. 

Professor Akpan H. Ekpo
Director General WAIFEM
“The centre piece of good governance in public resource management is transparency and accountability,” admits WAIFEM Director General, Prof. Ekpan H. Ekpo.
“The key elements of transparency in managing public resources pertain to effective accounting and internal auditing standards to ensure accountability and probity in the use of public resources.”

The participants, drawn from WAIFEM member countries: Ghana, Liberia, Nigeria Sierra Leone and The Gambia will cover in detail topics such as planning, budgeting and financial management in the public sector; fiscal performance and rules,; fiscal policy and economic growth; monitoring and evaluation of needs, medium term fiscal framework; good governance, accountability and transparency among others.

WAIFEM was established in 1996 by the central banks of the above countries, primarily to build the capacity for improved macroeconomic and financial management in member countries. On January 19, 2012, the Central Bank of Guinea in Conakry was admitted into WAIFEM.    

Author: Modou S. Joof

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