By Chernor Alimamy Kamara
In order to maximize revenue mobilization through innovative financing and to ensure efficient allocation and accountability of public resources to achieve sustainable economic growth and development, the Ministry of Finance is set to increase domestic revenue from 14% of Gross Domestic Product (GDP) in 2022 to at least 18% by 2026.
The proposed increment in domestic revenue is part of the Ministry’s strategic objectives for Fiscal Years (FY) 2024 to 2026 that was presented at the ongoing budget hearing at the Ministry’s Conference room on the 13th October, 2023.
In his presentation on behalf of the ministry, the Acting Director of Research, Alhaji Abu Komeh noted that part of the ministry’s strategic plan for FY 2024 to 2026 is to strengthen public debt management to improve the sustainability of public debt from 98.9% of GDP in 2022 to not more than 70% of GDP by 2026. He said that they will improve the accounting, recording and reporting of public funds.
He stated that they will seek to enhance oversight and effectiveness of internal control systems in Ministries, Departments and Agencies (MDAs) and Local Councils to ensure transparency and accountability in the use of public funds. He added that they will strengthen macroeconomic and fiscal policy formulation, analysis, coordination and monitoring.
The Acting Director of Research pointed out that the ministry will strengthen corporate governance and supervision of other fiscal agencies, fiscal risk management and fiduciary oversight of MDAs, State Owned Enterprises (SOEs) and public sector projects. He also said that they will continue to strengthen research capability to support evidence-based policy formulation and decision-making by conducting research on the informal sector in Sierra Leone.
He said by 2024, they will conduct policy validation surveys to verify the effectiveness, accuracy and relevance of policies and ensure that they align with the Government's objectives and international best practices.
Komeh affirmed that from 2023 to 2024 they will strengthen the Innovation, Communication and Technology (ICT) capabilities of the ministry for effective service delivery by developing an ICT governance structure using COBiT 5 framework and training potential board members on its use. He also said that they will strengthen a transformational development fund which is sovereign, with funds for the management of revenues from natural resources to support the implementation of transformational projects.
For the challenges faced by the ministry, he said they are faced with the same challenges highlighted by all the MDAs that have presented their budget for allocation.
Komen then submitted a budget of NLE154, 471,200 (one hundred and fifty four million, four hundred and seventy one thousand, two hundred New Leones) for allocation.
The Ministry of Finance is mandated to formulate and implement sound economic policies and public financial management, to ensure efficient allocation of public resources to promote stable economic growth and development in the context of a stable macroeconomic environment.
Copyright © 2023 Politico (16/10/23)
