Workshop Aimed at Achieving Transparent, Efficient and Accountable Financial System Held

Addis Ababa: A consultative workshop on the treasury single account was held today, where Ethiopia’s Finance State Minister Eyob Tekalign emphasized the importance of a strong and well-organized financial system for national development. The workshop focused on achieving a transparent, efficient, and accountable financial system.

According to Ethiopian News Agency, State Minister Eyob highlighted the national duty of managing government cash through a cost-effective, swift, and effective system. He stressed that a robust financial system would ensure the proper use of government resources collected from taxes, non-tax sources, grants, loans, and other channels.

The treasury single account (TSA) system plays a crucial role in this framework by consolidating government cash scattered across multiple bank accounts into one account. Eyob noted that implementing this system could alleviate issues caused by fragmented accounting and foster an environment conducive to modern government cash management.

In addition to managing cash, the TSA system aims to establish an efficient, effective, transparent, and accountable financial management structure. Hikmet Abdella, CEO of Financial Sector Deepening (FSD) Ethiopia, praised the Ministry of Finance for its swift efforts to modernize the country’s financial system. She expressed optimism about the successful implementation of the TSA for a more transparent and accountable financial sector.

Hikmet reiterated FSD Ethiopia’s commitment to advancing the financial sector through innovation, inclusivity, and sustainability. The half-day workshop, organized by the Ministry of Finance and FSD Ethiopia, sought to create a shared understanding of the TSA and modern cash management among stakeholders.