An Assessment of the Implementation of the Treasury Single Account on Government Finances by the Government of Sierra Leone
Abstract:
The Treasury Single Account (TSA) is a system of accounting in the public sector where all government revenues generated are paid into a single central account. It was introduced to block financial leakages, promote transparency and prevent mismanagement of government's fund, unifies all government accounts, enabling it to prevent revenue loss and mismanagement by revenue-generating agencies. The aim of this study is to evaluate the aftermath of TSA policy implementation on government finances and the economy. The study adopted the mixed approach of research design to provide answers to the formulated research questions. A well-structured and validated questionnaire was administered to 30 staff from the MDAs implementing the TSA using the drop and pick method. Data obtained from the field survey was analysed and presented using statistical tools. The study revealed that the adoption of the Treasury Single Account facilitates effective and efficient cash management, reduces corruption, promotes transparency and accountability, curbs revenue loss and financial leakages and blocks misappropriations and misapplication of public funds thereby improving the country’s economy. The study therefore concluded that great strides should be made to maintain the positive effect of the implementation of the Treasury Single Account on government finances since there is a positive relationship with the growth of the economy. The researcher recommends that the government should initiate policies and penalties to make sure that proper accounting of the funds into the Treasury Single Account follows due process and any subsequent foul play by any agency, or even the central bank is duly prosecuted
