Finance and Planning Minister Dr Phillip Mpango yesterday launched a new electronic fiscal administration format, the Government Accounting Consolidation System (GACS) aimed to strengthen transparency and accountability in the public sector as well as cut down time and costs for preparing financial reports.
Dr Mpango said that Tanzania becomes the first country in Africa to have the standard financial system prepared by local experts, noting that it will also help to boost revenue collection.
“We were previously using private and foreign experts to prepare out financial systems and this was costing us a lot but this one has been prepared by local experts. This make us the first in Africa,’ the minister noted.
He launched the system in Dar es Salaam when opening a three-day meeting of accountants from ministries and various public organisations.
Consolidated reports which will be prepared under the system will represent a significant shift in demonstrating how the public sector, both at individual entity and whole government level, meets in financial management responsibilities.
The minister assured accountants of full support from the government to ensure that the system is protected and maintained for the country’s benefit.
“I’m so excited to launch this system today, proud that our country has patriotic and creative experts to be able to develop a quality and secured system like this. The fifth phase of the government’s zeal is to see people’s lives are being improved, and this is why we are working tirelessly to ensure that resources and public funds are protected,” he told the gathering.
The minister further directed the permanent secretary to supervise accountants’ ethics and make sure that those found violating rules and principles are punished accordingly.
“We are facing a lot of challenges with ethics and integrity among accountants in the country, many reportedly getting involved in corrupt practices. This should be stopped,” the minister intoned.
He urged the experts live up to their professional oaths, observe ethical rules when conducting their duties which include unearthing mismanagement of public finances.
“Accountants have a major role and capability to fight corruption and embezzlement as per their oaths for the interest of the country,”
Earlier, the Accountant General Francis Mwakapalila said that the new system has been prepared jointly by experts from the Financial Information Systems Management (FISM) department and the accountant general.
“Various reforms which have been taken have made Tanzania a ‘centre of excellence’ attracting a number of experts from countries like Zimbabwe, Ethiopia, Mozambique, Gambia and others to learn from what Tanzania has achieved in preparing quality financial reports,” he declared.
John Sausi, Director of Financial Information Systems at the Ministry said the system will be connected to all public entities.
This article was originally published on IPP Media.