HomeBusinessGovt moves to stem rot in parastatals

Govt moves to stem rot in parastatals

-

FINANCE minister Patrick Chinamasa said he is intensifying efforts to put units in his office to act upon the auditor-general’s reports, as government moves to stem the rot in State-owned entities and parastatals.

BY FIDELITY MHLANGA

Chinamasa’s remarks came after government has consistently failed to act on reports by the auditor-general’s office highlighting abuse of funds by State-owned enterprises and government departments.

Speaking at the two-day Public Accountancy and Auditor’s Board (Paab) conference last week, Chinamasa said the honeymoon was over for those who abuse public funds, as a unit would be put in place to act on reports by the auditor-general.

“Corrective measures are currently being implemented, dedicated units from the office of the auditor-general will be created in my office, that will firstly analyse financial statements of all public sector institutions, that is parastatals and local authorities to follow up all audit findings with a view to take corrective action,” Chinamasa said on Friday.

Parastatals have become a breeding ground for corruption and misuse of resources. They have consistently failed to produce audited accounts despite getting financing from Treasury.

In his 2016 national budget, Chinamasa said government “has made significant strides to amend the Public Finance Management Act and Office of the Auditor-General with a view to strengthening Treasury oversight of parastatals and local authorities”.

He said government would continue strengthening the Public Finance Management by reviewing its Public Finance Management Act 2010, which governs external borrowing in the country.

Chinamasa bemoaned the disappearance of low level class of accounting technicians (bookkeepers) saying the gap was being felt in the country.

With the economy increasingly transforming to the informal, Chinamasa said there was need for this class of accountants to service the sector.

He said his ministry would work with Paab to find ways to enhance financial literacy in Zimbabwe.

Chinamasa bemoaned the high cost of auditor’s fees saying they contributed to the high cost of doing business, which government was currently fighting to reduce.

“On professional fees, high and unsustainable fees will make it difficult for the market to use your services. I am, therefore, urging you to relook at your fees. The idea of these charges, which I personally feel they are out of reach for many would be clients,” he said.

The conference which was held under the theme Partner, Collaborate and Grow coincided with Paab’s 20th anniversary.

The indaba discussed various issues promoting public finance accountability, good corporate governance and anti-corruption as key to economic revival.

Recent Posts

Stories you will enjoy

Recommended reading

8 COMMENTS

  1. I get paid £85 every hour from online jobs. I never thought I’d be able to do it but my friend HY is earning £10k /monthly by doing this job and she showed me how. Try it out on following website…

    ——- w­w­w.E-c­a­s­h­1­0.c­o­m

  2. I think you need to start by investigating corruption at GMB where they are having a board chairman and his vice chairman residing at the head office doing nothing but being paid. Don’t these two have some where they work. What does corporate governance mean in Zimbabwe.

  3. How can a corrupt govt stem anything it is responsible for? If he was serious why didn’t he start with ensuring Kasukuwere is not imposing criminals at City of Harare? How can a country survive led by thieves and murderers? Where is the 15bn before you look for small change in parastatals whose rot is spelt Zanu Pf

  4. Zanu will never fight corruption because they are corrpution themselves. They are in power through corruption. Each indivual is kept bin postion because he or she is corrupt. If you are clean you wont survive in Zanu.

    So Chinamasa should not even fool anyone. You want to tell the whol nation that there is corruption because bookkeepers have left their unpaying jobs to do other better things with their time. The money siphoning in the country is not even the staff that was ever handled by such people.

  5. I get paid £85 every hour from online jobs. I never thought I’d be able to do it but my friend HA is earning £10k /monthly by doing this job and she showed me how. Try it out on following website…

    >>>>>>>>>> w­­w­­w.P­­r­­o­­f­­i­­t­­8­­0.c­­o­­m

  6. The effort for efficiency because theres no more money around. Its not because we believe in system effficiency or corporate governance. We ll never make it as a rich nation as long as we have this mentality

  7. i don’t know how many times this statement has been recycled, who is meant to believe it? not me, corruption is a source of livelihood to Zanu, they will die if they stop it, working is not easy, if you work you cannot beg, Zanu cannot afford that, who will they leave the frebbies for?

Comments are closed.