Africa-Press – Kenya. Prime Cabinet Secretary Musalia Mudavadi has said that capturing and reporting data on government assets is key to the country’s economic growth.
In a speech read on his behalf by the PS State Department for Performance Management and Delivery Services Ann Wang’ombe, the Prime CS said the National Treasury is operationalising an assets module in the Integrated Financial Management Information System (IFMIS).
He said the 19th performance reporting cycle has come to an end and there will be no extension for Ministries, State Departments and Agencies (MDAs) that are yet to submit their reports.
Mudavadi said the MDAs have until August 15, to submit their annual asset reports to Treasury.
This is expected to provide a real-time automated platform for capturing Government assets data and reporting on assets using the prescribed templates.
“As accounting officers, you will have to track dashboards to protect you against unnecessary apprehension. Adequate resources for implementation have been allocated for these overdue fiscal reforms,” Mudavadi said.
He noted that the current manual inventory management system has inefficiencies that limit visibility and control of inventory levels.
He said it is also time-consuming, prone to human errors and prevents the optimal use of human resources.
To achieve the goal of maximising the value of state investments, he said the Treasury has initiated fiscal reforms to automate assets and inventory management in MDAs and in county governments.
“For the avoidance of doubt, the reforms are in tandem with our resolve to automate all Government processes and services,” Mudavadi affirmed.
He reiterated that the digitisation of public financial management processes is also a key component of cost-saving reforms meant to protect public resources from maleficence.
The Prime CS said the changes will also improve decision-making through data mining and analytics.
“The decision to pilot these reforms in the Executive and National Treasury, before being roll-out to MDAs, shows the level of Government commitment to see this process through,” he stated.
Mudavadi added that the fiscal reforms are a precursor to the full adoption of accrual accounting in the public sector, a key pillar in ongoing public finance management reforms.
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