Africa-Press – Zambia. The Ministry of Finance has refuted some media reports suggesting that a secret and illegal account is being maintained by the authority. Ministry of Finance Accountant General, Kennedy Musonda has clarified that the ministry only has one paying bank account, which is the Single Treasury Account.
In a statement made available to ZANIS today, Mr Musonda said that before any payment is transacted in the Single Treasury Account, it has to be processed through the Integrated Financial Management Systems (IFMIS), which is an electronic platform.
He emphasized that the Single Treasury Account is an interface between the IFMIS and the Real Time Gross Settlement (RTGS) system housed at the Bank of Zambia.
Mr Musonda explained that only when a payment has gone through this integrated process, only then can it be received by any person, persons or recipient entity.
“The established and authorized payment processes for the government are there to ensure that all payments made through the IFMIS are not only planned and approved, but properly authorized, too,” he elaborated.
The Account General added that it is also mandatory for any payment to be pre-audited by Internal Auditors to ensure compliance with all internal controls.
“The mandatory pre-audits by Internal Auditors are also aimed at maintaining a transaction trail which is then post-audited by the Auditor General, in accordance with the Constitution. For clarity, all payments for allowances are made to individual’s bank accounts to ensure payment trails for all the monies paid from the Treasury Single Account are maintained,” he stated.
