WATCH: Adhere to highest standards of transparency, parastatals told

17 Sep, 2023 - 00:09 0 Views
WATCH: Adhere to highest standards of transparency, parastatals told Accountants and stakeholders follow proceedings at the ICAZ public sector convention in Bulawayo on Friday

The Sunday News

Judith Phiri, Business Reporter 

THE Minister of Finance and Investment Promotion, Professor Mthuli Ncube has called on Government entities and State-Owned Enterprises (SOEs) to lead by example and adhere to the highest standards of transparency. 

Speaking at the 2023 Annual Public Sector Convention in Bulawayo on Friday, the Minister said as stewards of the nation’s resources, they must lead by example. “In our Government, we are taking concrete steps to enhance transparency, foster competition and eliminate inefficiencies. We invite our SOEs to join us in this endeavour, for it is only through collaboration and shared commitment that we can truly achieve our goals. The accrual project and the early adoption of International Public Sustainability Standards Board (ISSB) standards are all efforts to ensure that there is maximum accountability which should help foster sustainable economic growth,” he said. 

The two-day convention was hosted by the Institute of Chartered Accountants of Zimbabwe (ICAZ) running under the theme: ““Sustaining Economic Growth through Accountable Resource Management.”

Prof Ncube said as they journey towards accountable resource management, looking forward to the path that lies ahead was critical. He said investing in capacity building was essential for public servants, accountants and financial professionals. 

“Education, training and continuous learning are the pillars upon which we can build a more accountable and sustainable future. There is a need to harness technology and innovation as the digital age presents us with unprecedented opportunities to enhance transparency and accountability. Embracing cutting-edge technologies and innovation solutions will allow us to track resources, identify inefficiencies and engage citizens in the governance process.” 

Prof Ncube said collaboration at the global level was paramount as the accounting sector embrace International Public Sector Accounting Standards (IPSAS) and ISSB sustainability standards as they become part of a global community committed to responsible resource management and sustainability. He reaffirmed Government’s unwavering commitment to achieving sustainable economic growth through accountable resource management. 

“As we embark on this transformative journey, let us remain steadfast in our resolve, united in our purpose and relentless in our pursuit of a brighter future for all our people. We are committed to our deadline for the period ending December 2025 (NDS1). The Zimbabwe Financial Reporting Manual which l recently officially launched in Harare, is a key guiding framework for the public sector to implement sustainable and robust measures in all our entities,” he said. 

The Permanent Secretary (Head) Corporate Governance Unit Office of the President and Cabinet, Mr Allen Choruma said public entities play a pivotal role in economic and social development, employment creation, poverty alleviation and upliftment of the living standards of citizens through provision of essential infrastructure and services and social amenities.

“Public entities provide essential services in areas such as health, housing, education, agriculture, tourism, mining, transport, aviation, tourism, and other critical sectors. The good governance and accountable resource management of our public entities therefore becomes an individual, a family, a community and a national interest,” said Mr Choruma.

He said the Corporate Governance Unit (CGU) was pleased that the interventions the OPC is making in enhancing good corporate governance in public entities are starting to bear fruits

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