Economic development and the fight against poverty can only effectively be enhanced under an environment of good governance and transparent management of public finances, Gambia’s Central Bank Governor has told West African financial and economic professionals.
“The centre piece of good governance in public resource management is transparency and accountability,” Governor Amadou Colley said on Monday at the commencement of a two-week regional course on public financial management: budgeting, planning and performance organised by the West African Institute for Financial and Economic Management (WAIFEM).
|Cross section of participants|
He told the course participants, drawn from Nigeria, Ghana, Liberia, Sierra Leone, and The Gambia, that the central element of transparency in the management of public resources is the question of the rules of engagement relating to the bid process for public contracts.
“These should be clearly defined and publicised for the information of all interested parties,” he said.
However, Hon. Colley noted with pride that a good number of countries in the sub-region have embarked on this path by enacting a Public Procurement Act to provide a clear framework.