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).
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| 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.
