IJSSER

Title: AN ASSESSMENT OF THE IMPLEMENTATION OF THE TREASURY SINGLE ACCOUNT ON GOVERNMENT FINANCES BY THE GOVERNMENT OF SIERRA LEONE
Authors: Oludolapo O. Akinyosoye–Gbonda (Ph.D.) , John Kamanda Kanu and Alimamy Bangura
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Oludolapo O. Akinyosoye–Gbonda (Ph.D.)1 , John Kamanda Kanu2 and Alimamy Bangura3 1,2,3. Institute of Public Administration and Management – University of Sierra Leone
MLA 8 Akinyosoye–Gbonda, Oludolapo O., et al. "AN ASSESSMENT OF THE IMPLEMENTATION OF THE TREASURY SINGLE ACCOUNT ON GOVERNMENT FINANCES BY THE GOVERNMENT OF SIERRA LEONE." Int. j. of Social Science and Economic Research, vol. 9, no. 3, Mar. 2024, pp. 881-896, doi.org/10.46609/IJSSER.2024.v09i03.015. Accessed Mar. 2024. APA 6 Akinyosoye–Gbonda, O., Kanu, J., & Bangura, A. (2024, March). AN ASSESSMENT OF THE IMPLEMENTATION OF THE TREASURY SINGLE ACCOUNT ON GOVERNMENT FINANCES BY THE GOVERNMENT OF SIERRA LEONE. Int. j. of Social Science and Economic Research, 9(3), 881-896. Retrieved from https://doi.org/10.46609/IJSSER.2024.v09i03.015 Chicago Akinyosoye–Gbonda, Oludolapo O., John Kamanda Kanu, and Alimamy Bangura. "AN ASSESSMENT OF THE IMPLEMENTATION OF THE TREASURY SINGLE ACCOUNT ON GOVERNMENT FINANCES BY THE GOVERNMENT OF SIERRA LEONE." Int. j. of Social Science and Economic Research 9, no. 3 (March 2024), 881-896. Accessed March, 2024. https://doi.org/10.46609/IJSSER.2024.v09i03.015.
References [1]. Adeolu, I.A. (2016). Understanding the Treasury Single Account (TSA) System - Things You Should Know. [2]. Central Bank Nigeria (2015). "Revised Guidelines for compliance with Treasury Single Account by Banks in Nigeria [3]. Chukwu, J. (2015). Treasury ingle Account: Giving Life to Jonathan’s Dead policy Directives. Guardian Newspapers. [4]. USAID/OTI (2000). Diamond policy and development program report. [5]. Ekpung, E. (2001). The Essentials of Public Finance and Public Financial Management in Nigeria. Calabar: University of Calabar Press [6]. Eme, O. I., Chukwura, D. C., & Emmanuel, I. N. (2015). An Analysis of Pros and Cons Treasury Single Account. Arabian Journal of Business and Management Review (OMAN Chapter), 5 (4). [7]. Isaac, A. (2015). How Treasury Single Account (TSA) may affect economy. [8]. Kenton, W. (2019). Understanding the various types of Research, Research Sampling Techniques and Research Samples. [9]. Kifasi, D. (2015). Treasury Single Account – Transparency and Accountability in Public Finance Management in Nigeria: The Journey so Far. [10]. Ministry of Finance (2016). Public Financial Management Act, Sierra Leone [11]. Ministry of Finance (2017). Fiscal Management and Control Act, Sierra Leone [12]. Ministry of Finance (2019). Finance Act, Sierra Leone [13]. Ola, D. and Offiong, E. (2001). The Role of the Accountant General in the management of Public Funds in Taraba State – Nigeria [14]. Onyekpere, E. (2015). Treasury Single Account: Giving Life to Jonathan’s “Dead Policy [15]. Pattanayak, S. and Fainboim, I. (2010), Treasury Single Account: Concept, Design and Implementation Issues. Fiscal Affairs Department (IMF Working Paper) [16]. Sierra Leone Population and Housing Census, 2015. [17]. Sierra Leone Integrated Household Survey, 2018. [18]. The Government of Sierra Leone, Ministry of Finance, Accountant-General’s Department Treasury Single Account Operations Manual (2019)
ABSTRACT: The Treasury Single Account (TSA) is a system of accounting in the public sector where all government revenues generated are paid into a single central account. It was introduced to block financial leakages, promote transparency and prevent mismanagement of government's fund, unifies all government accounts, enabling it to prevent revenue loss and mismanagement by revenue-generating agencies. The aim of this study is to evaluate the aftermath of TSA policy implementation on government finances and the economy. The study adopted the mixed approach of research design to provide answers to the formulated research questions. A well structured and validated questionnaire was administered to 30 staff from the MDAs implementing the TSA using the drop and pick method. Data obtained from the field survey was analyzed and presented using statistical tools. The study revealed that the adoption of the Treasury Single Account facilitates effective and efficient cash management, reduces corruption, promotes transparency and accountability, curbs revenue loss and financial leakages and blocks misappropriations and misapplication of public funds thereby improving the country’s economy. The study therefore concluded that great strides should be made to maintain the positive effect of the implementation of the Treasury Single Account on government finances since there is a positive relationship with the growth of the economy. The researcher recommends that the government should initiate policies and penalties to make sure that proper accounting of the funds into the Treasury Single Account follows due process and any subsequent foul play by any agency, or even the central bank is duly prosecuted.

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