(Business in Cameroon) - In the framework of the ongoing 3-year economic and financial program with the IMF, Cameroon promised to accelerate the Treasury Single Account (TSA) reform this year.
This reform provides that all government agencies (public companies excluded) will close the accounts they have in the books of commercial banks, and transfer funds from those accounts to a single account opened in the books of the central bank BEAC.
According to a country report published by the IMF, the funds transferred in that TSA should reach XAF150 billion by end 2020, up from XAF44.5 billion in 2019. Cameroonian authorities are also expected to centralize their counterpart funds for joint projects in a single basket fund.
“This will improve the monitoring and forecasting of the government’s consolidated cash position and support the preparation of monthly and annual cash management plans,” the IMF indicates. According to the Bretton Woods institution, the TSA is crucial for improved management of the treasury since the consolidation of government agencies’ accounts in the TSA will boost transparency and favor active treasury management.