Second Republic responds to investors call

Rutendo Gomwe

Herald Correspondent

Global investors are seeing transparency and accountability from the Government and the ways businesses report and communicate their value creation, Finance and Economic Development Minister Mthuli Ncube said yesterday during the launch of the Zimbabwe Finance Report Manual (ZFRM) in Harare.

The manual is part of the implementation of international public service accounting standards within all State entities and the general tightening up of national accounting. Prof Ncube said there had been a call from the global investors and fund providers for transparency and accountability.

”All global investors and fund providers have increased the call for more transparency in the way businesses report and communicate their value creation stories,” he said.

Prof Ncube emphasised that Government under the Second Republic was boosting efforts towards fostering an environment for sustainable reporting through economic reforms in line with Vision 2030’s aspirations.”The adoption of international public service accounting standards and framework compliments the Transitional Stabilisation Programme and the NDS1’s recognition of the role of timely reporting financing the transformation of the economy towards the national vision.

“The accrual based international public service accounting standards reporting framework will be supportive of Government efforts to achieve the desired results-based performance through efficient use of resources and, timely and transparent reporting.

“The reform is part of ongoing efforts to enhance and strengthen the public finance management system.

“This will provide stakeholders with the comfort that financial reports prepared will be accurate, up to date and produced in accordance with recognised reporting standards. This helps to ensure that the government and individuals can be held accountable for their actions.”

The deployment of proper ICT infrastructure would also act as a great force multiplier for the successful implementation of the international public service accounting standards and public finance management.