Critical Success for Public Financial Management in Sierra Leone

Abstract

Dr. Dante Allie Bendu and Dr. Abu Kai Kamara

Critical Success Factors (CSFs) are the fundamental determinants of success for individuals, families, departments, institu- tions, countries, and continents. They represent the key issues that must be addressed effectively to achieve success in terms of effectiveness, economy, and efficiency.

Within the context of Public Financial Management (PFM), Critical Success Factors constitute the essential elements required for the establishment and operation of sound and acceptable public financial management systems. This textbook examines these factors with particular emphasis on the nature, scope, objectives, and relevance of public financial management.

In the case of Sierra Leone, the identified Critical Success Factors encompass all major components of the public financial management system. These include financial planning, the mobilization of financial resources, the allocation of mobilized funds, and the implementation of financial control mechanisms. In contemporary public financial management, financial controls notably include budgetary controls.

Furthermore, this textbook provides comprehensive guidelines for the management of public budgets, economic policy, fis- cal policy, and the formulation of sound public financial management policies. It also outlines the roles and responsibilities of key state actors within the public financial management framework, including the Minister of Finance, the Financial Sec- retary, the Parliament of Sierra Leone, the Audit Service Sierra Leone, the vote controllers, the National Public Procurement Authority (NPPA), internal auditors, heads of budgetary agencies, and other relevant stakeholders.

The textbook also addresses the management of public stores, as well as the powers and functions of the Offices of the Au- ditor-General and internal auditors. In addition, it examines contemporary issues relating to virements, including the con- ditions under which virements may be affected, and discusses the sources and uses of government finance in Sierra Leone.

Consequently, this textbook is both timely and invaluable to its intended audience, particularly Ministries, Departments, and Agencies of the Government of Sierra Leone. Researchers, donors, and consultants will also find it to be a valuable resource.

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