Investments
The Accountant General derives
his authority as Chief Accounting Officer, from the Finance
(Admin.) Act 1997 section (5) and section 4 of the attendant
Financial and Stores Regulations of the Act. Accounting Framework:
By virtue of being Controller and Custodian of the Consolidated
Fund, he ensures that a proper system of accounting is established
in every Ministry, exercises supervision over the receipts of
public revenue, ensuring its punctual collection to meet the
requirements of Ministries.
Investments
Services: Investments Policy
Attachments: bonds issue including application for bonds, Treasury
Bills Issue, including application for T- Bills.
General Investments Services
The objective of our Investment Policy is to obtain maximum returns
on investments thereby increasing government revenues.
Our Policy Statement is that the government can invest monies out
of the consolidated funds and special deposits with due consideration
to proper cash management practices and investment policies. With
this responsibility, the department undertakes to purchase and
encash Fixed-Deposits, record and monitor Securities and Investments
with the Crown Agents.
These and other related functions are carried out in conjunction
with the Director of Finance.
Procedural requirements are that all investments must be duly authorized
and all investments shall be accounted for.
For further information on Government Investments, reference can
be made to the Finance (Administration) Act Part VII
Treasury Bills and Bonds Services
The Government’s Policy Statement on Treasury Bills and Bonds is that the government may borrow money for public uses, by issuing
Treasury Bills and Bonds to the general public at competitive rates.
The Objective of this policy is:
• To finance economic and social infrastructure.
• To meet short term financial commitments
Procedural requirements of this service mandates that a Resolution
of Parliament must support all Bond Issues.
A Prospectus must accompany Bond Issues.
Expiration date on Treasury Bills should not exceed one year.
For
further information,
reference can be made to:
The Bonds Act. 1982
Treasury Bills Act No.19 of 1970.
Finance (Administration) Act Part III Section 7
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