‘Public entities key in growing economies’

PUBLIC entities have been implored to adopt effective governance systems which are transparent and accountable as they are cornerstones of any thriving economy, the Pan African Federation of Accountants (PAFA) president Ms Keto Kayemba has said.

In her address during a two-day annual Public Sector Convention organised by the Institute of Chartered Accountants of Zimbabwe (ICAZ) yesterday, Ms Kayemba said public entities are key in growing economies hence the need to employ properly qualified personnel.

She said public entities should adopt strategies that promote effective governance systems.

“Effective governance systems which are transparent and accountable are the cornerstones of any thriving economy. The accountancy profession must play a more significant role in influencing public policy and serve as trusted advisors to governments on socio-economic development initiatives, including the adoption and implementation of International Public Sector Accounting Standards (IPSAS),” said Ms Kayemba.

She said Zimbabwe has been making strides in growing its economy hence the need to give the country a chance to find solutions to its challenges.

ICAZ convention

“It is only Zimbabweans that can bring Zimbabwe back. The public sector should be supported by resources that can take Zimbabwe to the highest levels,” said Ms Kayemba.

She said resources should be harnessed for the benefit of citizens and this is only possible when the public entities are transparent and accountable.

In his presentation during the same event, the head of the Corporate Governance Unit in the Office of the President and Cabinet, Mr Allan Choruma said for the country to attain an upper middle income society by 2030, there is a need for accountable and strong public entities as they are key enablers.

“As public accountants you play a pivotal role in ensuring accountability, transparency, disclosure, responsibility and prudent financial management to ensure good governance of public entities,” he said.

Mr Choruma said public entities should focus on delivering on their mandate in an accountable and sustainable manner adding that the ultimate shareholders in public entities are the people of Zimbabwe.

“The people expect public entities to deliver efficient, reliable, accessible and affordable service. They expect public entities to be accountable and transparent on the use of public resources.

“Employees of public entities should therefore shun corruption and refrain from abusing public resources,” he said.

ICAZ president Mrs Maynard Chigunduru said public entities provide essential services and as such should have very effective governance systems.

“This convention provides a unique opportunity for us to come together, share knowledge and collectively work towards enhancing the efficiency, transparency and accountability of the public sector,” said Mrs Chigunduru.-chronicle