The Bamenda Regional Treasury recently hosted a seminar for public accountants from the North West Region, aimed at disseminating the innovations contained in the Finance Law for the year 2025. The seminar brought together public accountants from subdivisions, divisions, and the region, with the objective of equip them with the knowledge and skills necessary to implement the new laws and regulations effectively.
According to Tawah Neba Walters, Deputy Treasurer General of the Bamenda Regional Treasury, the seminar is part of a nationwide initiative by the Director General of the Treasury Financial and Monetary Corporation to explain and disseminate the innovations in the Finance Law. "The seminar aims to get them abreast with the innovations that are contained in the circular of the execution of the budget of the state, public establishments, and Regional and local authorities for 2025," Walters explained.
One of the major innovations highlighted during the seminar is the creation of 2193 revenue offices, which will be responsible for collecting service revenue. This move is expected to enhance the budget for 2025 and reduce revenue loss. Walters noted that "the state was losing a lot of money into private pockets, into certain domains that were not covered" prior to the creation of these revenue offices.
Awa George, representative of the Directorate General of the Treasury Financial and Monetary Corporation and head of the Yaounde delegation, provided context on the nomenclature of Treasury accounts for the 2025 financial year. According to George, the nomenclature was drawn up in a context marked by the gradual and satisfactory implementation of the new accounting framework for public entities, geared towards the full introduction of asset accounting.
"The nomenclature of Treasury accounts for the 2025 financial year is part of the drive to modernize public finance management," George said. The seminar aimed to present and disseminate the nomenclature of Treasury accounts, with specific objectives including mastering the elements influencing the drafting of the 2025 nomenclature, understanding the changes in the nomenclature, and comprehending new terms for collecting and recording taxes and levies.
George emphasized the importance of internal accounting control in ensuring the certification of treasury accounts. "Last year, we moved to the certification of our accounts... Unfortunately, last year we had an unfavorable opinion of the audit bench," George said, highlighting the need for public accountants to adhere to strict accounting standards.
The seminar also focused on the corrections made to the accounting chart, new accounts created, and new procedures put in place to enhance the quality of summary statements. Participants were expected to gain a deeper understanding of the innovations and be able to produce quality accounts that reflect the reality of the state's financial position.
The new nomenclature includes significant changes such as the codification of Treasury correspondents and other deposits that did not yet have a charge account, codification of revenue allocated to Regional and Local Authorities in accordance with Law No. 2024/020 of 23 December 2024 on the local fiscal system, and allocation of appropriate accounts to operations previously recorded in sundry deposits accounts in some Treasury stations.
The Director General of the Treasury Financial and Monetary Corporation sent a delegation from Yaounde to lead the seminar, underscoring the importance of ensuring that public accountants are equipped to implement the Finance Law effectively. As the seminar came to a close, participants were expected to be enriched with the knowledge and skills necessary to produce quality accounts and contribute to the certification of treasury accounts.
The seminar is a significant step towards improving the management of public finances in Cameroon, and stakeholders are optimistic that it will have a positive impact on the country's financial reporting and accountability.
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