Mnangagwa calls for financial prudence

There is a need for strong legal framework to enhance State entities' capacities to deal with financial crimes and corruption, vices that have plagued the economy, Vice President Emmerson Mnangagwa has said.

He said public auditors and professional accountants had a duty to root out the scourge of corruption and financial mismanagement as it worked against the moral fabric of society and the fundamental ethos of good governance.

Mnangagwa said this on Thursday evening during a speech read on his behalf by Harare Metropolitan Provincial Affairs Minister Miriam Chikukwa, during a ceremony to award local authorities, tertiary institutions and state entities that excelled in various disciplines of financial management and accountability.

"The country has to tackle systematic corruption through illicit financial flows by promoting the concept of good corporate governance. Sophisticated crimes such as organised financial crimes and corruption require sufficient capacities and a strong legislative framework in order to effectively deal with it," said Mnangagwa.

He said the public sector had played a critical role in the post independence era in the socio-economic development of the country.

"I want to reiterate that, despite the prevailing economic situation, Zimbabwe presents better opportunities for all citizens today than it did before the attainment of independence in 1980. This is a direct result of Government initiatives and our public sector policies that are people oriented," said Mnangagwa.

"It is therefore imperative that we cherish our achievements and increase our desire for improvements in all spheres of our operations at all times."

In the quest to promote sound corporate governance and accountability, said Mnangagwa, Government set up two units that would deal with gross financial mismanagement and corruption in loss making entities.

"One of the units focuses on analysing financial statements of all public sector institutions, while the other follows up all audit findings and recommendations done by the Auditor General," said Mnangagwa.

"They ensure that whatever deficiencies are revealed therein, are duly addressed by the line ministry and that where such concerns are raised in respect of state enterprises, they have the role of ensuring that the line ministry, in collaboration with the board and management of the entity, effectively address those concerns."

Victoria Falls municipality and Mvurwi town council scooped prizes in several categories of financial management while Joshua Mqabuko Nkomo Polytechnic college, Harare Polytechnic college and Hillside Teachers' College won in the category of tertiary institutions.