Financial Crime World

Guinea-Bissau Government Embarks on Ambitious Reform Agenda to Boost Transparency and Accountability

The government of Guinea-Bissau has launched a comprehensive reform program aimed at improving transparency and accountability in public finances, in an effort to address its strained fiscal position.

Improving Governance through Reforms

With domestic revenue standing at around 12.5% of GDP, the lowest in the region, Guinea-Bissau’s government has identified several key areas for reform:

  • Public Financial Management (PFM): To improve accountability and transparency in public finances.
  • Tax Administration and Policy: To enhance tax collection and reduce corruption.
  • Legal and Institutional Frameworks: To strengthen the legal and institutional framework governing public finance management.

Key Reforms

The reforms will focus on:

  • Publishing Legislation Online: All legislation will be published online to ensure transparency and accessibility.
  • Plain Language Guides: Plain language guides will be developed to describe tax, licensing, and regulatory obligations, making it easier for citizens to understand their responsibilities.
  • Transparent Fees: Fees will be transparently posted in relevant entities and online, reducing the risk of corruption.
  • Government Website: A government website will be established, properly organized and structured, with public access ensured.
  • Publication of Laws: Laws will be published as soon as they are promulgated, with key elements communicated to a broader audience.
  • Operational Independence: Investigative, prosecutorial bodies, and courts will be safeguarded from political interference and undue influence.

Impact on the Economy

The reforms are expected to have a significant impact on Guinea-Bissau’s economy, improving the country’s ability to attract private investment and donor support. Improving governance and curbing corruption can help ensure debt sustainability and safeguard public resources for proper use.

Timeline for Implementation

The government has set a timeline of 12-24 months for the implementation of these reforms, with key milestones and deadlines established. The initiative is seen as a crucial step towards achieving Guinea-Bissau’s development objectives and ensuring a more sustainable economic future for the country.