FINANCE MINISTER UNDERSCORES THE IMPORTANCE OF SHARED SERVICES IN PUBLIC SECTOR FINANCIAL MANAGEMENT

­­­­­­­­­­­Kingston, Jamaica: Wednesday, May 22, 2024

Hon. Nigel Clarke, DPhil., MP, Minister of Finance and the Public Service (MOFPS) says the mobilisation of shared services within the public service will enhance good public sector financial management practices. He was delivering the feature address during the Caribbean Public Sector Financial Management Conference at the Jamaica Pegasus Hotel on Wednesday, May 22, 2024.

According to Minister Clarke, the government has already embarked on shared services in several areas including procurement, human resources, auditing and finance in different Ministries, Departments and Agencies (MDA).

“Our public financial management will be improved by making shared services a reality which will allow for greater efficiency in the delivery of service, greater accuracy and for the development of professional skills …we have been doing pilots in the Ministry of Justice, Ministry of Finance [MOFPS] and in the Ministry of National Security”, highlighted Dr. Clarke.

Minister Clarke also noted that shared services are  already being explored as a tool to create a more efficient public procurement system through the implementation of a procurement catalogue that will allow MDAs to annually access commonly used items.

“At the beginning of a year ministries, departments and agencies will have in their possession a procurement catalogue where on each page you have goods that the government has gone out and secured pricing on in a competitive, open and transparent manner; it will indicate what those prices are and it will indicate the approved suppliers. All you [procuring entities] have to do is call them up, fill out some paperwork and you have the commonly used items,” he stated.

Meanwhile, Paula Marcelle-Irish, Head of the Association of Chartered Accountants (ACCA) emphasised the importance of the conference and the critical role played by the public sector worldwide.

“This event is taking place at a critical time in the public sector worldwide…our members in the public sector have a profound impact on society, playing pivotal roles in delivering public services and creating regulatory frameworks to address global challenges.”

She further noted that accountants play an important role in advising governments, allocating funds to priority areas, managing and accounting for finances and ultimately strengthening public services and expenditures.

The Caribbean Public Sector Financial Management Conference, which was hosted by the MOFPS in partnership with ACCA and in collaboration with the Institute of Chartered Accountants (ICAJ), is geared at increasing public awareness of financial management within the public sector to promote accountability, transparency and good governance.

Conference presenters also included Eric Scott, President of the Institute of Chartered Accountants, Alex Metcalfe, Head of Public Sector Policy, ACCA and Dr. Andre Vincent Henry, Director of the Cipriani College of Labour and Cooperative Studies.

The conference, which reconvened after a 2-year hiatus, was held under the theme ‘Creating a Sustainable, Resilient and Value-adding Sector’ and featured an outside broadcast on KOOL97 FM and a cocktail party.

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For further information contact:

Corporate Communication & Public Relations Branch

Ministry of Finance and the Public Service

30 National Heroes Circle, Kingston 4

Tel: (876) 932-4656/4660/4655

Email: Shakiel.Rochester-Shorter@mof.gov.jm; Suzell.Wray@mof.gov.j