Kenya’s Cabinet on Monday, January 15, 2024, approved the implementation of the Treasury Single Account (TSA) for national and county governments, in a significant step toward improving public finance management.
During a cabinet meeting chaired by President William Ruto at State House, Nairobi, the Cabinet underscored the importance of the TSA in simplifying government banking, creating visibility of government cash resources and increasing transparency in government cash management.
Furthermore, the new system will help control spending and reduce the fragmentation of government accounts in commercial banks.
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The TSA’s structure will consist of the National Exchequer Account, the TSA Sub-Account, and the County Revenue Fund.
“Government funds are banked in commercial bank accounts and individuals keep earning interest. This must stop. All the benefits of public funds must only accrue to the people of Kenya and no one else,” said President William Ruto.
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