Taxpayers ought to trust that their money is safe

Kenyans go through security check before they enter the Kasarani National gymnasium stadium. [File, Standard]

Effective public financial management is essential for economic success, and at its core is the need to build and maintain trust. Trust grows out of a culture of rigorous independent scrutiny that enables citizens to see the decisions their leaders take are in the public interest.

According to ICAEW’s recent report on building trust in public finances, a culture of trust is pegged to a number of factors and elements. Strong public financial management requires transparency in how resources are raised, managed and used, together with accountability, to instil confidence and promote continuous improvement.