Oct 15, 2021 Last Updated 5:05 PM, Oct 7, 2021

The Minister of Finance & the Public Service

The Hon. Nigel Clarke, DPhil., MP, is Jamaica's Minister of Finance and the Public Service and is Member of Parliament for St Andrew Northwestern. ...

Financial Secretary

Ms. Darlene Morrison is currently Jamaica’s Financial Secretary. As Financial Secretary, Ms. Morrison is the technical and administrative head of the Ministry of Finance and the Pu...

State Minister in the Ministry of Finance and the Public Service

The Hon. Marsha Smith, MP was born and raised in the parish of Saint Ann. She was educated at Brown’s Town Primary School, Westwood High School, Brown’s Town Community College, the...

Central Treasury Management System

A Central Treasury Management System (CTMS) is a set of processes and procedures, ably supported by technology, which allows a single agency to assume the full responsibility for the handling of Government’s cash.  In Jamaica’s case the Accountant General’s Department (AG), will be the Agency charged with this responsibility.

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Simply put, the current operations of Government, in respect to how it manages money are no longer viable.

Our present system is characterized by -

  • numerous bank accounts,
  • lack of access to the said accounts,
  • idle balances sitting in those accounts -
  • while Government engages in borrowing to meet budgetary needs.

Not knowing the quantum of monies available, or having access to the total amounts available in these accounts for utilization results in an in - efficient cash management programme, leading to unnecessary borrowing which burdens the budget, and reduces Government’s ability to spend for more productive purposes.

In early 2010, the Government through the JDX was able to reduce the burden that interest payments laid on the budget. The reprieve created through the support of Jamaicans across the length and breadth of the economic stratum, although contributing to the solution, requires sustained and supporting action.

The CTMS is a major change in fiscal management, that is aimed at supporting improved cash and fiscal management.

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The process is being guided by a Steering Committee comprising the Director General of the Ministry of Finance & the Public Service -Devon Rowe - as team leader, and members from the Accountant General’s Department, Bank of Jamaica, Planning Institute of Jamaica and the Ministries of Education and Youth, Finance & the Public Service and Transport and Works.

The implementation of the CTMS will be under the control of a single Agency – namely the Accountant General’s Department (AGD), operating a Treasury Single Account (TSA) which will reduce duplication and inefficiency.

With the CTMS, the Government will (in the first instance) -

  1. operate with a reduced number of accounts to improve cash management;
  2. eliminate idle balances and
  3. minimize borrowing.

Additionally the TSA will have several accounts, including the Consolidated Fund, managed by the Accountant General’s Department to gain optimum cash utilization and value.
As a result, the Accountant General’s Department will have be transformed to a modern Treasury and reorganized to meet the new requirements.

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The introduction and roll out will be a gradual process. Over the coming weeks, discussions and presentations will continue with a range of Stakeholders, to raise the level of awareness of the CTMS.

In addition, the CTMS Committee is expecting to continue benefiting from the comments already received from persons to whom presentations have been made and those to occur.

Your comments will be helpful to move the CTMS towards a successful implementation. Email us at ctms@mof.gov.jm with your feedback

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  • Consolidation and improved management of cash;
  • Elimination of idle balances and minimizes borrowing;
  • Contribution to monetary, fiscal and budget management;
  • Facilitating reconciliation between banking and accounting data;
  • Efficient control and monitoring of funds allocated;
  • Improving financial reporting
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