Section 47, The Public Financial Management Act, 2016

(1) The Minister shall by statutory instrument establisha Treasury Single Account comprising such bank accounts as specified in subsection (2). (2) The main bank account of the Treasury Single Account shall be opened with the Bank of Sierra Leone, and other bank accounts included in the Treasury Single Account may be opened with the Bank of Sierra Leone and such other financial institutions as maybe specified by the Minister. (3) The Minister shall enter into agreement with the Bank of Sierra Leone in respect of receipt, custody, payment, transmission, and reporting of public money, whether within or outside Sierra Leone, for the purpose of maintenance and management of the Treasury Single Account. (4) Any bank accounts of budgetary agencies, subvented agencies, or other entities in the central government, whether in Sierra Leone or elsewhere, shall not be opened or closed except under the authority of the Minister signified by the Accountant- General, and no bank may open any such account without such authority. (5) The Minister shall by statutory instrument prescribe– (a) the scope of bank accounts to be included in the Treasury Single Account; (b) arrangements, requirements and any other matters necessary for development and management of the Treasury Single Account; (c) transitional arrangements for development of the Treasury Single Account; (d) his powers in respect of opening, closure, transfer, and suspension of bank accounts of budgetary agencies, sub-vented agencies, and other entities in the central government; (e) any other matters necessary for implementation of this section. Composition of Consolidated Fund. Treasury Single Account and bank accounts of entities included in the central No. 13 Public Financial Management Act 2016 No. 13 Public Financial Management Act 201648 49 (2) The Minister may prescribe procedures, methodologies, forms, and any other matters in respect of cash flow forecasts and reports mentioned in subsection (1).