Lesotho Ministry Accountability Questioned Amid M119 Million Treasury Bills Discrepancy

The Lesotho Ministry of Finance and Development Planning is facing scrutiny following a M119.64 million discrepancy in its treasury bill balances. The shock revelation came from Parliament’s Public Accounts Committee (PAC), which questioned the Department of Debt this week. According to the Auditor-General’s reports, the treasury bill balance dropped significantly without any documentation to justify the reduction, raising alarms about the accuracy of the government’s reported liabilities.

PAC chairperson, ‘Machabana Lemphane-Letsie, highlighted that the balances should reflect the government’s repayment obligations, but the absence of evidence leaves questions hanging over the department’s financial management. The committee demanded concrete proof rather than verbal explanations, emphasizing that the accuracy of financial reporting is crucial for maintaining public trust.

In response, department officials admitted that they relied on incomplete information from the Central Bank of Lesotho for their reporting, which added to the complexity of the situation. While the Central Bank contended that they provided necessary data, the disconnect has led to intense scrutiny and calls for heightened accountability within the government’s financial dealings. This ongoing issue underscores the vital need for transparency and effective governance in managing public funds.