NASSAU, BAHAMAS — The US State Department has listed The Bahamas among 72 countries that have met the minimum requirements for fiscal transparency according to its 2023 Fiscal Transparency Report.
Sixty-nine countries did not meet the minimum requirements of fiscal transparency, however, of the 69 countries, 25 made significant progress toward meeting the minimum requirements of fiscal transparency.
In conducting the 2023 review, the Department assessed the fiscal transparency of governments during the review period of January 1 - December 31, 2022. The Department considered information from US embassies and consulates, other US government agencies, international organizations, and civil society organizations. US diplomatic missions consulted with foreign government officials, international organizations, and civil society organizations to obtain information for the assessments. The Bahamas was deemed fully compliant for the first time since 2018.
"The Office of the Auditor General has made significant strides to comply with domestic reporting commitments as well as international standards. We congratulate The Bahamas on this achievement which required making key budget documents publicly available, ensuring they were substantially complete and generally reliable; publishing government debt data on a public-facing website; and institutionalizing the timely publication of audits," said Ricky Wesch, the Economic and Commercial Officer for the US Embassy in Nassau.
"The US government has been proud to partner with The Bahamas in promoting transparency by providing almost $450,000 in financial, technical, and advisory support to the Office of the Auditor General. This includes support from the U.S. General Accountability Office to conduct a needs assessment, provide training, and update auditing processes to comply with international standards."
The report outlines any significant progress made to publicly disclose national budget documentation, contracts, and licenses, and provides specific recommendations that governments should take to improve fiscal transparency.
"In order for citizens to maintain trust in the government there must be transparency. That is the ultimate goal of good governance," said Auditor General Terrance Bastian.
"Taxpayers want the assurance that funds are being used for their intended purposes. It's important to improve the way we do things. There are always new rules, new standards and new guidelines that we need to adopt... The government has been working on implementing the Public Finance Management Act of 2023, which will improve processes and add power to the Office of the Auditor General. This will help us with our goal of maintaining the transparency that's a part of good governance."
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