Guyana has had a sad history of public accountability since it attained its Independence. A culture of “non-accountability” had developed at almost all levels of government so much so that by 1981 public accountability was brought to a standstill. While accountability was restored in 1992 and there is now annual financial reporting and audit of the public accounts, there is evidence of a marked decline, especially over the last ten years.
Today, we begin the first in a series of articles on Guyana’s system of public financial management since the end of the Burnham era in 1985. We will trace the efforts made during the two periods i.e. 1985-1992 and 1992-present date to address the issue of public accountability. We will then attempt to take stock of the progress we have made so far. Arising out of this review and analysis, we will propose an action plan for consideration by the new Administration that will emerge out of the 11 May 2015 elections.
Public financial management in the pre-1992 period
When the Hoyte Administration took over in 1985, the economy was in complete ruin; the country was technically bankrupt; and we were unable to service our external debts estimated at US$2.1 billion in 1992. Approximately US$1.5 billion of this amount was in relation to accumulated interest and penalties. While some efforts were made to address the issue of public accountability, priority had to be given to rebuilding of the economy, through various other measures. These included: (a) reducing the