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NewsAudit reports from cash waterfall mechanism to be published by govt -...

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Audit reports from cash waterfall mechanism to be published by govt – Amin Adam

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The government has unveiled plans to release audit results concerning the cash waterfall system, aiming to bolster transparency and accountability within the country’s energy sector.

This initiative arises amidst significant financial hurdles facing the sector, notably a substantial debt owed to independent power producers totaling over one billion dollars.

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Implemented in July 2017 to alleviate the mounting debt, the cash waterfall system sought to streamline revenue collection and distribution. However, its efficacy has been constrained, necessitating enhanced transparency and resolution of implementation hurdles.

Finance Minister Mohammed Amin Adam highlighted the significance of the cash waterfall system during the 2024 World Bank and IMF Spring meetings, affirming the publication of audit findings to ensure transparency.

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Energy analyst Dr. Yussif Sulemana lauds this move, asserting its potential to address fiscal challenges by fostering transparency.

“The cash waterfall mechanism is important because at least it ensures that there’s cash flow, every player in the value chain has some cash flow so that they can be able to meet their operational cost but it’s important to also state that we’ve had challenges implementing the cash waterfall mechanism as a result of which through collaboration with the World Bank, with the IMF, we have instituted some measures to make it effective.

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“One of the measures we have introduced is to audit the cash waterfall mechanism quarterly. But we have also been required to publish the audit findings.”

“I think it’s a step in the right direction for transparency. So if you notice the problem that we have, some of them are induced and that has made it multifaceted and that has made it difficult to disengage which you need to tackle, which you need to prioritise.”

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