Parliament flags ZWL$111 billion gap in Finance Ministry accounts

Parliament building in Harare 

Parliament has raised alarm over major financial irregularities in the Ministry of Finance, revealing that more than ZWL$111 billion in public funds could not be reconciled in the government’s 2022 accounts. The findings are contained in a report by the Public Accounts Committee (PAC), which reviewed the Auditor‑General’s assessment of the Ministry’s Appropriation and Fund Accounts for the year ending 31 December 2022.

Key findings

• The Ministry recorded ZWL$282.8 billion in expenditure.

• Of this, ZWL$111.3 billion could not be accounted for, leaving a significant unexplained variance.

• The PAC said the discrepancies highlight weak financial controls, poor oversight, and a high risk of misuse of public funds.

The committee warned that the absence of routine reconciliation checks has created an environment where errors and potential fraud can go undetected.

PAC recommendations

The committee directed the Ministry of Finance to:

• Introduce monthly reconciliation checks.

• Ensure accountability of designated officers.

• Stop prepayments for vehicles and equipment without performance guarantees.

• Recover all outstanding funds, with interest, by 31 March.

• Take disciplinary action against officials who breached financial regulations.

The Ministry of Finance argued that the discrepancies were caused by late or erroneous submissions from line ministries, making reconciliation difficult. The PAC dismissed this explanation as inadequate, stressing that administrative delays cannot justify failure to safeguard public funds.

The revelations come amid public frustration over economic hardship, high inflation, and deteriorating services. Analysts say the report underscores deeper governance challenges in Zimbabwe’s public financial management system and raises fresh questions about transparency and accountability. The PAC cautioned that unless urgent reforms are implemented, similar irregularities could recur in future budgets, further straining the fragile economy.

 Finance Ministry ZWL$111bn gap