Public Investment

THE DEPARTMENT OF PUBLIC INVESTMENT’S ROLES

Public investment department was established by the Public Investment Act No. 04 of 2002. The Act has been amended several times, repelled in 2021 and finallyenacted by the name of the Office of Treasury Registrar and Public Asset Management Act no. 6 of 2021.

The Department/Office has been entrusted with duty of overseeing the operations of Public Investment Entities such as PBZ bank, Zanzibar State Trading Corporation, Zanzibar Insurance Corporation, Zanzibar Port Corporation and other Corporations and Companies fully or partially owned by the Revolutionary Government of Zanzibar. The oversight includes;

  1. investigate or inquire into the operation of Public Investment Entity

2. inspect and examine books of accounts, records, returns and any other documents of Public Investment Entity

3. require any information, documents and reports of the activities of Public Investment Entity

 4. summon Chairperson, individual Board member, Chief Executive Officer or any other senior staff of Public Investment Entity

5. request and take extracts in soft or hard copies of any of the books, records, accounts, or documents; Powers of the Office.

6.  require any Chief Executive Officer or Senior staff of Public Investment Entity to furnish information as may be required

The Department also has a custodian role to all Assets of the Revolutionary of Government Zanzibar. In carrying out the custodian role, the following are performed;

  1. call for the production of books of accounts, plans and any other documents of Public Investment Entity;

2. instruct on the proper management of the activities in Public Investment Entity

3. Conduct or cause to be conducted special audit to Public Investment Entity

4. authorize updating of the Public Asset Register to ensure compliance to the policies, laws, regulations and procedures

5. conduct physical verification and valuation of assets in Public Institutions

6. ensure that the classification structure related to public assets are maintained in accordance with acceptable standards

7. Establish an effective system of Public assets management within Public Institutions

Finally the department has an advisory role to the Revolutionary Government as far asinvestment proposal, establishment of new corporation/company, merger and acquisition, restructuring, dissolution, asset management and any other matter related to Public Investment entities operations and good governance.