Guinea-Bissau Launches Blockchain Platform for Wage Bill Management, IMF Reports

Revolutionizing Public Finance

Blockchain System Pioneers Transparent Transactions

Guinea-Bissau has taken a significant leap forward in financial technology with the introduction of a blockchain platform for managing public wage bills, as confirmed by the International Monetary Fund (IMF) in a recent report. This innovative system, developed in partnership with the IMF under the Extended Credit Facility (ECF) and with support from various collaborators, including Ernst & Young, promises to transform the country’s governance and enhance transparency in financial transactions.

Enhancing Governance and Public Service Delivery

Real-time Monitoring and Secure Information Exchange

The newly implemented blockchain platform serves as a virtual ledger, ensuring secure storage and exchange of data. Transactions are logged in real time on an immutable ledger, with the system promptly flagging any discrepancies and issuing alerts when necessary. Guinea-Bissau is committed to leveraging this cutting-edge technology to address governance challenges and improve public service delivery across the nation.

Financial Stability and Efficiency

Progress in Fiscal Reform and Economic Development

Through the adoption of the Enhanced Competency Framework (ECF) and the blockchain solution, Guinea-Bissau has made significant strides in enhancing its fiscal and economic stability. According to Jose Gijon, the mission chief, the country has seen a noteworthy reduction in its total public wage bill, from 84% to 50% of tax revenues since the inception of the project in 2020. This achievement underscores the positive impact of embracing advanced technologies in promoting financial transparency and efficiency.