The Autonomous Bougainville Government has launched the “Anchoring Bougainville Economy” program to strengthen the region’s economic structure as it progresses towards political independence. President Hon Ishmael Toroama announced the initiative in parliament, highlighting it as a top priority for the Bougainville Administration.
“This program is a targeted effort to reshape our economic landscape, aligning revenue streams with Bougainville-specific policies and legislation for economic growth,” President Toroama stated.
Acting Chief Secretary Kenneth Nanei has been appointed to oversee the program, ensuring a coordinated government approach. “We must act swiftly and collaboratively to establish a solid economic foundation,” Toroama emphasized.
The program includes several key work streams, organized into three main pillars:
- Investment Registry: Establishing a Bougainville-owned investment registry to officially record all Bougainville-based and owned businesses. A Memorandum of Agreement (MOA) with the National Government’s Investment Promotion Authority (IPA) is nearing completion, which will facilitate legislative development and the transfer of IPA functions to Bougainville.
- Bougainville Revenue House: Transforming the current Bougainville Tax Office into the Bougainville Revenue House. This includes drafting new taxation laws for GST, Personal Income Tax, and Small Business Tax, forming Bougainville’s independent taxation system.
- ABG Treasury Office: Creating a dedicated ABG Treasury Office to serve as the consolidated revenue facility for Bougainville. A concept paper led by Acting Chief Secretary Nanei is being finalized to guide the development of relevant policies and legislation for the new Treasury department.
“This step is crucial for consolidating all revenue streams, thereby enhancing ABG’s financial self-reliance,” President Toroama said.
Additionally, the program includes establishing new Constitutional offices and two new courts, which will form the third arm of the government. “Two Bills will be presented to establish these new Lower Courts, strengthening Bougainville’s customary authority in a unique, efficient model,” Toroama announced.
courtesy : ABG
