A Seven member Presidential Fiscal Responsibility Advisory Council has been inaugurated with a call develop and recommend policies for the maintenance of Prudent and sustainable levels of Public debt.
The Council, Chaired by former Governor of the Bank of Ghana will assist and advise the President in formulating and implanting a National Fiscal responsibility policy that will ensure fiscal discipline in government expenditure and safeguard the Public purse.
President Nana Addo Dankwa Akufo-Addo who inaugurated the Council at a brief ceremony at the Jubilee House said government is will ensure that fiscal rectitude becomes part of the DNA in the management of the economy.
Ghana is the first country after Mauritius in Sub Saharan Africa to set up Presidential Fiscal Responsibility Advisory Council to bring sanity in the management of the Countrys public financial management system.
Ghana since independence has resorted to International Monetary Fund, (IMF), bailout seventeen times because of lack of discipline in the Management of the public finances the most recent four years ago.
The economy has been characterized by high fiscal debt, high debt to GDP ratio and high cost of borrowing among others.
As government prepares to exist the IMF bailout entered into by the previous administration, there are many still skeptical and worried about returning to the days of fiscal instability.
This the government wants to reverse with the inauguration of the Council. President Akufo-Addo noted that the Ghana beyond aid Agenda can be achieved with prudent a management of the Economy. He outlined the terms of reference of the Council.
The Chairman of the Council, Dr. Paul Acquah assured the President of their unflinching support and dedication in a bid to safeguard the public interest and bring back confidence in public policy.
The President later inaugurated an eight member Presidential Advisory Council on Science, Technology and Innovation. It is Chaired by Professor Edward Ayensu, Chirman of the Board of Trustees of African Institute of for Mathematical Science.
Bright Ntramah filed this report.