Fiscal indiscipline which often results from the lack of adherence to fiscal rules has for a long time been the biggest cause of persistent macroeconomic instability and mounting public debt stock in Ghana. There is growing interest in the importance of independent Fiscal Councils as a way of improving fiscal performance across the globe. Indeed this debate was recently ignited in Ghana.
The Institute of Economic Affairs (IEA) on Tuesday the 9th of May, 2017 hosted a Roundtable Discussion on the theme, “MAKING FISCAL COUNCIL WORK FOR GHANA: COUNTRY EXPERIENCES AND BEST PRACTICE”. The discussion was led by Dr. Eric Osei- Assibey (A Senior Economist/Adjunct Research Fellow, IEA) and chaired by Hon. Dr. Mark Assibey – Yeboah (Chairman, Finance Committee of Parliament). According to Dr. Osei-Assibey, the establishment of a Fiscal Council in Ghana is long overdue given our fiscal balance and public debt. He outlined critical ingredients necessary to ensure a successful Fiscal Council. Among these are the following:
• Legal and Statutory backing for the Council
• Autonomy and Independence of the Council
• Clear Mandate of the Council
• Adequate funding guaranteed in the Constitution of Ghana
• Political commitment to the analysis and advice of the Council
The roundtable discussion was well attended by guests from Parliament, Government, Academia, Development Partners, Civil Society and the Media among others.
Read about the event further in the news: