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    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

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    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

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    Africans urged to bolster adoption of Bitcoins

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    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

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Economists endorse IMF fiscal council proposal for Ghana

bycitibusinessnews
August 24, 2015
in Business, Local Economy, Top Stories
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An economist Dr. Ebo Turkson has backed the International Monetary Fund (IMF) proposals for the country to set up a fiscal council to check government expenditure and debt.

[contextly_sidebar id=”hdoetzml831ZJ1E6GTr0E2CjyXLFshqP”]According to Dr. Ebo Turckson weak fiscal management is undermining Ghana’s economic progress by increasing macroeconomic instability which has created a looming debt crisis and crowded out private sector operators.

Fiscal councils are independent public institutions aimed at promoting sustainable public finances through various functions, including public assessments of fiscal plans and performance, and the evaluation or provision of macroeconomic and budgetary forecasts.

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Ghana’s public debt is currently at about 88 billion cedis, close to 70 percent of GDP.

The IMF and some civil society groups have called for the establishment or adoption of a fiscal council to enhance transparency and improve fiscal performance.

IMF-620x330Speaking to Citi Business News senior lecturer and economist at University of Ghana Dr. Ebo Turckson said discretionary fiscal policy has failed the country, stating that adopting a fiscal policy rule embedded in legislation would help entrench the much needed fiscal discipline in Ghana.

“Once government commits itself to the IMF programme they should have the commitment to fiscal discipline if they really are concerned about the level of commitment for government.

I am saying that it is necessary and that is one way of ensuring that government’s thirst for borrowing can be controlled not to increase our debts and also control the expenditure.”

Dr. Ebo Turckson was of the view that government must not be allowed to have its way after having committed to an IMF programme to get the economy back on track and must be monitored to achieve targets set.

–

By:  Norvan Acquah – Hayford/citifmonline.com/Ghana

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