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The President of the Republic, Nana Addo Dankwa Akufo-Addo, has assured the Ghanaian people that his Government will continue to “demonstrate its commitment and determination to ensuring that the habits and sins of past managers of our public finances are no longer visited on this or future generations.”

Speaking at the 8th Edition of the Ghana Economic Forum, on Wednesday, 30th October, 2019, the President stated that if Ghana is to realise her vision of moving to a situation beyond aid, that is a Ghana no longer dependent on the benevolence or charity of foreign taxpayers and donors for the management of her public finances, “we must change course, hence the establishment of the Presidential Fiscal Responsibility Advisory Council.”

Ghana, President Akufo-Addo noted, is now the only other country in sub-Saharan Africa to establish a Fiscal Council, after the Republic of Mauritius.

The Council, composed of eminent economists, is headed by a former Vice President of the IMF and former Governor of the Bank of Ghana, the distinguished public servant, Dr. Paul Acquah, whose remit is to advise the President on ensuring compliance with fiscal law, rules and targets, which include a budget deficit of not more than 5% of GDP, a positive primary balance, and a debt to GDP ratio of not more than 65%, as provided by law, the first time such a law has been enacted in our history.

“I am committed to fiscal rectitude becoming an essential feature of our DNA in the management of our public finances and national economy”, he assured.

Private Sector Development

Describing the achievements in financial and economic stability chalked by his Government as “just the building blocks”, President Akufo-Addo stated that the actual building “will have to be constructed by the private sector, because my Government believes in the primacy of the private sector, and we will continue to improve the business environment, and offer the critical support needed for the private sector to survive and thrive.”

Government, he said, has introduced a Business Regulatory Reform Programme, which is a 3-year initiative coordinated by the Ministry of Trade and Industry, and implemented in partnership with other stakeholders, aimed at improving the business atmosphere in the country.

“Consisting of seven (7) components, the Programme will help Ghana to have one of the most transparently and efficiently regulated business environments in Africa,” the President added.