A team of eminent economists, chaired by former Governor of Bank of Ghana, Dr Paul Acquah, has been constituted to monitor the performance of the government's budgets to ensure that it complies with fiscal rules and targets.
The Presidential Fiscal Responsibility Advisory Council was inaugurated by President Nana Addo Dankwa Akufo-Addo at the Jubilee House in Accra on Tuesday evening to monitor and advise the government on public financial management issues.
Other members on the council are Mr Abdallah Ali-Nakyea, Prof. Eugenia Amporful, Dr Nii Noi Ashong, Prof. Augustine Fosu, Dr Robert Osei and Dr Nii Kwaku Sowa.
The council is expected to, among other things, assist and advise the President in formulating and implementing a national fiscal responsibility policy that ensures fiscal discipline in government's expenditure and safeguarding the public purse.
It is also expected to advise the President on how to keep the country's budget deficits below five per cent of GDP and ensure that the debt to GDP ratio does not exceed 65 per cent.
The council will develop and recommend policies for the maintenance of prudent and sustainable levels of public debt, ensure that fiscal balance is maintained at a sustainable level to achieve efficiency, effectiveness and value for money in public expenses.
President Akufo-Addo urged the members to bring their expertise to bear in the discharge of their duties and give him appropriate advice for action.
"You are not meant to be a 'busy body' entity. Yours is to advise the President on what to do. The task ahead of you is a challenging one and it is my expectation and hope that you will be up to it".
"You have all been carefully chosen because of your expertise, knowledge and accomplishment. I wish you God's guidance and the best of luck," President Akufo-Addo said and congratulated the members on their appointment.
Dr Acquah, on behalf of the council, described the establishment of the council as a historic landmark policy institution, adding, "It is a declaration of a strategic shift of national commitment to the prudent management of public finances."
He expressed the team's commitment to work hard to justify the confidence reposed in the members and promised to work with a high sense of purpose, dedication, and due regard to safeguarding the public interest.