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Company News of Thursday, February 14, 2019
Source: thefinderonline.com
2019-02-14
President Akufo-Addo
The President, Nana Addo Akufo-Addo Dankwa, reiterated the need to change course in the management of public finances of the country if we want to realize the vision of a self-sufficient Ghana and less dependent on the benevolence of documents distributed. foreign aid for its critical development needs.
"If we want to realize the vision of a Ghana without help, that is to say that a Ghana is no longer dependent on the benevolence or charity of foreign taxpayers and donors in the management of our public finances, we must change the cause, "said the president.
The president made the remarks when he inaugurated the President's Advisory Council on Tax Responsibility on Tuesday at the Jubilee House in Accra.
The Advisory Council on Financial Accountability is chaired by Mr. Paul Acquah, former Governor of the Bank of Ghana.
The members are MM. Abdullah Ali-Nakyea, Eugena Amporful, Nii Noi Ashong, Augustine Fosu, Robert Osei and Nii Kwaku Sowa.
The Council, among others, was responsible for badisting and advising the President in the formulation and implementation of a national fiscal responsibility policy that would ensure fiscal discipline in government spending and preserve public finances.
Secondly, it is the responsibility of the Council to advise the President on how to ensure that, as required by law, the budget deficit does not exceed 5% during the fiscal year and that the budget has a primary balance.
In addition, the Council would advise the President on ways to ensure that the debt-to-GDP ratio does not exceed 65%.
"In addition, the Advisory Council on Presidential Fiscal Responsibility will develop and recommend policies to maintain prudent and sustainable levels of public debt, ensure that the fiscal balance is maintained at a sustainable level and ensure the management of the budget. budget risk in a prudent manner in order to achieve the efficiency, effectiveness and
According to the President, these measures became necessary to mitigate the mismanagement of the country's public finances by the previous government, which required the return of the International Monetary Fund (IMF) for a bailout.
"I am determined that fiscal rectitude becomes an essential feature of our DNA in the management of our national economy," said the president.
The inauguration of the council, according to the president, should address the concerns of many Ghanaians who have worried about a possible return in the dark days of fiscal instability as the country prepares to come out of the IMF's current program launched by the previous government.
"My government continues to demonstrate its commitment and determination to ensure that the habits and sins of former managers of our past public finances are no longer visited by this generation or by future generations," he said.
Financial Stability Board to help strengthen the financial sector
In inaugurating the Presidential Financial Stability Advisory Council at a separate ceremony at Jubilee House, the President recalled the uncertainties that have recently tainted the financial sector system, resulting in the bankruptcy of a number of commercial banks and bold measures taken by the Bank of London. Ghana will undertake clean up and restore confidence.
The President expressed concern that these weaknesses in the banking system not only undermined confidence in the flow of funds in the country, but also posed a risk to depositors and their dependents.
The long time needed for the regulator to detect and restore mental health in the financial system, said the president, demanded that measures be put in place to mitigate any future event, adding that a distressed financial system introduced uncertainties in the economy and compromises stability and strength. of the financial system.
"It is to prevent any disastrous event in the banking system and its repercussions on the entire financial system that my government has taken bold steps to establish an advisory council on the financial stability of the president," said the president. .
In particular, the Council will advise the President on ways to strengthen and strengthen the stability of the country's financial system, acting as an interinstitutional coordinating advisory body and also coordinating micro-level regulatory oversight by focusing on on issues of common interest. concern of the various financial regulators involved in the regulation and supervision of financial entities in the country.
In addition, the Board needs to help badess and mitigate risks to financial stability by focusing on rapid risk detection and mitigation for the stability of Ghana's financial system.
The Presidential Advisory Council on Financial Stability, consisting of seven members, is chaired by Mr. Ernest Addison, Governor of the BoG.
The members are: Ms. Charles Adu Boahen, Judge Yaw Ofori, Mr. Daniel Ogbarmey, Mr. Hayford Atta Krufi, Mr. Ignatius Wilson.
The President was confident that members of both councils would bring their rich experience to advance the cause of effective public financial management in the country and strengthen its financial systems.
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