The President of the Chartered Institute of Accountants Ghana (ICAG), Prof. Kwame B. Omane-Antwi, has called on government to check its spending, which he said is “terrible”.

“Government spending has to be disciplined, and if we want to grow as a country you need to cut your coat according to your cloth; the overspending is terrible, and if you are using more than 70% of your revenue to pay debts it is not good for development,” he said.

He was speaking to the B&FT on the sidelines of a health-walk organised by ICAG members to mark the annual conference for Chartered Accountants dubbed ‘Emerging Development in the Financial Services1 Industry’.

Credit ratings agency Fitch has questioned government’s commitment to stay within its budget estimates ahead of November’s elections, predicting that fiscal overruns will rise to 6.3 percent -- above government’s target of 5.3 percent.

“Fiscal slippage ahead of the November elections would increase inflationary and financing pressures. A further decline in commodity prices would negatively impact growth and exacerbate Ghana's twin deficits.

“The 2016 budget calls for a further narrowing of the deficit to 5.3% of GDP. However, Fitch believes that the narrowing will be smaller and forecasts a 2016 fiscal deficit of 6.3 percent,” the agency said in March.

Despite predicting fiscal slippage ahead of the elections, the ratings agency affirmed Ghana’s long-term foreign and local currency Issuer Default Ratings (IDR) at 'B' with a Negative Outlook.

Professor Omane-Antwi said the Institute is stepping up its efforts at keeping government on its toes: “The institute is poised to ensure that anything about finance, we are the first to talk about it. We have issued a press statement on carrying cash to Brazil and the recent tax laws.

“Financial services are good for every country as far as development is concerned; if you want economic development you need a financial market that is robust and stable, and then we will find solutions to challenges that confront the economy,” he said.

He added that: “We have put in place a public financial management advocacy system, a faculty that will delve into various economic issues affecting growth of the country, and will issue papers or advisory notes to government on managing the economy.”

He said this during a health exercise with the team to release stress, since they are always calculating figures and ensuring there is sanity and efficiency in the world of accountancy.

The walk commenced from the Aviation Social Centre through to the 37 main road, from 37 main road to Sankara, Dankwa Circle, Cantonments and back to the Aviation Social Centre.