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Business News of Tuesday, 9 May 2017


Government will soon establish an independent fiscal council - Kojo Oppong Nkrumah

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Deputy Minister for Information Kojo Oppong Nkrumah has indicated that government is committed to establishing an independent fiscal council as part of measures to ensure fiscal sustainability.

According to Kojo Oppong Nkrumah, the establishment of the fiscal council will aid in the correction of fiscal loopholes that have proven so costly to the performance of the broader economy in the country.

He made this state at the Institute of Economic Affairs' (IEA) policy forum on making Ghana’s fiscal council work On Tuesday.

The IEA held a forum calling on government to establish a fiscal council which will provide legislative changes to make the fiscal rule legally binding.

Speaking at the event, Kojo Oppong Nkrumah indicated that government has started the process of establishing a fiscal council and was fully committed to its success.

"So far, I know there is a team working on a draft of how to tighten the public finance management act allow some numerical roles and also to establish the fiscal council and spell out the features of the council that would ensure that it's not just a council that does forecast but a council that can pronounce on performance in real time as was done with the monetary policy of the central bank,” he stated.

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