Government To Pass Fiscal Responsibility Law To Tie Hands Of Politicians — Vice President Dr. Bawumia

Government will soon pass a law to prevent politicians from sacrificing prudent economic management on the altar of political expediency1 min


7788
2k shares, 7788 points

Government will soon pass a law to prevent politicians from sacrificing prudent economic management on the altar of political expediency, Vice President Dr. Mahamudu Bawumia has indicated.

Speaking at the opening ceremony of “The Future of Work in Sub-Saharan Africa” Conference, organised by the International Monetary Fund (IMF) in Accra on Monday 17th December, 2018, Vice President Bawumia said the lessons learnt by the Akufo-Addo government since it assumed office 23 months ago had shown the urgent need to pass such a law to safeguard Ghana’s economic gains.

“This Conference is about the future of work in the context of the 4th Industrial Revolution but quite frankly, what we have come to understand is that there will be no future to work in if we don’t have sustained macroeconomic stability underpinned by fiscal and debt sustainability.

“In this regard the President, Nana Addo Dankwa Akufo-Addo has decided that we should not leave fiscal and debt sustainability at the discretion of the politicians. Just as we passed a law to anchor the independence of the Central Bank, we are also going to pass a law to anchor fiscal and debt sustainability; this is the Fiscal Responsibility Law.

“This Fiscal Responsibility Law will cap the fiscal deficit and will also cap the Debt-to-GDP ratio so that we give assurance to investors as we go forward that Ghana will behave fiscally very responsibly no matter which government comes into office” Vice President Bawumia stated.

Other measures are also set to be implemented to ensure greater fiscal discipline, he indicated.

“In addition, by the end of this year, we are setting up an independent Fiscal Council as well as an independent Financial Stability Council. This has never been done by any government since independence and this law as well as the institutions that we will set up will tie the hands of politicians, including ourselves, to maintain fiscal and monetary discipline going forward.”



Like it? Share with your friends!

7788
2k shares, 7788 points

What's Your Reaction?

hate hate
2578
hate
confused confused
1289
confused
fail fail
322
fail
fun fun
3223
fun
geeky geeky
2901
geeky
love love
1934
love
lol lol
2256
lol
omg omg
1289
omg
win win
322
win
Ghananewsxyz

We bring you all the news in Politics, Entertainment, Sports, Business, Religion & Among Others in Ghana and Beyond!

Comments

comments

close

Ad Blocker Detected!

Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format