Ofori-Atta hints of tighter fiscal policy

Business News of Friday, 20 January 2017

Source: Starrfmonline.com

2017-01-20

Ken Ofori Atta LargeFinance Minister-designate, Ken Ofori Atta

The Finance Minister-designate, Ken Ofori Atta has hinted of a “tighter” fiscal policy aimed at resuscitating the country’s ailing economy.

“When I look at the current state of our country’s finances I suspect we need tighter monitoring and control,” he told parliament’s Appointment Committee Friday during his vetting.

He continued that: “It is worrying how we can have such egregious poverty in the country,” pledging that the Akufo-Addo administration will work assiduously to address that.

Again, he pledged extreme vigilance in his quest to address issues of arrears and judgment debts.

“We have a herculean task” he noted “but it is the reason we are here and we promised on our honour to do it.”

Asked about then candidate Akufo-Addo’s pledge to contractors that he would pay all their arrears in his first 100 days, Mr. Ofori-Atta said he was not aware of such promise, nonetheless it will be honoured.

“The payment of owed contractor is an issue that we’ll still tackle regardless as it’s a social contract,” he assured.

Also, he said among other things that the National Identification Scheme will be done within a space of 12 to 18 months of the Akufo-Addo administration.

On the Ponzi schemes and others like the DKM saga, he said the Bank of Ghana needs to strengthen its supervision of the microfinance companies.

“There are too many licenses out there,” he said.

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