Fiscal Responsibility Law to be passed soon – Bawumia

By
Godwill Arthur- Mensah, GNA

Accra, Oct. 24, GNA – Vice President Dr
Mahamudu Bawumia has re-affirmed the

Government’s commitment to safeguard the
macro-economic gains it had made over the past 21 months is not eroded.

To that end, he said the Fiscal Responsibility
Law was expected to be passed by the end of the year to cap the budget deficit
in order not to exceed five per cent of the budget in every fiscal year.

He added the Government was setting up
regulatory and advisory bodies to guide government’s fiscal and financial
sector management.

Vice President Bawumia said this when he
addressed the Ghana Investment and Opportunity Summit in London, UK, on
Tuesday.

The two-day Summit is being organised by the
Ghana High Commission in the UK, in collaboration with the Ghana Investments
Promotion Centre (GIPC).

The Vice President said government being
cognizant of the tendency to backtrack on the progress made so far, it was
putting in place measures to ensure irreversibility of the gains achieved.

“We are implementing structural measures
to tackle some of the long-term structural issues.

We intend to urge Parliament to pass a Fiscal
Responsibility law by the end of this year to cap the budget deficit not to
exceed five per cent for a fiscal year,” he stated.

Dr Bawumia said government would roll out
complementary fiscal and financial sector management and establish
institutional safeguards such as independent Financial Stability Council,
Fiscal Council, and an International Economic Advisory Council to enforce the
law.

Vice President Bawumia said those institutions
would safeguard the financial system, deepen financial intermediation, widen
financial inclusion, and position Ghana as a West Africa Financial hub and
economy with greater policy credibility.

GNA

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