{"id":238635,"date":"2024-10-24T19:32:02","date_gmt":"2024-10-24T19:32:02","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/10\/24\/empowering-auditing-institutions-key-to-curbing-fiscal-irresponsibility-domelevo\/"},"modified":"2024-10-24T19:32:02","modified_gmt":"2024-10-24T19:32:02","slug":"empowering-auditing-institutions-key-to-curbing-fiscal-irresponsibility-domelevo","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/10\/24\/empowering-auditing-institutions-key-to-curbing-fiscal-irresponsibility-domelevo\/","title":{"rendered":"Empowering auditing institutions key to curbing fiscal irresponsibility \u2013 Domelevo"},"content":{"rendered":"

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Former Auditor-General Daniel Yaw Domelevo has stressed the importance of empowering public auditing institutions to combat fiscal irresponsibility among ministries, departments, and agencies (MDAs).<\/p>\n

Speaking at the launch of the third Fiscal Recklessness Index 2024 report by IMANI Africa and Oxfam Ghana, Domelevo argued that establishing an Independent Fiscal Council without strengthening existing institutions would only add to the state\u2019s financial burden.<\/p>\n

The report identified the Ministry of Finance as the most fiscally reckless institution. Domelevo used the occasion to highlight the need to enhance the capacity of oversight bodies such as the Public Accounts Committee and the Internal Audit Agency to ensure better financial accountability and governance across public institutions.<\/p>\n

\u201cThe tendency in Ghana is to establish new state institutions that ultimately become a burden on public funds. When they fail to perform, we create yet another one.<\/p>\n

\u201cIn my view, we should strengthen the Attorney General, the Auditor General, the Director-General of the Internal Audit Agency, and the Public Accounts Committee,\u201d Mr. Domelevo stated.<\/p>\n

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Meanwhile, the Finance Minister Dr. Mohammed Amin Adam, has announced the government\u2019s intention to set up an independent fiscal council as part of broader efforts to ensure that Ghana does not borrow beyond its financial capabilities.<\/p>\n

This critical move is seen as a significant step towards reinforcing fiscal responsibility and stabilising Ghana\u2019s economic outlook in the wake of its domestic debt crisis.<\/p>\n

In a side interview at the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group held on Wednesday, October 23, Dr Amin Adam disclosed the government\u2019s plans, emphasising the importance of this initiative in maintaining sustainable debt levels and avoiding a repeat of Ghana\u2019s recent debt struggles.<\/p>\n

He explained that the proposed fiscal council would be an autonomous body tasked with monitoring the government\u2019s borrowing practices and enforcing adherence to newly established debt limits.<\/p>\n

According to the Finance Minister, the fiscal council is envisioned as an independent institution that will operate outside of the government\u2019s direct control.<\/p>\n

He indicated that the fiscal council\u2019s primary function will be to ensure that the government complies with the fiscal rules, especially in relation to borrowing and debt repayment.<\/p>\n

\u201cThe domestic debt we did was a very painful exercise because people did not expect that. So to have taken the people of Ghana through this painful exercise has meant that they had to sacrifice beyond what many people could do. And because of that, they are demanding fiscal discipline, they are demanding fiscal stability, and that is why it will be very difficult to go back to the era of unsustainable debt.<\/p>\n

\u201cThe second measure we are putting in place is the implementation of far-reaching structural reforms, you know, to build our resilience. And one of the structural reforms relates to the existing fiscal responsibility legislation to impose debt limits on ourselves.<\/p>\n

\u201cAnd we are also putting in place a fiscal council that will ensure compliance with the fiscal rules. The fiscal council is supposed to be an independent council which will, outside the government, monitor our progress in terms of debt management in terms of how much we borrow, and how we repay, to ensure that we do not go beyond the limit that we are imposing on ourselves.\u201d<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Former Auditor-General Daniel Yaw Domelevo has stressed the importance of empowering public auditing institutions to combat fiscal irresponsibility among ministries, departments, and agencies (MDAs). Speaking at the launch of the third Fiscal Recklessness Index 2024 report by IMANI Africa and Oxfam Ghana, Domelevo argued that establishing an Independent Fiscal Council without strengthening existing institutions would […]<\/p>\n","protected":false},"author":1,"featured_media":238636,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-238635","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\nEmpowering auditing institutions key to curbing fiscal irresponsibility \u2013 Domelevo - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/10\/24\/empowering-auditing-institutions-key-to-curbing-fiscal-irresponsibility-domelevo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Empowering auditing institutions key to curbing fiscal irresponsibility \u2013 Domelevo - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Former Auditor-General Daniel Yaw Domelevo has stressed the importance of empowering public auditing institutions to combat fiscal irresponsibility among ministries, departments, and agencies (MDAs). 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