Government has targeted the end of this year to pass a Fiscal Responsibility Law to help cap budget deficit, Vice President Dr Mahamudu Bawumia has said.
He said the passage of Fiscal Responsibility Law will ensure that the budget deficit will not exceed 5% for a fiscal year.
The Vice President was speaking at the Ghana Investment & Opportunity Summit 2018 in London.
The two-day Summit is being organised by the Ghana High Commission in the UK, in collaboration with the Ghana Investments Promotion Centre (GIPC).
Dr Bawumia said the Fiscal Responsibility Law will also “ensure complementary monetary management and establishment of institutional safeguards such as the Financial Stability Council (FinSC), Fiscal Council (FisC), and an International Economic Advisory Council.
The overarching objective is to 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,” he said.
Ghana Beyond Aid
He said the government is “under no illusion that this [Ghana Beyond Aid] is easier said than done. But an even greater illusion is to think that we can build a sustainably good society on the inexhaustible charity of others. History provides no such examples. And we cannot hope that our fortunes will be different.
Dr Bawumia said to build a Ghana Beyond Aid, “we need some long-term pillars.”
He added that for Ghana to achieve this the country must endeavour to do the following:
- Strengthen the knowledge, scientific and technical capacity of citizens by improving access to and quality of the education system.
• Leverage on its natural resources for national development through value addition, or failing that, at a fair and mutually acceptable and beneficial term of exchange.
• Place a greater premium on cross-border and overseas trade and investment on fair and mutually beneficial terms,
• Deepen and enhance efficiency in domestic revenue mobilization.
• Enhance efficiency in the allocation of public resources and greater accountability in the use of these resources, and
• Protect the public purse and punish corruption in all its forms in the conduct of the business of Ghana.
The Summit, under the theme: “Mobilising for Ghana Beyond Aid”, is expected to showcase Ghana as one of the best investment destinations in Africa and help Government attract strategic and development funds and investments for key projects.
It is also to match local businesses with international partners and Investors.
Executives from some of the largest global firms, Venture Capitalists, Private Equity Fund Managers, Investment Bankers and other business leaders from across the globe are attending the meeting to provide a networking opportunity with potential investors and various government Officials.