The Minister for Finance, Ken Ofori-Atta has charged the newly sworn in Fiscal Risk Committee to support government’s quest to attain the twin objectives of macro-economic stability and effective fiscal management.
Swearing in the 17-member committee, Mr. Ofori-Atta noted that, the event was “a milestone moment for the Government and, indeed, a vital step towards fortifying our commitment to restoring our economic fortunes as quickly as possible”.
The Fiscal Risk Committee was inaugurated in July 2019, and has been established as part of the Economic Policy Coordinating Committee (EPCC) to supervise matters relating to fiscal risk management under regulation nine (9) of the Public Financial Management Regulations, 2019 (L.I.2378).
“Today, with the Government just about to begin implementation of the Post Covid Programme for Economic Growth (PC-PEG), the role of the Fiscal Risk Committee will be even more prominent in the days ahead”, he stressed.
According to the Minister, the committee, per the PFM regulation 9(3) was tasked with, reviewing the fiscal risks statement and any other reports pertaining to fiscal risks management, exchanging information and recommendations pertaining to fiscal developments in relation to fiscal risks.
Others included, providing directives on the implementation of relevant policy, recommendation from studies on fiscal risk, proposing typical areas for research on fiscal risk; and facilitating the provision of data and information needed for fiscal risk analysis and reporting.
He further revealed that, government’s ambitions of reaching a 1.5% of GDP primary surplus in the medium term, with a fiscal revenue objective of18.5% of GDP from around 15.5% in 2022, could be feasible if the committee could accommodate range of strategies to tackle fiscal risks relating to inflation, exchange rate volatilities, contingent liabilities from SOE borrowings, and other risks likely to cause expenditure overruns.
“I encourage each of you to approach your responsibilities with a sense of curiosity and an open mind. Be prepared to question, to analyse, and to learn. Embrace the unique perspectives that each of you brings to this committee, for it is through the richness of these diverse insights that we will build a robust and comprehensive execution of our fiscal strategy,” he stated.
Mr. Ofori-Atta expressed government’s readiness to support the committee’s work and hinted that, at the World Bank/IMF Spring meetings, it was clear at various meetings with African Finance Ministers that transparent financial reporting and effective risk management will underpin the sustainability of public finances going forward”.”
Speaking on behalf of the committee, the Chairman, Hon. Dr Mohammed Amin Adam, Minister of State at the Ministry of Finance, commended the Minister for the confidence reposed in the members.
He gave the assurance of the committee’s readiness to perform its duties as assigned in section 9 (3) of the Public Financial Management Regulations, 2019, LI 2378 and noted that the excellent team assembled by the Minister would deliver to ensure prudent fiscal management of the country.
The members of the committee are Dr Mohammed Amin Adam, Minister of State at Ministry of Finance; Abena Osei-Asare, Deputy Minister; Dr John Ampontuah Kumah, Deputy Minister; Dr Maxwell Opoku-Afari, 1st Deputy Governor, Bank of Ghana; Eva Mends, Chief Director, Ministry of Finance; Dr Alhassan Iddrisu, Director, Economic Strategy and Research Division;. Wisdom Komla Messan, Deputy Controller, Controller and Accountant Generals’ Department; Samuel Arkhurst ,Director, Treasury Debt Management Division, MoF and Grace Mbrokoh-Ewoal, Director, Legal, Ministry of Finance.
Others from the MoF are Dr Samuel Nii Ashong, Senior Policy Advisor; Samson Akligoh, Director, Financial Sector Division; David Collison, Director, Public Investment and Asset Division; Thomas Appiagyei, Acting Director of Budget Division; Hayford Amoh, Director, Internal Audit and George Winful, Director, Revenue Policy Division.
The rest are, Amb. Edward Boateng; Chief Executive Officer, State Interest and Asset Governance Authority and Dr Philip Abradu-Otoo, Director of Research, Bank of Ghana.