An 11-member Advisory Board for the Ministry of Finance (MoF) has been inaugurated to provide advice on policies and operational strategies.
The Board was established in accordance with Section 39 of the Civil Service Act, 1993, (PNDC Law 327), which states, that all Ministries are mandated to establish Ministerial Advisory Boards.
According to the Act, the purpose of the Advisory Board is to promote constant interaction between the Ministry and its stakeholders and provide advice on policies and operational strategies.
The Board, which is chaired by the Minister of Finance, Mr Ken Ofori-Atta, includes Mr. Charles Adu Boahen, Mr Kwaku Kwarteng, Mrs. Abena Osei-Asare and Mr Patrick Nomo. Other members are Dr. Yaw Osei Adutwum, Mr Kwasi Agyei, Madam Kosi Yankey, Rev. Kwabena Opuni Frimpong, Dr. Tony Oteng Gyasi and Professor Stephen Adei.
Speaking during the inauguration, Mr Ken Ofori-Atta said the Ministry of Finance is responsible for economic policy management for the achievement of Macroeconomic Stability and sustainable growth, through sound fiscal policy and the deployment of an efficient Public Financial Management System.
He said by virtue of this responsibility to promote economic growth, the Ministry of Finance has an interest in all major Government interventions because most of these have fiscal implications and impact economic development.
He, therefore, urged members of the Board to respond to this call to serve and be committed to ensure that the policies and programmes of the Ministry deliver the expected outcomes. He welcomed the opportunity to work with the board members, who represent some of the Ministry’s key stakeholders, to enrich decision making whilst strengthening their working relationship.
Mr Ken Ofori-Atta outlined the performance and achievements of the Ministry for the year 2017, but said challenges still remained to be tackled. “I am proud to say that provisional data shows that we were able to achieve our 2017 targets for the key macroeconomic indicators and thus pave the way for a much brighter future for our people”.
For the year 2018, he indicated that the Ministry intends to consolidate the gains made in the previous year and outlined the following ambitious targets, namely, overall Real GDP growth of 6.8%; overall fiscal deficit of 4.5 % of GDP; a debt to debt ratio of below 70% of GDP; gross foreign assets to cover 3.5 months of imports; a primary balance of 1.6% of GDP and end year inflation of 9.8%.
He said the above, in addition to policy measures in the 2018 budget, will go a long way to support Government’s efforts to bolster investment in the real sector, enhance private sector competitiveness, create jobs and provide equal opportunities for all Ghanaians.
“This is in line with government’s transformation agenda ‘Ghana beyond Aid’ espoused by the president in his independence day Speech” he stressed. On behalf of the other board members, Prof. Adei expressed his gratitude for the honour to serve the country and pledged the full support of members to the work ahead.
In attendance were Dr. Alhassan Iddrisu, Director, Economic Research and Forecasting Division (ERFD); Mr Sampson Akligoh, Acting Director, Financial Sector Division (FSD); Mrs. Felicia Gyamfi Ashley, Technical Advisor, all of the Ministry, among others.