President Nana Addo Dankwa Akufo-Addo has appointed a former Governor of the Bank of Ghana, Dr. Paul Acquah as Chairman of the newly established Fiscal Council.
President Akufo-Addo established by Executive Instrument the Fiscal Council and Financial Stability Council in December 2018. The Financial Stability Council is to enhance the stability and soundness of the financial system. At the same time, government, through Parliament has enacted a Fiscal Responsibility Act to, inter Alia, tie the hands of politicians by limiting them to a budget deficit in any year not to exceed 5% of GDP.
With this, Ghana becomes the first and second country in sub-Saharan Africa to establish a Fiscal Council and Financial Stability Council, respectively.
The Fiscal Council will amongst other responsibilities develop and recommend policies for the maintenance of prudent and sustainable levels of public debt, ensuring that fiscal balance is maintained at a sustainable level and the management of fiscal risks in a prudent manner, to achieve efficiency, effectiveness and value for money in public expenditure.
Dr. Acquah brings to bear his professional experience and competence from the banking sector and the International Monetary Fund to help government maintain fiscal discipline and debt sustainability.
Dr. Acquah served for two four-year terms as the Governor of the Bank of Ghana under President John Agyekum Kufuor. He was the Chairman of the Committee of Governors of the Central Banks of Ecowas Member States from 2005 to 2008 under the Regional Monetary Integration and Cooperation agreement. He was also a member of an expert group of External Advisors appointed for the study on structural policy issues for the 2014 Triennial Review of Surveillance (IMF).
Prior to his appointment as Governor, Dr. Acquah was Deputy Director in the Department of the International Monetary Fund (IMF). He exercised responsibility for, and general oversight of operational work on African countries, including policy advice and programme design, and relations with institutions and donors and creditors.
He rose through the ranks after joining as an economist and led the IMF negotiating missions to several African countries, and handled several complex cases such as in the Democratic Republic of Congo, Nigeria, Zambia, etc.
Dr. Acquah holds a B. Sc (Hon) in Economics from the University of Ghana, a Masters’ degree in Economics from Yale University and Ph. D in Economics from University of Pennsylvania Graduate School of Economics.
Other members of the Council are: Prof. Augustine Fosu, Dr. Nii Noi Ashong, Prof. Eugenia Amporfu, Dr. Nii Kwaku Sowa, MR. Ali Nakyea, and Prof. Robert Osei.