The Institute of Economic Affairs (IEA) has called for the establishment of an Independent Parliamentary Budget Office to monitor Ghana’s monetary and fiscal systems.
This, the institute says will ensure a stricter monetary and fiscal management systems to transform the economy.
Addressing a group of Civil Society Organizations, Director of Research, Dr. John Kwakye, said a parliamentary budget office is necessary in assessing and estimating the cost of government projects and programmes.
Dr. Kwakye explained that a parliamentary budget office will be different from the current Fiscal Council in the country.
He pointed out that the parliamentary budget office will be made up of independent professionals
“We are calling for the establishment of an independent parliamentary budget office, that’s what is normally called a fiscal council. In the US they have a conventional budget office. In the UK, they have office of budget responsibility and others have the fiscal councils".
"The idea of a parliamentary budget office is that it is marked by independent professionals”, he stressed.
Independence of Parliamentary Budget Office
To ensure the independence of the office, Dr. Kwakye stated that the members of the office will not be appointed by the executive to insulate them from any influence.
This, he maintained will enable the office discharge its duties, enforcing the rules to avert a situation where government is forced to overspend or over borrow.
He stated that one of the key requirements that will enforce the professionalism of the office and enhance its independence is the attachment to parliament.
“The people in the office will not be appointed by the president and they will work with parliament. They will assist parliament in carrying out its oversight role, they should be independent professionals appointed by the public services commission not the president”.
Latest Stories
-
Legal Aid Commission employees threaten strike over poor working conditions
2 mins -
Ghana ranked 7th globally as biggest beneficiary of World Bank funding
11 mins -
IMF board to disburse $360m to Ghana in December after third review
16 mins -
Former Bono Regional NPP organiser donates 13 motorbikes to 12 constituencies
22 mins -
Securities industry: Assets under management estimated at GH¢81.7bn in quarter 3, 2024
27 mins -
Gold Fields Ghana Foundation challenges graduates to maximise benefits of community apprenticeship programme
2 hours -
GBC accuses Deputy Information Minister Sylvester Tetteh of demolishing its bungalow illegally
2 hours -
Boost for education as government commissions 80 projects
2 hours -
NAPO commissions library to honour Atta-Mills’ memory
3 hours -
OmniBSIC Bank champions health and wellness with thriving community walk
3 hours -
Kora Wearables unveils Neo: The Ultimate Smartwatch for Ghana’s tech-savvy and health-conscious users
3 hours -
NDC supports Dampare’s ‘no guns at polling stations’ directive
3 hours -
Police officer interdicted after video of assault goes viral
3 hours -
KNUST’s Prof. Reginald Annan named first African recipient of World Cancer Research Fund
3 hours -
George Twum-Barimah-Adu pledges inclusive cabinet with Minority and Majority leaders
4 hours