President establishes Fiscal Responsibility & Financial Stability Councils

The President has granted approval for the creation of a Fiscal Responsibility Advisory and Fiscal Stability Advisory Councils.

The two major Councils are to offer independent advice on fiscal responsibility and ensure the stability of the entire financial system.

Their advice will cover areas such as banking, pensions and fund / asset management, insurance, etc.

Both Councils are made up of seven members each.

The Fiscal Responsibility Advisory Council comprises; Dr. Paul Acquah, Mr Abdallah Ali-Nakyea, Prof. Eugenia Amporfu as well as Dr. Nii Ashong. Others are Prof. Augustine Fosu, Dr. Robert Osei and Dr. Nii Kwaku Sowa.

Meanwhile the members of the Fiscal Stability Advisory Council include; Dr. Ernest Addison and Mrs Elsie Awadzi both of the Bank of Ghana, Charles Adu Boahen – Deputy Minister of Finance, Justice Yaw Ofori – Commissioner of the National Insurance Commission.

Others are; Daniel Ogbarmey Tetteh – Director General, Securities and Exchange Commission, Hayford Attah Krofi as well as Ignatius Wilson of DPC (Deposit Protection Corporation).

The terms of the members of each Council shall lapse with the term of the President under whom he or she is appointed unless he or she resigns or is otherwise terminated or terminates before then.

The Fiscal Stability Council which comprises of regulators, will among its functions, “identify and evaluate the threats, vulnerabilities and risks to the stability of the financial sector,” ensuring, especially that we receive early-warning of cross-industry exposures that pose systemic risks and deploy appropriate measures in managing them.

The Fiscal Council also has one of its functions, a mandate to “develop and recommend to the President fiscal responsibility policies for the maintenance of prudent and sustainable levels of public debt, ensuring that the 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.”