Establish fiscal council to check excessive spending – IMF to govt

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, is advocating for the establishment of a fiscal council to safeguard macroeconomic stability and ensure prudent management of government fiscal policy in Ghana.

In an interview on Citi TV‘s Point of View with Bernard Avle, the IMF Managing Director emphasized the importance of an independent and reputable fiscal council to advise the government on avoiding excessive spending

“We do need to have anchors and then stick to that. Yes, the two notes of caution. One, we do need to have anchors and then stick to them. For Ghana, what we are proposing is 55% net present value debt to GDP and 18% max the share of debt service into government revenues. Anchor your situation in a clear, stable manner.

“And two, we recommend that Ghana takes a very serious look at how the fiscal situation in the future can be stable. So we don’t go up and down again. And we are recommending fiscal council, reputable people, independent, able to say objectively this line of spending, yes and this one, no.”

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