The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, is recommending the creation of a fiscal council to uphold macroeconomic stability and ensure responsible management of government fiscal policy in Ghana.
During an interview on Citi TV’s Point of View with Bernard Avle, the IMF Managing Director stressed the significance of an independent and credible fiscal council to provide guidance to the government in averting 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.”