{"id":285530,"date":"2017-01-17T09:35:11","date_gmt":"2017-01-17T09:35:11","guid":{"rendered":"http:\/\/citifmonline.com\/?p=285530"},"modified":"2017-01-17T09:35:11","modified_gmt":"2017-01-17T09:35:11","slug":"govt-to-roll-out-fiscal-stability-act-by-end-of-2017","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/01\/govt-to-roll-out-fiscal-stability-act-by-end-of-2017\/","title":{"rendered":"Govt to roll out fiscal stability Act by end of 2017"},"content":{"rendered":"<p>Finance Minister Nominee, Ken Ofori Atta has disclosed to <strong>Citi Business News<\/strong> government should commence the implementation of the fiscal stability and fiscal responsibility act by the end of this year.<\/p>\n<p>[contextly_sidebar id=&#8221;k4FhfPOAUdPLPt4TixfP60BA1HZF8pUX&#8221;]The Act when completed should help the government reduce its borrowing and debt.<\/p>\n<p>He made the revelation in an interview with Citi Business News on the sidelines of an economic meeting with some investors from Morocco in Accra.<\/p>\n<p>\u201cI raised that question because of the macro instability we\u2019ve experienced over this period and just to say that to be able to have macro stability and to be able to be able to hold the currency, we as a government are going to subject ourselves to such an act and this act will then enjoin us to function within certain parameters which will not derail the economy,\u201d he stated.<\/p>\n<p>President Nana Addo in the build up to the 2016 general elections bemoaned the nation\u2019s huge debt portfolio.<\/p>\n<p>He explained that the development has made it difficult for small scale industries to attract funding from commercial banks.<\/p>\n<p>\u201cWe will encourage the private sector to take the burden of government and we will reposition small scale industries for local economic growth,\u201d the President said.<\/p>\n<p>The NPP in its 2016 manifesto also asserted that, \u201cFiscal policy implementation, as it stands now, lacks three basic elements; absence of a transparent institutional arrangement for providing quality fiscal information to the public, absence of a mechanism for ensuring accountability in implementing optimal fiscal policies to guarantee the stability of the system, and the absence of an institution to ensure the credibility of fiscal projections provided by the Government.\u201d<\/p>\n<p>\u201cTo address the problem of the current high public debt levels and the country\u2019s high risk of debt distress, an NPP government will adopt and implement rules to anchor fiscal policy implementation,\u201d the manifesto said.<\/p>\n<p>Though the process for the law is to commence with the 2017 budget presentation in March, Finance Minister Nominee, Ken Ofori Atta believes government should be able to stabilize fundamental economic issues by the end of year.<\/p>\n<p>\u201cWell the budget will have to be approved by the first quarter of this year and then subsequent to that we will begin to write those Acts and hopefully by the end of the year we should get those laws in force,\u201d he stressed.<\/p>\n<p>&#8211;<\/p>\n<p>By: Pius Amihere Eduku\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finance Minister Nominee, Ken Ofori Atta has disclosed to Citi Business News government should commence the implementation of the fiscal stability and fiscal responsibility act by the end of this year. [contextly_sidebar id=&#8221;k4FhfPOAUdPLPt4TixfP60BA1HZF8pUX&#8221;]The Act when completed should help the government reduce its borrowing and debt. He made the revelation in an interview with Citi Business [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,171,11],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Govt to roll out fiscal stability Act by end of 2017 - Citi 97.3 FM - Relevant Radio. 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