Fiscal Responsibility (GH0001)
Overview
At-a-Glance
Action Plan: Ghana Action Plan 2013-2014
Action Plan Cycle: 2013
Status:
Institutions
Lead Institution: Ministry of Finance and Economic Planning (MOFEP), Centre for Economic Policy Analysis (CEPA), Institute of Economic Affairs (IEA)
Support Institution(s): NA
Policy Areas
Fiscal Openness, Legislation, Oversight of Budget/Fiscal Policies, Public ParticipationIRM Review
IRM Report: Ghana 2013-2014 End of Term Report, Ghana Progress Report 2013-2014
Early Results: Did Not Change
Design i
Verifiable: Yes
Relevant to OGP Values: Yes
Ambition (see definition): High
Implementation i
Description
The Government of Ghana will, within the two-year period (2013 - 2014) take concrete action to strengthen the management of public expenditure by working closely with relevant stakeholders to introduce the appropriate legislation in the Ghana Parliament.
Towards this end, the Government will consistently work towards the passage of the Fiscal Responsibility Act that strengthens mechanisms for fiscal discipline and provides the citizenry with clear indicators to determine when the Government is veering off approved expenditures in a way that threatens fiscal stability. Fiscal responsibility legislation is critically necessary to reverse, for example, the trend of overspending associated with Ghana’s electoral cycle.
- Conduct a national consultation process with think-tanks, labour unions, private sector organizations on the necessity, content, limits, merits and demerits of a Fiscal Responsibility Act
-Finalize a report on the national consultation process
-Prepare and place a draft Fiscal Responsibility Bill for Cabinet approval
-Introduce Draft Bill in Parliament for debate and passage
-Educate the public on content and benefits of the Fiscal Responsibility Act