The President, in exercise of his constitutional powers (Article 58), a week ago, on 28th December, 2018 (Ghana Gazette No. 173), established two major Councils that will offer independent advice on fiscal responsibility and ensure the stability of the entire financial system (across all the sub-sectors, from banking through pensions & fund/asset management to insurance etc) respectively.
The two Councils are: the Fiscal Responsibility Advisory Council (FISCAL COUNCIL) and the Financial Stability Advisory Council (FINANCIAL STABILITY COUNCIL). Both Councils are made up of 7 members each, the latter’s members being institutional representatives.
The term of the members of each Council shall lapse with the term of the President under whom s/he is appointed unless s/he resigns or is otherwise terminated/terminates before then.
Among its many functions, the FSC, which brings together all the different regulatory agencies in the financial services sector, will “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 FC also has, as 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.”
The establishment, first membership of the Councils are:
1. Dr. Paul Acquah
2. Mr. Abdallah Ali-Nakyea
3. Prof. Eugenia Amporfu
4. Dr. Nii Noi Ashong
5. Prof. Augustine Fosu
6. Dr. Robert Osei, and
7. Dr. Nii Kwaku Sowa
FINANCIAL STABILITY COUNCIL (Institutional Representatives)
1. Dr. Ernest Addison (BoG)
2. Elsie Addo Awadzi (BoG)
3. Charles Adu Boahen (MoF)
4. Justice Yaw Ofori (NIC)
5. Daniel Ogbarmey Tetteh (SEC)
6. Hayford Atta Krufi (NPRA), and
7. Ignatius Wilson (DPC)
Credit: Ministry of Finance