The Board was established in
accordance with Section 39 of the Civil Service Act, 1993, (PNDC Law 327),
which states, that all Ministries are mandated to establish Ministerial
Advisory Boards.
According to the Act, the purpose
of the Advisory Board is to promote constant interaction between the Ministry
and its stakeholders and provide advice on policies and operational strategies.
The Board, which is chaired by
the Minister of Finance, Mr Ken Ofori-Atta, includes Mr. Charles Adu Boahen, Mr
Kwaku Kwarteng, Mrs. Abena Osei-Asare and Mr Patrick Nomo.
Other members are Dr. Yaw Osei
Adutwum, Mr Kwasi Agyei, Madam Kosi Yankey, Rev. Kwabena Opuni Frimpong, Dr.
Tony Oteng Gyasi and Professor Stephen Adei.
Speaking during the inauguration,
Mr Ken Ofori-Atta said the Ministry of Finance is responsible for economic
policy management for the achievement of Macroeconomic Stability and
sustainable growth, through sound fiscal policy and the deployment of an
efficient Public Financial Management System.
He said by virtue of this
responsibility to promote economic growth, the Ministry of Finance has an
interest in all major Government interventions because most of these have
fiscal implications and impact economic development.
He, therefore, urged members of
the Board to respond to this call to serve and be committed to ensure that the
policies and programmes of the Ministry deliver the expected outcomes.
He welcomed the opportunity to
work with the board members, who represent some of the Ministry’s key
stakeholders, to enrich decision making whilst strengthening their working
relationship.
Mr Ken Ofori-Atta outlined the
performance and achievements of the Ministry for the year 2017, but said
challenges still remained to be tackled.
“I am proud to say that
provisional data shows that we were able to achieve our 2017 targets for the
key macroeconomic indicators and thus pave the way for a much brighter future
for our people”.
For the year 2018, he indicated
that the Ministry intends to consolidate the gains made in the previous year
and outlined the following ambitious targets, namely, overall Real GDP growth
of 6.8%; overall fiscal deficit of 4.5 % of GDP; a debt to debt ratio of below
70% of GDP; gross foreign assets to cover 3.5 months of imports; a primary
balance of 1.6% of GDP and end year inflation of 9.8%.
He said the above, in addition to
policy measures in the 2018 budget, will go a long way to support Government’s
efforts to bolster investment in the real sector, enhance private sector
competitiveness, create jobs and provide equal opportunities for all Ghanaians.
“This is in line with
government’s transformation agenda ‘Ghana beyond Aid’ espoused by the president
in his independence day Speech” he stressed.
On behalf of the other board
members, Prof. Adei expressed his gratitude for the honour to serve the country
and pledged the full support of members to the work ahead.
In attendance were Dr. Alhassan
Iddrisu, Director, Economic Research and Forecasting Division (ERFD); Mr
Sampson Akligoh, Acting Director, Financial Sector Division (FSD); Mrs. Felicia
Gyamfi Ashley, Technical Advisor, all of the Ministry, among others.
GNA
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