President Nana Addo Dankwa Akufo-Addo has appointed a former Governor of the Bank of Ghana, Dr. Paul Acquah as Chairman of the newly established Fiscal Council.

President Akufo-Addo established by Executive Instrument the Fiscal
Council and Financial Stability Council in December 2018. The Financial
Stability Council is to enhance the stability and soundness of the
financial system. At the same time, government, through Parliament has
enacted a Fiscal Responsibility Act to, inter Alia, tie the hands of
politicians by limiting them to a budget deficit in any year not to
exceed 5% of GDP.

With this, Ghana becomes the first and second country in sub-Saharan
Africa to establish a Fiscal Council and Financial Stability Council,
respectively.

The Fiscal Council will amongst other responsibilities develop and
recommend policies for the maintenance of prudent and sustainable levels
of public debt, ensuring that 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.

Dr. Acquah brings to bear his professional experience and competence
from the banking sector and the International Monetary Fund to help
government maintain fiscal discipline and debt sustainability.

Dr. Acquah served for two four-year terms as the Governor of the Bank
of Ghana under President John Agyekum Kufuor. He was the Chairman of
the Committee of Governors of the Central Banks of Ecowas Member States
from 2005 to 2008 under the Regional Monetary Integration and
Cooperation agreement. He was also a member of an expert group of
External Advisors appointed for the study on structural policy issues
for the 2014 Triennial Review of Surveillance (IMF).

Prior to his appointment as Governor, Dr. Acquah was Deputy Director
in the Department of the International Monetary Fund (IMF). He exercised
responsibility for, and general oversight of operational work on
African countries, including policy advice and programme design, and
relations with institutions and donors and creditors.

He rose through the ranks after joining as an economist and led the
IMF negotiating missions to several African countries, and handled
several complex cases such as in the Democratic Republic of Congo,
Nigeria, Zambia, etc.

Dr. Acquah holds a B. Sc (Hon) in Economics from the University of
Ghana, a Masters’ degree in Economics from Yale University and Ph. D in
Economics from University of Pennsylvania Graduate School of Economics.

Other members of the Council are: Prof. Augustine Fosu, Dr. Nii Noi
Ashong, Prof. Eugenia Amporfu, Dr. Nii Kwaku Sowa, MR. Ali Nakyea, and
Prof. Robert Osei.