{"id":40365,"date":"2023-04-20T18:32:34","date_gmt":"2023-04-20T18:32:34","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/?p=40365"},"modified":"2023-04-20T16:35:19","modified_gmt":"2023-04-20T16:35:19","slug":"iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline","title":{"rendered":"IEA proposes constitutional provisions and reforms to ensure fiscal discipline"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>The Institute of Economic Affairs (IEA) Ghana is proposing constitutional provisions and reforms to ensure fiscal discipline in an ongoing constitutional review process it has initiated.<\/b><\/p>\n

The Institute proposes amendments to some sections of the constitution and additional provisions to entrench fiscal discipline and macroeconomic stability.<\/p>\n

Speaking at an IEA Constitutional Review Series, Dr John Kwakye, the Director of Research IEA Ghana, said fiscal discipline and macroeconomic stability are important prerequisites for sustained growth of the country.<\/p>\n

He was speaking on the theme, \u201cInstitutionalising Fiscal Discipline and Macroeconomic Stability for Sustained Growth in Ghana: The Constitutional Pathway.\u201d<\/p>\n

He said additional clauses should be added to the economic objectives of the constitution to include requiring state to promote fiscal discipline and economic stability and annual fiscal deficit of government not exceeding 3 per cent of Gross Domestic Product (GDP).<\/p>\n

He explained that the 3 per cent deficit ceiling shall only be varied by the Minister of Finance in case of stated conditions and with the approval of Parliament.<\/p>\n

\u201cGovernment borrowing to finance the budget deficit should be restricted to capital expenditure only. This is a prudent condition practiced by countries such as the UK (United Kingdom), which ensures that loans are used only for productive, rather than consumption, purposes,\u201d he said.<\/p>\n

Dr Kwakye also proposed that the National Development Planning Commission (NDPC) be made independent or converted into Ministry of Economic Planning with the mandate to formulate long term development plans that bound all governments.<\/p>\n

He added that, \u201cmany countries have separate ministries of Finance and Economy such that the former focused on the budget and the latter on economic planning.\u201d<\/p>\n

The IEA Ghana also proposed the addition of a clause under Article 24 to provide for a Parliamentary Budget Office that will undertake independent evaluation of government budget and fiscal policy, monitor implementation, assess cost estimates of project and programmes, among others.<\/p>\n

Dr Kwakye highlighted the need to tighten loopholes in Article 178, 179 and Article 181 which respectively state the need for Parliamentary approval for expenditure and withdrawal from public funds and the approval for all loans contracted.<\/p>\n

\u201cIf Parliament approved loans for certain purposes and they are diverted for other purposes, it should be able to demand answers from the Minister.<\/p>\n

\u201cWe want a debt ceiling of 60 per cent of GDP, which has become a rough international threshold for sustainable debt,\u201d he said.<\/p>\n

The IEA among other things proposed additional clauses to ensure the Central Bank lends to the Government up to 5 per cent of previous year\u2019s and no rights for exploiting resources are granted on concessional basis but rather on product sharing basis.<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. The Institute of Economic Affairs (IEA) Ghana is proposing constitutional provisions and reforms to ensure fiscal discipline in an ongoing constitutional review process it has initiated. The Institute proposes amendments to some sections of the constitution and additional provisions to entrench fiscal discipline and macroeconomic stability. Speaking at an IEA Constitutional Review […]<\/p>\n","protected":false},"author":84,"featured_media":40364,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[5092,5096,429],"class_list":["post-40365","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"\nIEA proposes constitutional provisions and reforms to ensure fiscal discipline - Ghana<\/title>\n<meta name=\"description\" content=\"The Institute of Economic Affairs (IEA) Ghana is proposing constitutional provisions and reforms to ensure fiscal dis ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IEA proposes constitutional provisions and reforms to ensure fiscal discipline\" \/>\n<meta property=\"og:description\" content=\"The Institute of Economic Affairs (IEA) Ghana is proposing constitutional provisions and reforms to ensure fiscal dis ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-20T18:32:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/04\/postQueueImg_1681987478.23.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"IEA proposes constitutional provisions and reforms to ensure fiscal discipline\",\"datePublished\":\"2023-04-20T18:32:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline\"},\"wordCount\":453,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/04\/postQueueImg_1681987478.23.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline\",\"name\":\"IEA proposes constitutional provisions and reforms to ensure fiscal discipline - Ghana\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/04\/postQueueImg_1681987478.23.jpg\",\"datePublished\":\"2023-04-20T18:32:34+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"The Institute of Economic Affairs (IEA) Ghana is proposing constitutional provisions and reforms to ensure fiscal dis ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/04\/postQueueImg_1681987478.23.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/04\/postQueueImg_1681987478.23.jpg\",\"width\":1280,\"height\":720,\"caption\":\"IEA proposes constitutional provisions and reforms to ensure fiscal discipline\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/ghana\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"IEA proposes constitutional provisions and reforms to ensure fiscal discipline\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#website\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/\",\"name\":\"Ghana\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/ghana\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"IEA proposes constitutional provisions and reforms to ensure fiscal discipline - Ghana","description":"The Institute of Economic Affairs (IEA) Ghana is proposing constitutional provisions and reforms to ensure fiscal dis ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline","og_locale":"en_US","og_type":"article","og_title":"IEA proposes constitutional provisions and reforms to ensure fiscal discipline","og_description":"The Institute of Economic Affairs (IEA) Ghana is proposing constitutional provisions and reforms to ensure fiscal dis ...","og_url":"https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline","og_site_name":"Ghana","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2023-04-20T18:32:34+00:00","og_image":[{"width":1280,"height":720,"url":"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/04\/postQueueImg_1681987478.23.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"IEA proposes constitutional provisions and reforms to ensure fiscal discipline","datePublished":"2023-04-20T18:32:34+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline"},"wordCount":453,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/04\/postQueueImg_1681987478.23.jpg","keywords":["Africa Press","Africa Press-Ghana","ghana"],"articleSection":["all news","Economy"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline","url":"https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline","name":"IEA proposes constitutional provisions and reforms to ensure fiscal discipline - Ghana","isPartOf":{"@id":"https:\/\/www.africa-press.net\/ghana\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/04\/postQueueImg_1681987478.23.jpg","datePublished":"2023-04-20T18:32:34+00:00","author":{"@id":"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"The Institute of Economic Affairs (IEA) Ghana is proposing constitutional provisions and reforms to ensure fiscal dis ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline#primaryimage","url":"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/04\/postQueueImg_1681987478.23.jpg","contentUrl":"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/04\/postQueueImg_1681987478.23.jpg","width":1280,"height":720,"caption":"IEA proposes constitutional provisions and reforms to ensure fiscal discipline"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/ghana\/all-news\/iea-proposes-constitutional-provisions-and-reforms-to-ensure-fiscal-discipline#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/ghana\/"},{"@type":"ListItem","position":2,"name":"IEA proposes constitutional provisions and reforms to ensure fiscal discipline"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/ghana\/#website","url":"https:\/\/www.africa-press.net\/ghana\/","name":"Ghana","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/ghana\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/ghana\/wp-json\/wp\/v2\/posts\/40365","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/ghana\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/ghana\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/ghana\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/ghana\/wp-json\/wp\/v2\/comments?post=40365"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/ghana\/wp-json\/wp\/v2\/posts\/40365\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/ghana\/wp-json\/wp\/v2\/media\/40364"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/ghana\/wp-json\/wp\/v2\/media?parent=40365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/ghana\/wp-json\/wp\/v2\/categories?post=40365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/ghana\/wp-json\/wp\/v2\/tags?post=40365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}