Parliament is to set-up an office of budget and fiscal analysis to serve as an oversight mechanism to monitor the ‘health’ of the economy, the First Deputy Speaker of Parliament, Joseph Osei-Owusu, has said.
While leadership of the House are taking measures to operationise the budget and fiscal analysis office, the World Bank has pledged to support the initiative with US$200,000.
“This office will, among others, support members with daily updates and analysis on the economy and financial economic transactions of government, to ensure parliament discharges its constitutional obligations efficiently and effectively,” he told members at the opening of the 2019 post-budget workshop for Members of Parliament in Koforidua.
He also added that another role of the Office of Budget and Fiscal Analysis will be to support the proposed Committee on Economy, which is expected to be established with the review of standing orders.
The Committee, when established, will serve as an oversight mechanism for monitoring the economy’s health and government’s fiscal performance.
“In pursuance of this, the office of the Speaker and leadership are currently engaging the World Bank for financial and technical support. It is refreshing to note that the Bank has already pledged an amount of US$200,000 to support the recruitment of Economists and acquisition of ICT infrastructure to enable the Office commence operations,” he said.
He added that: “Planning and allocation of resources has become a non-isolationist endeavor, as the World has become more integrated that it was before”.
He maintained that economic shocks in different parts of the world, million miles away, could easily impact Ghana’s economy because of integration and the World Economic Order’s complexity.
“It is therefore imperative to interrogate the 2019 budget not only within the context of our local economy, but also the world at large.”
The post-budget workshop is held annually for Members of Parliament to explain the technical aspects of the Budget and equip MPs to adequately discharge their constitutional responsibilities in the coming weeks.