The Ministry of Finance (MoF), in collaboration with the University of Ghana, has announced the establishment of a Quarterly Economic Roundtable (QER) in a move to bridge the gap between policymakers and academia.
This initiative is aimed at fostering research-driven and evidence-based policy formulation, and will debut on Tuesday, 2nd July 2024 at the ISSER Conference Hall, University of Ghana.
The maiden event will focus on the overarching theme ‘Restoring macroeconomic stability’, to address crucial aspects of fiscal, debt and monetary policies. The event promises a robust discussion on these critical issues, featuring distinguished panellists from government, academia and civil society.
Dr. Abudu Abdul-Ganiyu, a Policy Advisor at the Ministry of Finance, in an interview with journalists emphasised the importance of this initiative.
“The Quarterly Economic Roundtable is a significant step toward integrating academic research with policy formulation. By creating a platform for dialogue, we can ensure that our policies are not only innovative but also grounded in rigorous research,” he stated.
He further explained that the QER will provide an opportunity for continuous engagement between policymakers and researchers, facilitating the exchange of insights and development of practical solutions to the nation’s socio-economic needs.
“We believe that this collaboration will lead to more informed decision-making processes, ultimately fostering sustainable economic growth,” Dr. Abdul-Ganiyu added.
Focus on fiscal policy
The first panel, focusing on the role of fiscal policy in macroeconomic stability, will delve into the impact of fiscal consolidation and tax administration on growth and development. Dr. Alhassan Iddrisu, Director-Economic Strategy and Research Division at the Ministry of Finance, will serve on this panel alongside representatives from the Institute for Fiscal Studies and academia.
The key topic for discussion will be ‘Effectiveness of government fiscal policy in creating an enabling environment for businesses’.
Addressing debt accumulation
The second panel will address the pressing issue of debt accumulation and its implications for the economy. Featuring Mr. Samuel Arkhurst, Director of the Treasury and Debt Management Division at the Ministry of Finance, the discussion will explore short-, medium- and long-term policies to manage unsustainable debt levels. Representatives from the IMANI Centre for Policy and Education and academia will also contribute, examining alternative approaches to debt management.
Monetary policy and stability
The third panel will focus on the role of monetary policy in maintaining macroeconomic stability. The Bank of Ghana, joined by representatives from Dalex Finance and monetary policy experts, will analyse the central bank’s inflation-targetting regime and explore alternative measures to ensure a strong local currency. Given government’s limited access to the Eurobond market, discussions will also consider strategies for bringing in foreign exchange to stabilise the cedi.
A call for inclusive participation
The ministry and University of Ghana have extended invitations to representatives from various Ministries, Departments, and Agencies (MDAs), civil society groups and industry players to participate in this landmark event. The event is by invitation only and will be livestreamed via the Ministry of Finance and University of Ghana Facebook pages from 8:30am on Tuesday, 2nd July 2024.
Dr. Abdul-Ganiyu highlighted the significance of diverse participation in enriching the discussions. “We are looking forward to the active involvement of all stakeholders. Their insights and experiences will be invaluable in shaping policies that are both inclusive and effective,” he remarked.
He said the QER represents a collaborative effort to harness the strengths of both policymakers and academics – stressing that as the country navigates complex economic landscapes, such initiatives are crucial in ensuring that policies are well-informed and capable of driving sustainable development.
