The Bill, has been touted by government as one of the instruments through which it will maintain fiscal discipline as the country exits the IMF Program has been passed by Ghana’s parliament under a certificate of urgency.
It seeks to ensure fiscal responsibility, macroeconomic stability, and debt sustainability.
There are still concerns about a provision in the bill that makes it possible to pass a vote of censure on the Finance Minister when spending exceeds 6%.
Finance Minister, Ken Ofori Atta, who was on the floor of Parliament to explain the relevance of the bill said it will give guidance to anyone who takes over management of the economy to avoid plunging it into distress.
“As we exit the IMF Program this year, we want to ensure that investors are comfortable and that we will manage our economy well. This bill will give us some guidance and ensure that the future management of our economy is well done,” he said.
Vice President Bawumia in an address earlier this year, indicated that by the end of the year government would set up an independent Fiscal Council and an independent Financial Stability Council to enforce the law.