THE immediate past Minister of Finance and Economic, Dr Kwabena Duffuor has injected dynamism into the fight against fiscal indiscipline in the country following the establishment of the Institute for Fiscal Studies (IFC).
The institute founded by Dr Duffuor last year is a politically independent non-profit think-tank seeks to conduct high-quality independent in macroeconomic and fiscal policy management to promote better understanding of the Ghanaian economy.
The Founder/President of the Institute for Fiscal Studies (IFC), Dr Duffuor told journalists in Accra that he was motivated to set up the institute to confront the numerous economic challenges in the country.
He stated: ‘We are all witnesses to the numerous challenges the economy of this country has gone through since independence in 1957. Throughout our country’s history, instances of apparent economic progress have soon been followed by periods of economic deterioration.
These economic ups and downs are far from being part of normal business cycle that all economies undergo. Simply put, the Ghanaian economy has, over the years, woefully underperformed given the resource endowments we have’.
Dr Duffuor asked: ‘What have accounted for this phenomenon? While many factors are at play, central to them, include the general lack of integrity, frequent and sometimes arbitrary changes in government, clash of economic policies and political interests, corruption and external influences’.
He explained to the journalists at the IFS’ maiden press conference that our economic management decision-making and choices have more often than not been shaped by political expediencies and not by sound economic policies.
It is to help reshape and improve upon our fiscal and macroeconomic management and thus meaningfully transform our national economy that the IFS was established, Dr Duffuor stressed.
He questioned that with all the experience that they had accumulated, are they able to say Ghana is facing serious economic challenges, and will they stay at home? Should all of us not come out of our comfort zone to confront the economic challenges facing all of us? That is the main reason why the IFS was established. We need to act together to change the situation, Dr Duffuor emphasised.
The mission of IFS, he said was to contribute to Ghana’s fiscal management and macroeconomic transformation. This Dr Duffuor noted rests on two basic premises. First, that growth and development occur where there is sustained sound management of the economy. Second, that such management is more likely to happen where there is active and well informed group of locally-based professionals in relevant areas to conduct policy research to influence policy, provide practical recommendations that put government finances on sustainable path, and share the information free with policymakers, parliaments, analysts, and the general public.
The former finance and economic minister ended his statement by stating the truth that needs to be told. ‘To achieve a decent standard of living for our people and build a better society for ourselves this country has a lot of work to do.
It is because of the enormity of the work ahead that IFS has crafted for itself the mission described above to support our country’s economic management efforts. I must say that the complexity of our situation requires the attention of all stakeholders. And so, let us rise and build this economy and save ourselves from disgrace.’
Unveiling the activities of the institute, the Executive Director of the IFS, Prof Newman Kwadwo Kusi revealed that; ‘currently we have engaged in comprehensive study on Ghana’s economic management since independence’.
The institute’s activities according to him are basically research, academic training, and organisation of events. The IFS is led by experienced practitioners and distinguished academics.
Prof Kusi added: ‘IFS’s work includes collaboration with policy research institutions and the academic community, economic think-tanks and business organisations’.
The IFS Executive Council Chairman, Alex Ashiagbor said: ‘There is no home grown economics what we need to do is to live within our means’.
He advised that until Ghanaians change their lifestyles they will always go cup in hand to development partners for financial assistance.
African Eye News.com
