Akufo-Addo appoints ex-BoG Governor Paul Acquah as Fiscal Council Chair

A former Governor of the Bank of Ghana, Dr Paul Acquah, has been appointed by President Nana Akufo-Addo to chair the newly-established Fiscal Council.

The president, by executive instrument, established the Fiscal Responsibility Advisory Council (Fiscal Council) and the Financial Stability Advisory Council (Financial Stability Council) to offer independent advice on fiscal responsibility and ensure the stability of the entire financial system.

Each council has seven members. Those serving on the Financial Stability Council are institutional representatives.

The term of the members of each Council shall lapse with the term of the President under whom he/she is appointed unless he/she resigns or is otherwise terminated/terminates before then.

While the Financial Stability Council, which brings together all the different regulatory agencies in the financial services sector, will identify and evaluate the threats, vulnerabilities, and risks to the stability of the financial sector, ensuring, especially that officialdom receives early-warning of cross-industry exposures that pose systemic risks and deploy appropriate measures in managing them, the Fiscal Council will “develop and recommend to the President fiscal responsibility policies for the maintenance of prudent and sustainable levels of public debt”.

The FC is also tasked to maintain fiscal balance at a sustainable level, and also manage fiscal risks properly to achieve efficiency, effectiveness and value for money in public expenditure.

The members of the Fiscal Council are:

1. Dr Paul Acquah
2. Mr Abdallah Ali-Nakyea
3. Prof. Eugenia Amporfu
4. Dr Nii Noi Ashong
5. Prof. Augustine Fosu
6. Dr Robert Osei, and
7. Dr Nii Kwaku Sowa

The members of the Financial Stability Council (Institutional Representatives) are:

1. Dr Ernest Addison (BoG)
2. Elsie Addo Awadzi (BoG)
3. Charles Adu Boahen (MoF)
4. Justice Yaw Ofori (NIC)
5. Daniel Ogbarmey Tetteh (SEC)
6. Hayford Atta Krufi (NPRA), and
7. Ignatius Wilson (DPC).

Profile of Dr Paul Acquah:

Dr Acquah served for two four-year terms as the Governor of the Bank of Ghana under President John Agyekum Kufuor. He was the Chairman of the Committee of Governors of the Central Banks of Ecowas Member States from 2005 to 2008 under the Regional Monetary Integration and Cooperation agreement. He was also a member of an expert group of External Advisors appointed for the study on structural policy issues for the 2014 Triennial Review of Surveillance (IMF).

Prior to his appointment as Governor of the Central Bank, Dr Acquah was Deputy Director in the Department of the International Monetary Fund (IMF).

He exercised responsibility for, and general oversight of, operational work on African countries, including policy advice and programme design, and relations with institutions and donors and creditors.

He rose through the ranks after joining as an economist and led the IMF negotiating missions to several African countries, and handled several complex cases such as in the Democratic Republic of Congo, Nigeria, Zambia, etc.

Dr Acquah holds a B. Sc (Hon) in Economics from the University of Ghana, a Masters’ degree in Economics from Yale University and Ph. D in Economics from the University of Pennsylvania Graduate School of Economics.

Source: Ghana/ClassFMonline.com/91.3FM