The passage of this Act has become necessary to codify the best practices that have emerged with the implementation of major reforms in budgeting and accounting since 2010 under the GIFMIS project. In addition, continuing fiscal challenges which require some structural changes are addressed in this Act. There are also provisions setting out new policy measures regarding borrowing and debt management among others.
As you know, the Ministry has been implementing major structural reforms in Budgeting, Accounting, Payroll management, Revenue management, Debt management and Auditing over the past five years. We believe that the passage of the law will tie some of the key reforms together and provide a more coherent and overarching framework for the fiscal management of the public sector.
Mr. Chairman, notwithstanding an extremely challenging macroeconomic environment, most Low and Lower Middle Income countries (LLMICs) including Ghana have recorded a robust but gradually declining growth over the past decade. The Ghanaian economy has started a turnaround to continue to remain resilient, and despite recent slowdown, is currently in its thirteenth (13th) consecutive year of expansion It combines improvements in macroeconomic management and strong capital investments in infrastructure and the energy sector during this period.
This is a crucial time for this country. For many years, Ghana stood out as a model for democracy and social stability. Your achievements in reducing poverty levels, improving the welfare of most vulnerable and providing key social services such as health and education were noticed in the region. But the past few years have been characterized by uncertainty and challenges: fiscal and external imbalances, depressed commodity prices, a growing public debt, high inflation and a weakening currency are creating a difficult outlook for the country.
On behalf of the Government and People of the Republic of Ghana, I warmly welcome you to the city of Accra and to the first and largest conference ever in Africa dedicated to the topic of enhancing data for better macroeconomic and financial policies. We are very pleased to be collaborating with the IMF and the United Kingdom Department for International Development (DFID) to discuss this important topic and I am particularly delighted to host this gathering of high-level policy colleagues from across the continent.
That we have made significant progress as a country with regards to our effort at poverty reduction through social protection programmes
That we still have a long way to go and a lot more to learn
That we need to urgently introduce efficient measures both in our social protection spending in particular and social spending in general especially with regards to resource allocation and cost of delivering these programmes
I find this conference as a unique opportunity to share experiences on best practices and policies, on how international public finance can contribute to accelerating progress in development. We will make specific contributions to the financing for development (FfD) process and attempt to influence decision-makers ahead of the Addis Ababa conference on Financing for Development in July 2015.