Chief Director of the Finance Ministry, Patrick Nomo, has warned that Ghana should radically rethink its strategy to public monetary administration because the nation braces for a inhabitants surge that may place unprecedented strain on jobs, public companies and financial stability.
Quoting United Nations projections, he defined that Ghana’s inhabitants is predicted to succeed in 45 million by 2040, with 58 per cent underneath the age of 30.
This implies “practically 10 million younger Ghanaians will enter the labour market over the following 15 years”.
Talking at a roundtable on the design of Ghana’s new unbiased Fiscal Council, the Chief Director burdened that this demographic shift calls for pressing reforms to make sure fiscal accountability and long-term sustainability.
“We should do issues otherwise. We should change into more practical and environment friendly in public monetary administration if we’re to satisfy our nationwide aspirations and reply to the reliable wants of our younger individuals,” Mr. Nomo cautioned.
He underscored that fiscal mismanagement previously had deepened macroeconomic instability, which in flip undermined alternatives for companies and households.
The institution of a stronger, empowered Fiscal Council underneath the amended Public Monetary Administration Act, he defined, is designed to forestall a repeat of such crises and safeguard assets for future generations.
The Council will likely be tasked with imposing fiscal guidelines, together with a brand new debt-to-GDP ceiling of 45 per cent by 2034, and making certain transparency in authorities spending.
Mr. Nomo added that the Ministry is already making ready the 2026 Finances and can welcome stakeholder enter to combine reforms that deal with each present challenges and the looming demographic realities.
The roundtable, convened by IMANI Ghana and the Worldwide Institute for Sustainable Growth (IISD), introduced collectively civil society leaders, enterprise executives, and policymakers to form the design selections of the brand new Fiscal Council.
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