Overview

At-a-Glance

Action Plan: Ghana Action Plan 2021-2023

Action Plan Cycle: 2021

Status:

Institutions

Lead Institution: Ministry of Finance

Support Institution(s): State actors involved Parliament of Ghana Economic Management Team, Fiscal Responsibility Council CSOs, private sector, multilaterals, working groups Institute for Economic Affairs (IEA), University of Ghana, Institute of Social Statistical and Economic Research (ISSER) Department of Economics University of Ghana Center for Democratic Development (CDD). Institute for Fiscal Studies (IFS), Institute for Democratic Governance (IDEG)

Policy Areas

Fiscal Openness, Legislation, Publication of Budget/Fiscal Information

IRM Review

IRM Report: Pending IRM Review

Early Results: Pending IRM Review

Design i

Verifiable: Yes

Relevant to OGP Values: No

Ambition (see definition): Low

Implementation i

Completion: Pending IRM Review

Description

Problem to be addressed ● In 2018 a Fiscal Responsibility Act was passed to Republic of Ghana - Open Government Partnership - NAP-4 18 restrain budgetary over-runs especially in election years by capping the fiscal deficit at not more than 5%. Of GDP. In the wake of COVID 19 the Ghana Parliament suspended the Act in July 2020 and is therefore not operational.

The commitment  Government to ensure that the Fiscal Responsibility Act which was suspended July 2020 is restored by June 2023

Contribution of commitment to solving problem ● Since the Act remains suspended, there is nothing to check the government from incurring high budgetary deficits. The restoration will provide the needed restraint.

Relevance of commitment to OGP values  The commitment will guarantee open, transparent and accountable management of public finances.

Additional information

Milestone Activity with a verifiable deliverable Start Date: End Date:  Government to announce at annual budget readings progress towards restoration of the Act. Nov. 2021 June. 2023  Announcement of full restoration of the Act before the end of December 2023. Nov. 2022 June 2023

IRM Midterm Status Summary

Action Plan Review

Commitment 8. Restoring the Fiscal Responsibility Act

● Verifiable: Yes

● Does it have an open government lens? No

● Potential for results: Unclear

Restoring Fiscal Responsibility Act (GH0035)