When the Economic team of the New Patriotic Party, led by Mr. Osafo Marfo slammed President Mahama�s administration for bad economic governance, a lot of emphasis was not placed on how the situation could be addressed.
Although portions of the statement released by the team contained how to deal with the economic challenge, the import was to expose the �lamentable fiscal deficit, the humongous arrears, unbridled overspending, worsening unemployment, deteriorating utility services, and failing social services� under President Mahama.
BoG Must Bounce Government Checks
However in an interview on Net 2 TV, the former Finance Minister under the Kufuor administration proffers that for the economic challenges to be dealt with, it is the duty of the Bank of Ghana to cut short government expenditures. He believes if there is fiscal discipline, it would cut down unnecessary spending.
Mr. Osafo Maafo noted that if the BoG should discard using the rules of limitations on expenditure, they could be summoned before the court. �Some have said that we should send the Bank of Ghana to court and yes it can be done. This is because the bank acts, gives it a limitation in expenditure and it behooves on them to bounce government checks�, he said.
He stated that for BoG officials to approve of every government expenditure, it is an act of undermining the system. He advised officials of the bank not to collude with government and contribute to overspending. The governor can lose his job by allowing this to happen, he says.
�We are playing with so many things. If the Chairman of the US Federal Reserve should mess with their guidelines, he would be off the market when someone makes a motion at congress�, he says.
Attention Must Be Given To Quality Expenditure
Hon. Osafo Maafo further advises that attention must be given to the quality of government expenditure. He believes the procurement law must be respected during the purchase of state owned accessories.
�The law allows for soul sourcing and it must be justifiable. It must be such that indeed we are gaining financially�, he advocated.
Source: Chris Joe Quiacoe/Peacefmonline.com/Ghana
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