Vice President Dr. Mahamudu Bawumia’s Economic Management Team (EMT) lacked the authority to make decisions. He made it clear that the EMT, functioning as a cabinet subcommittee, could only offer suggestions and could not implement them.
At a speech on Wednesday, February 7, at the University of Professional Studies in Accra, Dr. Bawumia stressed that if elected president, he would like to use his power of decision-making.
“Thank God, the Economic Management Team (EMT) Chairmanship was awarded to me. As a subcommittee of the Cabinet, we are not able to make decisions, but he stressed, “I am extremely proud of the caliber of advice we have been giving the Cabinet over the years.”
In addition, the NPP’s 2024 presidential candidate outlined several policy recommendations that would be implemented should he win the presidency in the upcoming elections in December.
These include enhancing the decentralization of the budget and administrative procedures, bolstering the role of the private sector, and streamlining the operation of institutions and systems to cut down on waste and boost output.
“The transition to having the private sector handle a large number of public services would free up fiscal space equal to at least 3% of GDP. This represents a substantial paradigm shift. Moreover, an efficient governance structure will require even fewer ministers. Therefore, he went on, “I would not have more than fifty ministers and deputy ministers.”
In addition, Dr. Bawumia disclosed plans to establish an impartial council on fiscal responsibility, tasked with overseeing the reduction of interest rates and budget deficits.
“To sustainably reduce the budget deficit and interest rates, my government will enhance fiscal discipline through an independent fiscal responsibility council enshrined in the Fiscal Responsibility Act, 2018 (Act 982).”
“The Fiscal Responsibility Act will also be amended to include a fiscal rule requiring budgeted expenditures in any given year to not exceed 105% of the tax revenue from the previous year. This will protect budgetary expenses from being incurred as a result of unrealized, overly optimistic revenue projections.”
He emphasized that a government led by Bawumia would intentionally try to leverage the potential of the private sector to lessen the financial burden on the government.
This strategy builds on the effective implementation and expansion of initiatives such as Free TVET and Free SHS, which were initiated during the Nana Akufo-Addo administration.
“With all these social safety nets in place, my government will now focus on private sector job creation and wealth creation for all Ghanaians.” My administration will offer incentives for the private sector to collaborate with the government to supply a range of infrastructure and other services, he said, to reduce government expenses and improve maintenance.
