Business News of 2014-02-10

Estate developer to petition for permanent economic management team

A real estate developer has proposed the establishment of permanent body to monitor government spending.
Mr.Kofi Anokye revealed that he will petition parliament over his proposal in the course of the week.
Mr. Anokye was speaking to Joy News on recent measures by the central bank to halt the depreciating cedi.
According to Mr.Kofi Anokye,CEO of Koans Estate, unless a permanent nonpartisan economic management team is put in place, "politicians will be the greater beneficiaries of the country's resources to the detriment of the citizenry and the development agenda."
He explained, the proposed "fiscal and monetary policy team" must be tasked to control and supervise budgets presented to it by the government, as well as loans and grants sourced from developing partners.
‘’When this permanent committee is put in place, no government, be it NDC or NPP can come and overspend anyhow because the independent team, which has been mandated by law, like the judiciary will limit their spending", he explained.
He said the current dispensation where the Vice President is made the Head of government's Economic Management Team is not good for the country.
Mr. Anokye believes the best situation would be when the proposed fiscal and monetary policy team is mandated to carry on their work irrespective of which government is in power.
He described the measures introduced by the Bank of Ghana to halt the depreciating cedi as "killer directives" that will fail.
He noted that the extravagant lifestyles of politicians over the years is partly to blame for the country's economic woes.