Ghanaians must act together to change economy - Duffuor

The Institute for Fiscal Studies (IFS) was officially launched at a press conference in Accra on Monday with a call on Ghanaians to act together to change the country’s economic situation.

Dr Kwabena Duffuor, Founder and President of the Institute, said the time had come for all Ghanaians to bring their collective experiences to bear on finding solutions to the fiscal and macroeconomic management challenges.

He said the Ghanaian economy, despite the resource endowments, had underperformed over the years due to factors including clash of economic policies and political interests, corruption and external influences.

“Our economic management decision-making and choices have more often than not been shaped by political experiences and not by sound economic policies,” he said.

Dr Duffuor said the IFS was established to help shape and improve on the fiscal and macroeconomic management and to help transform the national economy.

He said the IFS would undertake innovative research into relevant policy issues, analyse public finance developments, assess the implications of government economic policy, and provide practical recommendations to put government finances on a sustainable path.

The IFS would also share the information freely with policymakers, parliamentarians, analysts, and the general public.

Professor Newman Kusi, Executive Director of IFS, said the institute sought to conduct high-quality independent research in macroeconomic and fiscal policy management to promote better understanding of the Ghanaian economy in general and government finances in particular for the benefit of government, the business community, and civil society.

It would also provide fora for public discussions and reflections on the country’s macroeconomic policy and public finance.

The institute also provides advisory services on macroeconomic and fiscal policy designs and management.

Professor Kusi said the vision of the IFS was to become an indispensable pillar in the economic and social transformation of Ghana.

IFS was established in Ghana in March 2013 as a politically independent non-profit think-tank devoted to the provision of economic policy advice, advocacy and world-class training based on practical experience and insights developed through quality research and analysis.

The objectives of the institute are to contribute to economic policy-making and management in Ghana; promote better understanding of macro-fiscal management in Ghana; strengthen public finance management which would lead to improvement in social welfare and enhance opportunity for all Ghanaians.

It also aims at building capacity for economic policy research; create an environment for open discourse and debate on public policy and macro-fiscal management.

Currently, the institute is undertaking a comprehensive study of the management of Ghana’s economy since independence in 1957. The result of this study will lead to a publication of a book on “Economic Management in Ghana since Independence.”

The institute's council is chaired by Mr Alex Ashiagbor, an economist, retired diplomat and former Governor of the Bank of Ghana.