Vice President Dr. Mahamudu Bawumia has clarified that the Economic Management Team (EMT), over which he presided, lacked decision-making authority.
He explained that the EMT, functioning as a sub-committee of cabinet, could only provide recommendations rather than enact them.
Speaking on his aspirations for the nation during an address at the University of Professional Studies, Accra, on Wednesday, February 7, Dr. Bawumia stressed his intent to use his decision-making powers when elected as President.
“I was, thankfully, appointed as Chairman of the Economic Management Team (EMT). As a sub-committee to the Cabinet, we do not have any decision-making powers, but I am very proud of the quality of advice we have been providing over the years to the Cabinet,” he stressed.
The 2024 flagbearer of the NPP also outlined several policy initiatives to be implemented if elected as President in the upcoming December elections.
These include bolstering the role of the private sector, enhancing fiscal and administrative decentralisation, and optimising the functionality of systems and institutions to enhance efficiency and minimise wastage.
“The move towards the private sector provision of many public services would create fiscal space of at least 3% of GDP. This represents a major paradigm shift. Additionally, an efficient system of governance will require even fewer ministers. Therefore I would have no more than 50 ministers and deputy ministers,’’ he added.
Additionally, Dr. Bawumia disclosed plans to establish an independent fiscal responsibility council aimed at reducing budget deficits and interest rates under his leadership.
“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 add a fiscal rule that requires that budgeted expenditure in any year does not exceed 105% of the previous year’s tax revenue. This will prevent the experience of budgetary expenditures based on optimistic revenue forecasts which don’t materialise.”
He emphasised that under a Bawumia-led administration, there would be a concerted effort to alleviate the fiscal burden on the government by harnessing the potential of the private sector.
This strategy builds on the successful implementation and expansion of initiatives such as Free SHS and Free TVET during the tenure of the Nana Akufo-Addo government.
“With all these social safety nets in place, my government will now focus on jobs, and wealth creation by the private sector for all Ghanaians. My administration will incentivize the private sector to complement government in the provision of many infrastructure and other services to reduce government expenditure and improve maintenance,” he stated.