Last week, the Speaker of Parliament Alban Bagbin indicated that Parliament will soon establish an office of budget and fiscal analysis to help its work of keeping the public purse tidy.
It is important to note that while the functions of the office have been prescribed in the Public Financial Management (PFM) Act 2016, such an office conforms to best practice as seen developed economies like USA and the United Kingdom.
In the USA for instance, the Congressional Budget Office (CBO) provides congress with objective, nonpartisan, and timely information, analyses, and estimates related to federal economic and budgetary decisions.
The UK’s Office for Budget Responsibility (OBR) performs a similar function to the USA’s CBO where it provides an independent and authoritative analysis of the UK’s public finances.
According to the Speaker of Parliament, not only does Parliament intend to fulfill the requirement of the PFM Act but it also wants to use the yet-to-be established office to provide MPs with requisite expertise and knowledge to aid them in the discharge of their duties.
There is no denying that such an office when well resourced would serve a very useful purpose that will help law makers to properly scrutinise government’s budget as well as other policy proposals brought before the house.
As seen in other jurisdictions, the Business24 expects that the office of budget and fiscal analysis would be made non-partisan as much as possible to protect the integrity of its work.
And in other news that bids good omen for the country, Tullow – the lead partner at the Jubilee Fields, has announced it has engaged a drillship to facilitate its work in Ghana.
Following the outbreak of the pandemic and the collapse of crude oil prices, oil companies generally stalled over spending to drive production. But this news means that slowly the economy is waking up to life beyond the virus.
This paper urges every company, while sticking to the covid protocols, to plan life beyond the virus as well.