The IEA recommends creating an independent budget office to keep an eye on the financial and monetary systems.
An Independent Parliamentary Budget Office should be established to oversee Ghana's monetary and fiscal institutions, according to the Institute of Economic Affairs (IEA).
The institution claims that as a result, tougher fiscal and monetary management mechanisms will be in place, which will revolutionize the economy.
A legislative budget office is required for reviewing and calculating the cost of government projects and activities, according to Dr. John Kwakye, director of research, who was speaking to a gathering of civil society organizations.
Dr. Kwakye clarified how a legislative budget office would differ from the nation's present Fiscal Council.
He emphasized that the legislative budget office will be composed of impartial experts.
"We are requesting the creation of an independent parliamentary budget office, sometimes known as a fiscal council. A traditional budget office exists in the US. Fiscal councils are used in several countries, while the UK has the office of budget responsibility.
He emphasized that an independent professional staff is crucial to the concept of a legislative budget office.
The autonomy of the Parliamentary Budget Office
Dr. Kwakye said that the members of the office would not be chosen by the administration to protect them from any interference in order to preserve the independence of the office.
He insisted that doing so would allow the office to carry out its responsibilities and enforce the laws, preventing the need for the government to go over budget or take on too much debt.
He said that the office's affiliation with parliament is one of the crucial conditions that would preserve the office's professionalism and increase its independence.
The individuals working in the office will collaborate with parliament and won't be chosen by the president. They should be independent specialists hired by the public services commission, not the president, since they will aid parliament in carrying out its monitoring duties.
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