The Vice President Kwesi Bekoe Amissah-Arthur has deplored the inadequate coordination and collaboration among state agencies handling economic matters, and charged them to urgently improve the situation.
Regrettably, he said the poor coordination has resulted in the situation where accurate data on the economic indicators are difficult to be accessed in a timely manner for development purposes.
“We need accurate data to be able to plan appropriately, and also assure the market of the performance of the economy,” he said.
Speaking at the re-launch of the Economic Planning Coordinating Committee (EPCC) in Accra, the Vice President noted that without effective collaboration among the agencies, it would be difficult to achieve economic growth objectives.
The mandate of the EPPC, which consist of representatives of state agencies that deal directly with the management of the economy, is to regularly brainstorm on fiscal developments and challenges, and feed the Economic Management Team with the necessary information for action.
The Vice President noted that to achieve the high level of micro economic stability, regularity and accuracy of economic data was required to keep all stakeholders updated.
That, according to him, can only be achieved through collaboration and cross analysis of economic data.
“I believe we need to tackle difficult problems and not postpone them, and we can effectively address the challenges in a timely manner when accurate information is available,” he stressed.
Vice President Amissah-Arthur also called for improved analytical capacity of the agencies, saying in the absence of that “the feasible option is for us to collaborate in analyzing the fiscal developments.”
He lauded the revival of the EPCC, which he said would help in assuring the private sector and development partners of high accuracy in economic data.
“We have the objective of sustaining and enhancing the growth, and the contribution of the EPCC is critical in that regard,” he said.
The EPCC, which was set up in 2001, has membership from the Ministry of Finance, Bank of Ghana, Controller and Accountant General’s Department, Ghana Revenue Authority, Ghana Cocoa Board, Ghana Statistical Service, has not been very active over the years.
As an institutional arrangement, the Committee, which is co-chaired by the Minister of Finance and the Governor of Bank of Ghana, is expected to submit monthly “fiscal early warning” reports to the Economic Management Team which can in turn brief cabinet for necessary action.