The New Patriotic Party (NPP) has announced its intention to create an Office of Management and Budget (OMB) in Ghana, with the goal of improving the efficiency and effectiveness of the Ministry of Finance in promoting long-term economic stability.
This initiative is detailed in section 3.1.2 (page 40) of the NPP’s 2024 Manifesto. Inspiration from the United States The OMB concept is not unprecedented, as the United States established its own OMB in 1970, 194 years post-independence.
The administration of President Richard M. Nixon initiated the OMB to manage fiscal policy, budget formulation, and budget implementation. Key Functions of Ghana’s OMB The responsibilities of Ghana’s OMB will include:
– _Submitting the President’s budget_ to Parliament, rather than the Minister of Finance
– _Evaluating the effectiveness_ of government programs, policies, and procedures –
_Facilitating inter-agency policy development_ and initiatives –
_Overseeing executive branch agencies_ –
_Evaluating competing funding sources_ and establishing priorities –
_Managing procurement, financial oversight, and regulatory policies_
Structure and Staffing
The OMB will be structured similarly to the Central Bank of Ghana, with leadership positions filled by presidential appointees who will require parliamentary confirmation.
The OMB is expected to employ approximately 500 professionals, including economists, accountants, strategists, statisticians, and communication specialists.
Benefits for Ghana’s Economy
The establishment of the OMB will enable the Ministry of Finance to manage financial resources more effectively.
Additionally, the OMB will: – Alleviate unnecessary financial burdens on the public sector
– Enhance government administrative efficiency
– Foster improved performance metrics
– Streamline government operations
NPP’s Economic Growth Targets
The forthcoming NPP administration, under the leadership of Dr. Mahamudu Bawumia, aims to maintain and accelerate Ghana’s economic recovery, targeting an average growth rate of 6% over the next four years.
Previous Economic Achievements During the tenure of President Nana Akufo-Addo and Dr. Mahamudu Bawumia, significant economic progress was made.
