•
Design
of
appropriate
frame
work
for
the
development
of
an
Aid
Policy
for
Ghana
•
Discuss,
prepare
and
implement
a
composite
budget
in
all
MMDAs
•
Continue
with
the
second
phase
of
treasury
reforms
which
includes
the
introduction
of
a
computerized
bank
transfer
system
at
all
regional
capitals
•
Establishing
a
regular
systematic
issuance
calendar
which
reconciles
the
net
borrowing
requirements
of
the
government
and
redemption
payments.
Increases
in
the
overall
fiscal
deficit
since
2006
and
its
negative
implications
on
macroeconomic
stability
and
consequently,
confidence
of
the
international
community
have
led
the
government
to
consider
the
introduction
of
a
Fiscal
Responsibility
Bill.
Such
a
Bill
will
also
provide
a
signal
to
the
international
community
on
Ghana’s
commitment
to
fiscal
discipline
and
debt
sustainability.
The
objectives
of
the
Bill
will
include:
•
setting
out
fiscal
targets
and
fiscal
principles
for
the
State
•
making
it
a
goal
for
the
Government
to
pursue
its
policy
objectives
in
accordance
with
those
fiscal
targets
and
fiscal
principles
•
providing
for
reports
on
departures
from
those
fiscal
targets
and
fiscal
principles
to
be
prepared
by
the
Minister
of
Finance
and
Economic
Planning
•
providing
for
corrective
measures
when
fiscal
targets
are
missed.
On
the
monetary
front,
various
policies
have
been
implemented
to
consolidate
the
monetary
stability
gains
so
far
made.
Through
the
MDRI,
HIPC
Initiative
and
the
bilateral
debt
write-‐off,
Ghana
is
now
able
to
raise
capital
through
sovereign
bonds.
In
July
2007,
the
country
raised
about
$750
million
and
won
the
international
award
for
the
“Best
Emerging
Bond”
for
2007
and
also
the
“Best
Bond
in
Eastern
Europe,
Middle
East
and
Africa”.
There
is
the
need
to
ensure
that
the
funds
raised
on
the
international
financial
markets
are
spent
on
projects
that
will
yield
the
necessary
returns
to
help
in
repaying
the
principal
and
interest
thereon.
71