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President Nana Addo Dankwa Akufo-Addo swore in members of the Presidential Advisory Council on Science, Technology and Innovation; Presidential Financial Stability Advisory Council; and the Presidential Fiscal Responsibility Advisory Council at the Jubilee House, Accra.
The functions of the 9-member Council on Science, Technology and Innovation include:
(a) monitor the global landscape of science, technology and innovation for new developments that can be incorporated into the national development plan of the Republic;
(b) review and make recommendations to the President on technology-related projects to ensure that they are relevant for national development;
(c) appraise the various programmes and activities of the Government in light of the national science, technology and innovation policy for the purpose of determining the extent to which such programmes and activities are contributing or not contributing to the achievement of national objectives;
(d) develop and recommend to the President policies for the coordination and harmonisation of science, technology and innovation across all sectors of the Government.
It is chaired by Prof Edward S. Ayensu, Chairman of the Board of Trustees, African Institute for Mathematical Sciences (AIMS).
The functions of the 7-member Financial Stability Council, chaired by the Governor of the Bank of Ghana, include to:
(a) Advise the President on the co-ordination of the actions of the various institutions that, by virtue of their legal powers, have a mandate over regulation and supervision of the financial sector;
(b) Identify and evaluate the threats, vulnerabilities and risks to the stability of the financial sector;
(c) Advise the President on the design and implementation (by the relevant agency) of the measures to mitigate the risks identified; and
(d) Ensure readiness of the President to deal with financial crisis.
The functions of the 7-member Fiscal Responsibility Advisory Council, headed by Dr Paul Acquah, a former Governor of the Bank of Ghana include to:
(a) Assist and advice the President in formulating and implementing a national fiscal responsibility policy that ensure fiscal discipline in government expenditure and safeguarding the public purse;
(b) Develop and recommend to the President fiscal responsibility policies for the maintenance of prudent and sustainable levels of public debt, ensuring that the fiscal balance is maintained at a sustainable level, and the management of fiscal risks in a prudent manner, to achieve efficiency, effectiveness and value for money in public expenditure;
(c) Make and furnish the President with studies, reports, and recommendations with respect to matters of the Government’s fiscal responsibility policy and legislation, as the President may request;
(d) Advise the President on how to ensure that as provided by law, the budget deficit does not exceed 5 percent in a fiscal year, and the budget yields a positive primary balance;
(e) Advise the President on how to ensure that the debt to GDP ratio does not exceed 65 percent; and
(f) Advise the President on the enactment of any fiscal responsibility legislation.