Dr. Theo Acheampong, an Economist and Political Risk Analyst, has proposed the dissolving of the Economic Management Team (EMT), a subcommittee of the Cabinet.

Dr Theo Acheampong, suggested a call for change in the economic management team within the government.

He argued that the Economic Management Team (EMT) lacks the ‘power’ to enforce the recommendations it makes to the Cabinet, which he believes should be the prerogative of the Cabinet itself.

“Nowhere in the constitution do you see the mention of Economic Management Team (EMT). But that doesn’t mean we don’t need it, we still need it but as a sub-committee to the Cabinet”.
Dr Theo Acheampong

He described the Economic Management Team as a “toothless bulldog” that can only advise and not take any actions, with the real decisions being made by the Cabinet and then implemented by the Ministries, Departments, and Agencies (MDAs).

The Establishment Of Economic Advisory Council

Meanwhile, Dr. Theo Acheampong advocated for the establishment of an ‘Economic Advisory Council (EAC)’ in Ghana, which would differ from the current Economic Management Team (EMT) in that the EAC would have the power and constitutional mandate to enforce economic recommendations it makes to the Cabinet.

His recommendation appeared to be part of a broader discussion on the need for a more effective and informed approach to economic governance in Ghana.

The Economic Advisory Council according to Dr. Acheampong, should have a broad membership and does not necessarily need to consist of only Ghanaians but it could include non-Ghanaians as long as the members understand the economic issues facing the country and have the technical ability to propose practical solutions.

According to Dr Theo Acheampong, such a move would be a significant change from the current structure and arrangement of the Economic Management Team, which lacks a constitutional mandate to enforce its recommendations.

Furthermore, Dr Theo Acheampong indicated that the Economic Advisory Council (EAC) when established would differ from the current Economic Management Team (EMT) in terms of its powers and mandate.

He noted that unlike the Economic Management Team the Economic Advisory Council would have the power to provide direct advice to the President on economic policy matters, which would include fiscal analysis, economic growth, and a range of internal and global economic issues.

Dr. Theo Acheampong also stressed that the Economic Advisory Council would consist of experts who have a deep understanding of economic policy and the ability to provide technical advice and recommendations unlike the Economic Management Team which is headed by the Vice President and does not have the same level of expertise.

Moreover, Dr. Acheampong’s proposal suggested that the Economic Advisory Council would have the power to enforce the recommendations it makes, which is not the case with the Economic Management Team.

“The EMT advises the Cabinet, but the implementation of its recommendations is left to the Cabinet’s discretion”.
Dr Theo Acheampong

Dr Theo Acheampong added that the Economic Advisory Council when established would have regular technical sessions and scheduled quarterly meetings with the President, fostering a more direct line of communication and accountability.

He stated that, the Economic Advisory Council would be more institutionalized than the Economic Management Team, with a clear mandate and a constitutional basis for its operations, which will ultimately provide it with a greater degree of stability and predictability in its role.

In conclusion, Dr Theo Acheampong, recounted that Economic Advisory Council’s proposed structure and powers are somewhat reminiscent of the United States’ Council of Economic Advisers, which is an independent agency within the Executive Office of the President that provides objective economic analysis and advice on a wide range of domestic and international economic policy issues.

Many critics have argued that the Economic Management Team EMT is not as effective as it could be because it lacks the authority to enforce its recommendations.

The Economic Management Team (EMT) in the current economic management structure serves as an advisory body to the President and the Cabinet. Its purpose is to provide expert economic advice and recommendations to the government on matters related to the economy

The Economic Management Team is composed of various economic experts and government officials who advise the president and vice president on economic matters. While the EMT is an important part of the government’s economic policy-making, it is not explicitly defined in the constitution.

Instead, the constitution provides the framework within which such teams can operate, and the formation and function of the EMT would be determined by the government’s policies and legislative acts.