Economic Sustainable
Development and individual Career Enhancement, both lead to long-term improvements
in the Lifestyles of the citizenry. Such progress can only be achieved with a
long-term vision and must be thoroughly planned and implemented to reap the anticipated
benefits. But is very difficult and maybe even impossible to accomplish within a
single, short-term electoral cycle. This is only truly possible via an
Independent Office of Budgets (OOB) which is assigned to analyze, monitor and
report on Financial Positions going forward. Such an Office must be headed by a
qualified and experienced professional. A Director and team dedicated and
devoted to the independence of the Office. Analyzing economic impacts which
Proposed Policies may have on a ten-year Budget. While, approaching the
Parliament (Law-Makers) for approval, financial allocations for the next one to
three-year National Budget.
The appointment of a
Director to the OOB is until retirement, with the usual averts for misbehavior
in public office, physical and mental health, etc. Professionals, qualified and
experienced, applying, interviewed and appointed by the Public Service Commission
(PSC) under standard terms and conditions, and at the level of Permanent
Secretary. The PSC rules should also allow for the selection and appointment of
Deputy Directors, who must be recommended by the installed Director. The
essential support team and network must also dedicate efforts to gathering data
from all relevant sources, analyzing into information and plugging in
intelligence to arrive at Budgeted Projections
To keep the public
trust and the office independence, the Director or any other voice claiming to
be representing the OOB, must never address issues of a political nature or in
a political forum. Hence, all reports and statements should be made to and in
front of parliamentary committees. Further, having no voice within the
Parliament Structure, the OOB committee reports should be disseminated
verbatim, to the public. Such reports, initiated from the inspection works of
the Auditor General’s office, and other official sources, on and about specific
policies proposed, must never be left open to interpretation or judged to be
ambiguous, and widely recognized as an independent report, from the highest reputable
source.
It is the rightful
role of Politicians, who were elected or selected to represent the nation’s
interest, occupying the seat of power, Cabinet or the Executive Branch of
Government, to suggest new or changes to existing Policies. While, the OOB role
is to examine each and every Proposed Policy, in deep detail, for its economic
impact on the nation’s ten-year Budget going forward. Proposal for Policies
with a very short implementation timeline, less than an electoral term, will
see very little effort, if any, from the OOB. However, proposals anticipating
benefits within a medium to long-term, crossing election cycles, are at risk
and must receive in depth attention, by the OOB from inception. Avoiding pitfalls,
with initiating cost in years one to three, construction cost during years four
to five and commissioning cost in year six, resulting in waste due to lack of
Budgeted Funding Allotments, technology advancement or simply a change in
Policy.
Bringing forward,
preparing and defending a one to three-year Budget Statement, to the Parliament,
via the appropriate committees, for approvals and financial allocations, is one
of the roles of this Office of Budgets. Having been making constant adjustments
to its ten-year projections quarterly, with global economic impacts and as
proposed policy changes acceptance or denials required, the Director is prepared
to justify all recommended decisions. It is in these public Parliamentary
committee meetings wear the current holder of the post of Director of OOB would
and must be grilled by Politicians. While, the Director must avoid short-term
financial deviations in policy direction, detrimental to the nation’s further
development, simply for political gains.
Note, the Executive
Branch of Government has and maintains the ultimate responsibility for economic
development and to the Electorate. New, however is the proposed OOB speaking
directly and independently to the public, the said Electorate.
Rationale
T.A.J
& Associates Company Limited
uses this occasion to comment on topics that have been covered, both academically
and by the mainstream media, to add its opinion and point out investment
opportunity, not to invoke any social action.
