Welcome Message from the CEO
Thank you for your interest in our noble institute, ICEG. Permit me to take you through some key heads you may want to know about the essence of such an Institute in Ghana and some benefits for you.
The Institute of Chartered Economists-Ghana (ICEG) has been practicing as a professional body registered under the Professional Bodies Registration Decree, 1973, (NRCD 143) with the mission to promote and encourage the study of the art and science of economics in Ghana as well as regulate the professional conducts of its members. Central to the mission of the Institute of Chartered Economists-Ghana has been the creation of a group of professionals that can be trusted to deliver well and true to high standards that are acceptable socially, economically and ethically.
It is absolutely difficult for economists to identify themselves with any professional body because of the non-existence of an organized and independent professional body to regulate the conduct and activities of the profession. This had stirred up a general clarion call by professional economists for the need to establish a body that would regulate the activities and general conduct of the profession pursuant to their inalienable rights of association as captured under the 1992 Constitution; the African Charter on Human and Peoples Rights; and the United Nations Universal Declaration on Human Rights.
The establishment of ICEG has been critical in setting and policing standards of behaviour for professional economists given that ethical behaviour is a central pillar of professionalism. Professionals unfettered by well-policed sound ethical codes, discipline, organizational transparency; and strong guidelines for behaviour can wreak havoc with the economy. Accordingly, probity and accountability are some tenets adumbrated under the 1992 Constitution; confirming the corollary of ethics and national development.
Moreover, it is a constitutional duty of every Ghanaian, under Article 41(e), to work conscientiously in his lawfully chosen occupation. Consequently, the administrative quietude and immobility for an institute to regulate the professional conduct of economists in Ghana manifested in the ethical deficits of some institutions and regulatory bodies within the financial sector which culminated in the clean-up exercise of the sector. The sequel of the said exercise was the revocation of the licenses of seven (7) Banks, twenty-three (23) Savings and Loans Companies, three hundred and forty-seven (347) Microfinance Companies, and fifty-three (53) Investment Firms within 2018 and 2019. ICEG thus exist to help standardize the professional behavior of economists who serve on various committees, governing boards and councils of these private firms to ensure effective corporate governance.
The establishment of ICEG also assist normalize the ethical standards of professional economists who work in both the private and public sectors, particularly. In consequence, not only does this help jettison, but also deprecate some of these rapacious behaviors of economists within the private, public, and civil sectors. The Institute has mechanisms to inquire into and provide relevant sanctions, where applicable, to actions and inactions ascertained as professional misconducts, but do not necessarily give rise to civil or criminal liabilities.
In order to guide socio-economic policies of governments persuaded by national interest and devoid of political hues, the Institute has a public-interest-obligation and not represents narrow commercial interests of an individual or a business since effective policy formation is critical to economic growth and development. The institute serves as a public conscience to the economic objective as styled under the Directive Principle of State Policy in the 1992 Constitution, by fostering economic responsibility.
In addition, economic policy-planning and implementation might require constituting committees to gain deeper insight into a particular socio-economic issue or to select suitable macroeconomic policy options. On the issue of composition of such committees, the Public Financial Management Regulations, 2019 (L.I 2378), for example, establishes the Economic Policy Coordinating Committee in accordance with the objects of the Public Financial Management Act, 2016 (Act 912) to regulate the financial management of the public sector within a macroeconomic and fiscal framework.
The Institute, in this case, would play a useful role to policy-makers in ensuring effective functioning of such committees, as its membership contains an array of experts in their respective fields. It is noteworthy that, not only does this places a national responsibility on the Institute, but there is the need to facilitate collaboration between same and policy-makers to produce consistent macroeconomic and fiscal forecast, as well as fiscal impact analysis of legislations as provided under Regulations 3 and 12 of L.I 2378 respectively. ICEG also serves as an apolitical institute in the conduct of policy-research, monitoring and evaluation as well as offer policy-advice in the national interest for effective economic-governance besides effectuating good governance in general.
The Institute of Chartered Economists-Ghana plays a multifaceted role in social mobility by setting standards which inhibits access to the unqualified, however promoting education in economics and providing career choices for all. Inequality within societies is increasingly cited across all spectrums as morally unacceptable; a threat to social cohesion; and an economic millstone. Goal 10 of the United Nations Sustainable Development Goals provides for the reduction in inequality. ICEG provides routes to entry for all, providing trusted qualifications that remain open to individuals at any point within their career. Access to opportunities to gain qualifications and update skills throughout adulthood is consequential to giving people a second-chance to succeed.
Bridging the qualification gap between academia and industry has been of great concern to employers as well as governments resulting in massive demand for complementary training. ICEG ensures that academic qualification in economics and other courses remain relevant to the changing needs of industry and the economy at large by providing critical support in Continuous Professional Development (CPD). This helps resolve the mismatch between academic education and industry requirements.
ICEG plays a major role in improving productivity in the economy as same is seen as the cornerstone of economic progress. The direct impact of the Institute may be through increasing the capability of the workforce and management by promoting best practice and sharing the latest advancements in innovation along with promoting the uptake of new techniques and technologies. The impact may also be indirect through increasing trust, reducing uncertainty and transactional costs of professional economists.
The Institute of Chartered Economists-Ghana has made and continues to make significant contributions both internationally and locally in diverse areas. ICEG has, for instance, participated in dialogue sessions of the World Bank on Improving Governance as well as Poverty- reduction under the Sustainable Development Goals. In Ghana, the Institute has been an active participant in public discourse and socio-economic policy research, analysis, and evaluation of the real, fiscal, monetary, and external sectors as well as macroeconomic regimes. The Institute has participated as key stakeholder in policy consultations with some government agencies. The Institute also embarks on biannual Consumer Confidence Survey across the country to independently ascertain the attitudes and opinions of the populace on the economy.
Once again, thank you for your interest in our great institute. I hope to meet you on board as we built our professional institute for our beloved country, Ghana.
Long Live ICEG!!! Long Live Ghana!!! ICEG….Fostering Economic Responsibility for Healthy EconomyGideon Odoba Amissah Chief Executive Officer