President John Dramani Mahama has inaugurated a five-member Independent Fiscal Council, tasking it with providing independent, credible, and objective oversight of Ghana’s fiscal policy to strengthen economic stability and restore confidence in public financial management .
The Council, established under the Public Financial Management (Amendment) Act, 2025 (Act 1136), has a four-year mandate to promote fiscal discipline, ensure long-term debt sustainability, and enhance transparency in the management of public resources .
A Moral Obligation to Future Generations
Speaking at the inauguration ceremony at the Presidency on Tuesday, September 8, 2026, President Mahama said the Council’s work would be critical to the success of the government’s ongoing economic reforms .
“Your responsibility is to scrutinise the Government’s fiscal decisions, assess compliance with established rules, and provide sound recommendations in the national interest,” the President said .
He noted that the Council assumes office at a time when citizens, investors, and development partners are demanding greater prudence, accountability, and transparency in fiscal governance .
President Mahama pledged to respect the Council’s independence and assured its members of the institutional support required to execute their mandate effectively .
“Fiscal responsibility must not be regarded merely as a statutory requirement. It is a moral obligation to present and future generations,” he stated .
He urged the Council to discharge its duties with courage, professionalism, and impartiality, emphasising that its work must be guided by evidence and the national interest rather than political considerations .
“Your work must be guided by evidence and the national interest, without fear, favour, or political consideration,” the President added .
Council Members Bring Diverse Expertise
The Independent Fiscal Council is chaired by Dr Emmanuel Oteng Kumah, an international economic consultant and former Board Chairman of Standard Chartered Bank Ghana .
Other members include:
· Dr Henry Akpenamawu Kofi Wampah, former Governor of the Bank of Ghana
· Professor Patrick Opoku Asuming of the University of Ghana Business School, representing academia
· Leslie Dwight Mensah, representing think tanks
· J. Kweku Bedu-Addo, a former public policy expert at the Ministry of Finance
Speaking on behalf of the Council, Dr Wampah assured the President that the members would faithfully discharge the responsibilities entrusted to them under the law .
Background: A Key Pillar of Fiscal Reform
The inauguration marks a significant milestone in Ghana’s broader fiscal governance reforms. The Council’s establishment fulfils a long-standing commitment to institutionalise fiscal discipline, a priority that has been central to the government’s economic reset agenda .
The reforms come at a critical juncture for Ghana’s economy. According to the 2026 Mid-Year Budget Review, Ghana’s debt-to-GDP ratio fell from 61.8 percent at the end of 2024 to 44.7 percent at the end of 2025, reaching 45.0 percent by June 2026 . Inflation has declined sharply from 23.8 percent at the end of 2024 to approximately 5.3 percent, while the policy rate has been reduced from 27 percent to 14 percent .
The government has also established the Value for Money Office to ensure public expenditure delivers value, with the Ghanaian Times noting that “the establishment of the Fiscal Council, the Value for Money Office and tighter controls over state-owned enterprises further strengthens financial accountability” .
The ceremony was attended by the Chief of Staff at the Presidency, Dr Julius Debrah; the Minister for Finance, Dr Cassiel Ato Forson; Presidential Adviser on the Economy, Seth Terkper; and Presidential Adviser and Special Aide to the President, Joyce Bawah Mogtari .
