By 
President John Dramani Mahama has inaugurated a five-member Independent Fiscal Council tasked with providing independent and objective oversight of Ghana’s fiscal policy as the government seeks to strengthen economic stability and rebuild confidence in public financial management.
Established under the Public Financial Management (Amendment) Act, 2025 (Act 1136), the Council will serve a four-year term with responsibility for promoting fiscal discipline, supporting long-term debt sustainability and improving transparency in the management of public resources.
Fiscal Council to strengthen oversight of government finances
Speaking at the Council’s inauguration at the Presidency on Tuesday, September 8, 2026, President Mahama said its work would be central to the government’s broader economic reform programme.
“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 was beginning its mandate at a time when citizens, investors and development partners were placing greater demands on government to demonstrate prudence, accountability and transparency in the management of public finances.
According to the President, an independent fiscal oversight mechanism is important for strengthening confidence in the country’s fiscal management and ensuring that government decisions remain consistent with established fiscal rules.
Mahama pledges to protect Council’s independence
President Mahama assured the members of his administration’s support while pledging to respect the Council’s independence as it carries out its statutory responsibilities.
He urged the Council to approach its mandate with courage, professionalism and impartiality, stressing that its assessments should be based on evidence and the national interest rather than political considerations.
“Fiscal responsibility must not be regarded merely as a statutory requirement. It is a moral obligation to present and future generations,” he stated.
He added:
“Your work must be guided by evidence and the national interest, without fear, favour, or political consideration.”
The emphasis reflects the Council’s expected role in strengthening fiscal accountability while providing an independent assessment of government financial decisions.
Five-member Council brings together economic 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.
The other members are Dr Henry Akpenamawu Kofi Wampah, former Governor of the Bank of Ghana; Professor Patrick Opoku Asuming of the University of Ghana Business School; Leslie Dwight Mensah, representing think tanks; and J. Kweku Bedu-Addo, a former public policy expert at the Ministry of Finance.
The composition brings together experience spanning central banking, economics, academia, public policy and independent economic research.
Speaking on behalf of the Council, Dr Wampah assured President Mahama that the members would faithfully execute the responsibilities assigned to them under the law.
Council expected to reinforce fiscal discipline
The establishment of the Independent Fiscal Council adds another layer of oversight to Ghana’s public financial management architecture.
Its four-year mandate places fiscal discipline, debt sustainability and transparency at the centre of its responsibilities, areas that remain critical to maintaining economic stability and strengthening confidence among domestic and international stakeholders.
The Council is expected to scrutinise fiscal decisions and assess compliance with established rules while providing recommendations that support sound public financial management.
The inauguration was attended by Chief of Staff at the Presidency, Dr Julius Debrah; 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.
As Ghana continues its economic reform programme, the effectiveness and independence of the new Council will be important to ensuring that fiscal policy remains transparent, disciplined and aligned with the country’s long-term economic interests.
Comments