Business Leaders Urged to Champion the Proposed Constitutional Review Reforms

Ghana’s business community may be overlooking one of the most consequential economic reform agendas in recent years, not in a budget statement or policy paper, but in a constitutional review process.

An analysis by Oliver Barker-Vormawor finds that the proposed reforms in the Constitutional Review Committee’s report could reshape Ghana’s fiscal stability, investment climate, and long-term growth, and urges business leaders to engage actively.

The Committee, chaired by H. Kwasi Prempeh, submitted its recommendations to President John Dramani Mahama in January 2026 after a year-long consultation process. While public debate has largely centred on political reforms, Barker-Vormawor contends that the report’s economic provisions may carry even greater implications for private enterprise.

Fiscal instability rooted in constitutional design

According to Barker-Vormawor, Ghana’s persistent fiscal challenges, including repeated programmes with the International Monetary Fund and the country’s 2022 sovereign debt default, are not merely policy missteps but reflect structural weaknesses in the Constitution itself.

He points to provisions governing public finance that are largely permissive, allowing for procyclical spending, weak expenditure controls, and the accumulation of public debt. For businesses, these dynamics have translated into macroeconomic volatility, high borrowing costs, and unreliable government payments.

Anchoring fiscal policy beyond election cycles

One of the key reforms highlighted in the analysis is the proposal to constitutionally mandate a medium-term fiscal framework. This would require government to present multi-year macroeconomic projections and fiscal targets to Parliament ahead of the annual budget.

Barker-Vormawor argues that such a framework would introduce greater predictability into fiscal policy, enabling businesses to plan investments with clearer visibility on inflation, debt levels, and government spending trajectories.

Bringing discipline to public spending

The report also seeks to tighten control over public finances by addressing extra-budgetary spending and the proliferation of statutory funds. Proposed measures include capping earmarked funds, requiring parliamentary approval for retained revenues, and introducing sunset clauses.

These changes, he notes, could improve government cash management and reduce the build-up of arrears, a longstanding concern for contractors and suppliers operating in Ghana.

Tax exemptions and transparency

Tax exemptions, which have significantly eroded Ghana’s revenue base, are another focus area. The Committee recommends setting annual ceilings, publishing detailed tax expenditure reports, and maintaining a public record of all exemptions granted.

For the private sector, Barker-Vormawor suggests this could reduce discretionary decision-making and create a more transparent and predictable tax environment.

Strengthening financial oversight

A notable proposal involves elevating the role of the Controller and Accountant-General into a constitutional gatekeeper with authority over both expenditures and financial commitments.

By requiring prior approval before obligations are incurred, the reform aims to curb the accumulation of unpaid government liabilities, an issue that has strained private sector liquidity and disrupted supply chains.

Debt, monetary policy, and investor confidence

The report also addresses debt management and central bank independence. Proposed safeguards would limit monetary financing by the central bank and require greater parliamentary oversight of public borrowing and contingent liabilities.

Barker-Vormawor argues that these measures could help stabilise inflation and the exchange rate, strengthening investor confidence and reducing systemic financial risks.

Land reform and investment barriers

Beyond fiscal policy, the analysis highlights significant proposals on land governance. These include reforms to improve transparency in land allocation, strengthen registration systems, and tighten rules around compulsory acquisition.

Such changes, he notes, could reduce land disputes and transaction costs, addressing one of the most persistent barriers to real estate development and large-scale investment.

Natural resources and regulatory clarity

In the extractive sector, the Committee proposes stricter parliamentary oversight of resource contracts and a clearer framework for sharing revenues with host communities.

According to Barker-Vormawor, this could enhance transparency, reduce conflict, and provide greater certainty for investors operating in mining and related industries.

Long-term planning and policy continuity

A central feature of the reforms is the introduction of a binding long-term national development plan aligned with annual budgets. Political parties would also be required to demonstrate how their manifestos fit within this framework.

For long-term investors, this could reduce policy reversals and improve continuity across political administrations.

A call for business engagement

Despite the breadth of these proposals, Barker-Vormawor observes that Ghana’s private sector has remained largely disengaged from the constitutional reform process.

He argues that institutions such as the Association of Ghana Industries, Ghana National Chamber of Commerce and Industry, and the Ghana Stock Exchange have a direct stake in the outcome and should take a more active role in shaping the debate.

A defining moment for economic governance

The Constitutional Review Committee’s report represents one of the most comprehensive attempts in decades to address the structural weaknesses of Ghana’s governance framework.

In the view of Barker-Vormawor, the implications extend far beyond legal reform. At stake is the creation of a more stable, transparent, and predictable economic environment.

For Ghana’s business community, constitutional reform is no longer optional, remaining on the sidelines could jeopardize long-term fiscal stability and investment confidence.