Ghana will establish an Independent Fiscal Council to strengthen oversight of public finances after exiting its International Monetary Fund programme, as authorities seek to entrench fiscal discipline beyond the life of the bailout that steadied the economy during its worst crisis in decades.
Deputy Finance Minister Thomas Nyarko Ampem said the council will provide advisory support on fiscal controls, budgeting, and broader financial decision-making, reinforcing domestic accountability once IMF conditionalities fall away. The body will comprise locally appointed experts and is intended to serve as a permanent institutional anchor for prudent fiscal management.
Ampem disclosed the plan during a meeting in Accra with Emmanuelle Boulestreau, head of France’s regional economic department for Nigeria and Ghana, and Julien Frioux, head of the French economic department at the French Embassy. The discussions centred on deepening economic ties and expanding cooperation in regional development initiatives, particularly in infrastructure and energy.
“The council will reinforce domestic oversight and accountability, ensuring that Ghana’s fiscal management remains strong and sustainable,” Ampem said, positioning the initiative as part of a broader framework to safeguard long-term macroeconomic stability.
Ghana entered the IMF programme following a debt default, a sweeping domestic debt restructuring, and a sharp erosion of investor confidence that triggered currency volatility and surging inflation. The fund-supported arrangement has since acted as an external policy anchor, imposing fiscal consolidation targets and structural reforms.
Ampem said programme benchmarks remain on track and pointed to improving macroeconomic indicators, including inflation, which he said has declined to 3.8%. He credited part of the recovery to international partnerships, including support from France, and indicated that Accra is seeking to deepen cooperation with Paris as it prepares for a post-IMF policy regime.
The planned council reflects a policy shift toward institutionalising fiscal rules and strengthening expenditure controls to prevent a relapse into unsustainable borrowing. Officials have argued that long-term stability will hinge on building credible domestic institutions capable of enforcing budget discipline and rebuilding investor trust.
Boulestreau reaffirmed France’s commitment to supporting Ghana’s economic recovery and highlighted the scope for greater private-sector participation. French companies, she said, are well positioned to invest in strategic sectors as macroeconomic conditions stabilise.
While officials say Ghana is emerging from one of its most severe economic downturns in decades, pressure remains on the government to sustain fiscal consolidation, rebuild buffers, and restore durable confidence in public finances once the IMF programme concludes. The establishment of the Independent Fiscal Council is being framed as a central plank in that transition.
