Policy think tank IMANI Center for Policy and Education has described the establishment of Ghana’s new Fiscal Council as a major turning point for the country’s economic recovery journey.
The public policy think believes the establishment of the council by the government is a bold step toward restoring discipline, trust, and long-term stability in public finances.
President John Mahama, last week, announced a five-member council following the amendment of the Public Financial Management Act to introduce a fiscal council.
The council includes Dr. Emmanuel Oteng Kumah, an international economic consultant with 25 years of experience at the International Monetary Fund (IMF), who was nominated as Chairperson.
The remaining members are Dr. Henry Akpenamawu Kofi Wampah, a former governor of the Bank of Ghana; Associate Professor Patrick Opoku Asuming of the University of Ghana Business School, a development economist with a PhD from Columbia University, and J. Kweku Bedu-Addo, a former public policy expert at the Ministry of Finance.
Leslie Dwight Mensah is the fifth member. He is a research fellow at the Institute for Fiscal Studies (IFS), who joins the Council as the representative from a research think-tank.
Reacting to the President’s decision to inaugurate the five-member independent body, IMANI noted that the Council represents more than just another institution. It is a safeguard for the future of Ghana’s economy.
According to IMANI, the move signals a clear commitment by the government to ensure that public spending remains responsible, debt levels are kept in check, and critical sectors such as health, education, and infrastructure are protected.
IMANI believes that by institutionalising fiscal responsibility, Ghana is taking a decisive step away from cycles of excessive borrowing and economic instability. Instead, the country is positioning itself for a more predictable and resilient future, where policies are guided by data, transparency is strengthened, and public resources are used more efficiently.
“The establishment of the Fiscal Council marks a critical milestone in Ghana’s recovery journey. It reinforces the country’s commitment to prudent economic governance, ensuring that public debt remains sustainable while preserving critical investments in social services and infrastructure,” IMANI noted.
It added, “For IMANI, this development reflects a broader mission to advance accountability, strengthen institutions, and support evidence-based policymaking in Ghana.”
IMANI played a key role in shaping the idea, working closely with the International Institute for Sustainable Development to provide technical expertise for the Council’s design.
Beyond that, the organisation actively engaged Parliament, government officials, and civil society groups to build consensus around the need for stronger fiscal oversight.
For ordinary Ghanaians, the impact of such a council could be far-reaching. At its core, the Fiscal Council is expected to act as an independent watchdog, keeping an eye on government borrowing and spending, and raising red flags when fiscal risks begin to build.
In practical terms, this could help prevent the kind of economic stress that recently led to painful measures such as debt restructuring and reduced access to credit.
The think tank stressed that strong institutions, not just good intentions, are what ultimately sustain economic progress.
