President John Dramani Mahama has inaugurated Ghana’s five-member Independent Fiscal Council, tasking the new body with providing independent oversight of government’s fiscal decisions and helping strengthen discipline in the management of public finances.
The Council, which will operate under a four-year mandate, is expected to scrutinise government’s fiscal policies, assess compliance with established fiscal rules and provide independent advice in the national interest.
Speaking at the inauguration ceremony at the Presidency in Accra on Tuesday, September 8, President Mahama said the Council’s work would be critical to the government’s ongoing efforts to strengthen the economy, restore investor confidence, promote inclusive growth and improve public services.
He charged the members to subject government’s fiscal decisions to rigorous scrutiny and ensure that their assessments are guided by evidence rather than political considerations.
“Your responsibility is to scrutinise the Government’s fiscal decisions, assess compliance with established rules, and provide sound requirements in the national interest,” President Mahama said.
He said the Council’s role was particularly important at a time when Ghanaians and other stakeholders were demanding greater prudence, transparency and accountability in the management of public resources.
Protecting Ghana’s fiscal stability
Beyond monitoring government spending, the Independent Fiscal Council is expected to play a broader role in protecting the sustainability of Ghana’s public finances.
The body is backed by the Public Financial Management (Amendment) Act, 2025 (Act 1136), which provides the legal framework for its establishment as an independent fiscal oversight institution.
Its mandate is intended to promote fiscal discipline, support long-term debt sustainability and strengthen credibility in Ghana’s public financial management system.
President Mahama said fiscal responsibility should go beyond simply complying with legal requirements, describing it as an obligation to both current and future generations.
“Fiscal responsibility must not be regarded merely as a statutory requirement. It is a moral obligation to present and future generations,” he said.
He therefore urged the Council to carry out its responsibilities with courage and professionalism, stressing that its assessments must be based on evidence and the national interest.
“Your work must be guided by evidence and the national interest, without fear, favour, or political consideration,” the President added.
Who sits on the Council?
The Council is chaired by Dr Emmanuel Oteng Kumah, an international economic consultant and former Board Chairman of Standard Chartered Bank Ghana.
Its membership includes former Bank of Ghana Governor Dr Henry Akpenamawu Kofi Wampah; Professor Patrick Opoku Asuming of the University of Ghana Business School, representing academia; Mr Leslie Dwight Mensah, representing think tanks; and Mr J. Kweku Bedu-Addo, a former public policy expert at the Ministry of Finance.
The composition brings together experience from monetary policy, academia, financial services, public policy and economic research.
President Mahama also pledged to respect the Council’s independence and provide the institutional support required for it to effectively carry out its mandate.
Council pledges independence
Speaking on behalf of the members, former Bank of Ghana Governor Dr Wampah assured the President that the Council would not neglect the responsibilities assigned to it under its mandate.
The inauguration was attended by Chief of Staff Dr Julius Debrah, Minister for Finance Dr Cassiel Ato Forson, Presidential Advisor on the Economy Mr Seth Terkper, and Presidential Advisor and Special Aide to the President Mrs Joyce Bawa Mogtari.
For the government, the broader objective is to ensure that the progress made in restoring fiscal stability is sustained and that future fiscal decisions do not undermine debt sustainability or public confidence in the management of the economy.
